Stocks in Toronto looked set to open lower on Wednesday as investor sentiment was pulled lower by a potential government shutdown in Washington at the end of the month coupled with uncertainty about the U.S. Federal Reserve's policy outlook.
The S&P/TSX composite index gained 37.71 points to end Tuesday at 12,848.89
The Canadian dollar sifted off 0.11 cents to 96.98 cents U.S. early Wednesday
Top company executives of BlackBerry Ltd. sold small blocks of its stock on the day that the smartphone maker warned of a huge quarterly operating loss and massive job cuts, according to Canadian regulatory filings.
Canadian Natural Resources Ltd. has been ordered to drain a lake on the site of its northern Alberta oil sands project so that contamination on the lake's bottom, from a leak that has been spilling tar-like bitumen for months, can be cleaned up.
Raymond James cut the rating on Trican Well Service Ltd. to market perform from outperform, saying AECO gas price is a concern
Raymond James also cut the rating on Trinidad Drilling Ltd. to outperform from strong buy as a function of share performance
ON BAYSTREET
The TSX Venture Exchange eked ahead 1.22 points Tuesday to 946.12
ON WALLSTREET
After hitting all-time highs earlier in the month, stock markets have taken a negative turn as investors worry about developments in Washington.
Ahead of the opening bell, futures for the Dow Jones Industrials eked up three points to 15,289. Futures for the S&P 500 fell 2.30 points, or 0.1%, to 1,690.20, and futures for the NASDAQ dipped 5.75 points, or 0.2%, to 3,207.50.
In corporate news, AutoZone is set to release quarterly results before the opening bell, while Bed Bath & Beyond is due after the close.
Carnival stock declined in pre-market trading after the vacation cruise company reported dismal earnings late Tuesday.
There are concerns that Congress will be unable to adequately deal with the country's debt ceiling woes, which means the government risks defaulting on its debt next month. Treasury Secretary Jack Lew warned Tuesday that Wall Street should take the looming debt limit more seriously.
Investors also considered the possibility that the U.S. government might shut down on Oct. 1, which could hit economic growth.
On the economic front, the U.S. Census Bureau reported that durable goods orders squeaked ahead 0.1% in August. New-home sales are due out at 10 a.m. ET.
Oil prices gained 69 cents to $103.82 U.S. a barrel
Gold prices surged $6.10 to $1,322.40 U.S. an ounce.
