Stock futures pointed to a lower opening for Canada's main stock index on Wednesday ahead of Bank of Canada's rate decision due at 10 a.m. ET.
The S&P/TSX composite index exploded 209.94 points, or 1.5%, to finish out Tuesday at 14,547.71. December futures were down 0.2% Wednesday.
The Canadian dollar lopped off 0.02 cents to 89.10 cents U.S. early Wednesday.
Canadian National Railway Co reported higher third-quarter earnings on Tuesday as revenue jumped on higher freight volumes. Raymond James raised the target price on CNR to $85.00 from $78.00, with an outperform rating.
Kinross Gold has agreed to sell its halted Fruta del Norte gold project in Ecuador to a company belonging to the Swedish-Canadian Lundin family for $240 million, Kinross and the company, Fortress Minerals Corp, said on Tuesday.
Tekmira Pharmaceuticals Corp has begun limited manufacturing of a therapeutic targeting the Ebola-Guinea virus.
On the economic docket, Statistics Canada reported that retail sales declined 0.3% in August to $42.4 billion. This second consecutive monthly decrease follows gains in the six previous months. The agency added that sales were down in seven of 11 sub-sectors, representing 76% of retail trade.
The Bank of Canada rate announcement is due out in about an hour from now. The central bank has maintained its target for the overnight rate at 1% for several years.
ON BAYSTREET
The TSX Venture Exchange spiked 10.93 points Tuesday to 822.28.
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ON WALLSTREET
U.S. stock futures are looking soft after markets posted a sharp rally over the past four trading days.
Ahead of the opening bell, futures for the Dow Jones Industrials shed four points to 16,543. Futures for the S&P 500 dipped 2.25 points, or 0.1%, to 1,935.75, and futures for the NASDAQ fell 2.75 points, or 0.1%, to 3,868.75.
Shares in Yahoo are set for a 3% pop after the Web giant said profit soared in the third quarter. It earned $6.3 billion U.S. from selling part of its stake in Alibaba, the Chinese e-commerce giant. Alibaba debuted last month on the New York Stock Exchange in the largest IPO in history.
A slew of big companies are reporting earnings. Boeing, Tupperware, Xerox, Northrop Grumman and Stanley Black & Decker are among the big names reporting before the open.
AT&T, Yelp and Cheesecake Factory are reporting after the close.
On the economic front, investors are waiting for the Bureau of Labor Statistics to release its latest monthly inflation data for September this morning.
European markets were slipping lower in early trading, while nearly all major Asian markets closed with gains. The Nikkei in Japan was a standout performer, rising by 2.6% Wednesday after dropping 2% on Tuesday.
Oil prices gained 25 cents to $82.74 U.S. a barrel
Gold prices dipped $3.20 to $1,248.50 U.S. an ounce.
