Stock indexes in Canada were poised to open lower on Wednesday, after four days of gains, as oil prices slipped after a U.S. industry report showed crude stockpiles rose to a record.
The S&P/TSX Composite Index hiked 121.75 points, or 1%, to close Tuesday at 12,982.10, with March futures sliding 0.3%.
The Canadian dollar hesitated 0.29 cents to 74.29 cents U.S. early Wednesday.
Reports out this morning say U.S. regulatory probe of Valeant Pharmaceuticals International Inc is focused on the drug maker's relationship with specialty pharmacy Philidor RX Services and was triggered by Valeant's own request that regulators investigate a short seller's allegations.
Torstar Corp posted a quarterly loss as print advertising revenue continues to slide.
Canaccord Genuity raised the target price on Avigilon Corp to $30.00 from $27.00 with a buy rating
CIBC cut the rating on GDI Integrated Facility to sector perform from outperform
BMO raised the target price on Maple Leaf Foods to $24.00 from $21.00 with a market perform rating
ON BAYSTREET
The TSX Venture Exchange faded 0.04 points Tuesday to 541.69
ON WALLSTREET
U.S. stock futures were holding steady at the opening bell beckoned on Wednesday.
Ahead of the opening bell, futures for the Dow Jones Industrials slipped 31 points, or 0.2%, to 16,818, futures for the S&P 500 faded 4.25 points, or 0.2%, to 1,973.75. NASDAQ futures gave back five points, or 0.1%, to 4,332.75.
Alcoholic beverage company Brown-Forman and retailer Abercrombie & Fitch will post quarterly results this morning.
After the markets close, investors will hear from Costco and American Eagle. Weibo Corporation, which runs China's version of Twitter, will also report after the close.
Shares in railroad services company CSX jumped in extended trading on reports that Canadian Pacific is still considering a takeover.
The latest update on U.S. crude inventories will come out at 10:30 a.m. ET.
European markets are posting healthy gains in early trading, while Asian markets ended in positive territory.
Oil prices dipped 48 cents to $33.92 U.S. a barrel
Gold prices faded $2.50 to $1,229.65 U.S. an ounce.
