Stock futures pointed to a lower start in Toronto on Thursday, giving up gains made a day earlier after the U.S. Federal Reserve cut the number of rate hikes it expects this year to two from four.
The S&P/TSX Composite Index gained 77.82 points to close Wednesday’s session at 13,478.13, with March futures settling 0.7% Thursday.
The Canadian dollar sprang up 0.51 cents to 76.73 cents U.S. early Thursday.
Media reports say creditors of Valeant Pharmaceuticals International, which has been in violation of lender agreements since Wednesday, are beginning to demand new terms that could further pressure the drug maker's business model
The Trudeau government has finished studying a request from struggling Bombardier Inc for $1 billion in aid and is preparing to make an announcement within weeks.
Goldman Sachs cut the rating on Detour Gold to neutral from buy
CIBC cut the target price on Alimentation Couche-Tard to $76.00 from $82.00
Raymond James cut the target price on WSP Global to $45.00 from $50.00
On the economic slate, Statistics Canada reported wholesale sales were flat in January at $57.0 billion, as gains in the machinery, equipment and supplies sub-sector were offset by lower sales in the motor vehicle and parts sub-sector. In volume terms, wholesale sales decreased 0.2% in January.
ON BAYSTREET
The TSX Venture Exchange strengthened 7.99 points, or 1.4%, Wednesday to 575.40
ON WALLSTREET
U.S. stock futures are slipping after markets made solid gains Wednesday.
Ahead of the opening bell, futures for the Dow Jones Industrials dipped 56 points, or 0.3%, to 17,180, futures for the S&P 500 dropped seven points, or 0.4%, to 2,010.25. NASDAQ futures slid 15 points, or 0.3%, to 4,373.25
FedEx shares climbed nearly 6% in extended trading after the shipping company issued a favorable outlook.
Michaels Companies and Land's End will post quarterly earnings ahead of the open.
Results from Adobe, Aeropostale and New York & Co are due after the closing bell.
The U.S. Federal Reserve kept interest rates on hold on Wednesday and significantly lowered its estimate for the number of rate hikes to expect in 2016.
European markets were in positive territory in early trading but turned weaker by mid-morning. Just like the Fed, the Bank of England did not move interest rates Thursday.
Oil prices gained 49 cents to $38.95 U.S. a barrel
Gold prices increased $1.07 to $1,263.64 U.S. an ounce.
