Stock futures pointed to a slightly higher opening for Canada's main stock index on Wednesday as oil prices touched their highest levels in 2016, driven by a falling dollar and evidence of declining U.S. supply.
The S&P/TSX Composite Index was positive 13.45 points to close Tuesday’s session at 13,809.44, snapping its longest losing streak in three weeks. June futures poked up 0.01%.
The Canadian dollar strengthened 0.12 cents to 79.46 cents U.S. early Wednesday.
Outgoing Valeant Pharmaceuticals Chief Executive Michael Pearson plans to tell a U.S. Senate panel on Wednesday that he regrets his decision to acquire and jack up the price of two life-saving heart drugs.
Bombardier Inc said on Tuesday it will be moving forward its first-quarter results by a day to Thursday, in a surprise announcement that only served to elevate market expectations of a big CSeries order this week.
Cenovus Energy Inc reported a smaller quarterly loss, helped by foreign exchange gains, and said it would cut its 2016 capital budget to help cope with a prolonged slump in oil prices.
NBF raised the rating on Teck Resources to sector perform from underperform
Barclays cut the target price on Husky Energy to $21.00 from $22.00, with an overweight rating
CIBC raised the target price on Sun Life Financial to $47.00 from $44.00
ON BAYSTREET
The TSX Venture Exchange gained 5.53 points Tuesday to 657.44
ON WALLSTREET
U.S. stock futures are soft and the NASDAQ is particularly weak as it's being dragged down by Apple.
Ahead of the opening bell, futures for the Dow Jones Industrials dipped 32 points, or 0.2%, to 17,887, while futures for the S&P 500 fell 4.25 points, or 0.2%, to 2,084.25. NASDAQ futures tumbled 46.5 points, or 1%, to 4,406.
Apple just announced its worst quarter in over a decade and its shares are set to drop sharply at the open, below $100 U.S. each.
Apple sales and profit both fell last quarter. Sales of its signature gadget, the iPhone, fell for the first time.
Twitter's stock is set to tank after the company slashed its sales forecast and reported that it brought in less revenue than expected in the latest quarter.
Alphabet -- Google's parent company -- is also in focus after top executive Larry Page just sold over 33,000 shares this week, worth well over $23 million U.S.
Chipotle's stock could be on the move after the restaurant chain reported its first quarterly loss since it went public in 2006. Numerous Chipotle customers across the U.S. recently fell ill due to multiple outbreaks of food-related illnesses.
Shares in DreamWorks Animation are surging pre-market after the Wall Street Journal reported that Comcast is looking to take over the movie maker for more than $3 billion U.S. DreamWorks is the company behind popular kids’ movies, including Shrek and Kung Fu Panda. DreamWorks declined to comment.
Boeing, Gannett, Hilton Worldwide, Anthem, Nasdaq and Barclays are among the key companies reporting earnings this morning.
Facebook, PayPal and Marriott are the main companies reporting results after the closing bell.
Investors are awaiting the latest interest decision from the U.S. Federal Reserve, which is due at 2 p.m. ET.
European stock markets are mixed in early trading. Most Asian markets ended the day with losses.
Oil prices gained 88 cents to $44.92 U.S. a barrel
Gold prices gained $5.60 to $1,249 U.S. an ounce.
