Stock futures pointed to a higher opening for Canada's main stock index on Wednesday as bullion prices rose and the U.S. dollar edged lower ahead of the U.S. Federal Reserve's rate decision.
The S&P/TSX Composite Index moved upward 11.05 points to end Tuesday at 15,618.93
The Canadian dollar gained 0.13 cents to 77.97 cents U.S. early Wednesday
June futures vaulted 0.4% Wednesday
Suncor Energy posted a first-quarter profit that beat analyst expectations, as improved crude oil pricing and higher refining margins outweighed lower production.
Loblaw Companies beat profit estimates, helped by a rise in same-store sales in its food and drug retail businesses.
CIBC cuts target price on Fortis Inc. to $48.00 from $50.00
Desjardins cut the rating on Rogers Sugar to hold from buy
Jefferies initiated coverage on Sierra Metals with a hold rating and a $3.50 price target
On the economic front, Markit Canada promises its Purchasing Managers’ manufacturing index for 9:30 a.m. ET
Meantime, U.S. Trade Representative Robert Lighthizer said on Tuesday that if a deal to revise the North American Free Trade Agreement cannot be reached with Canada and Mexico in about three weeks, its approval by the U.S. Congress could be in jeopardy.
ON BAYSTREET
The TSX Venture Exchange docked 8.17 points, or 1%, Tuesday to 775.46
ON WALLSTREET
U.S. stock index futures pointed to slight gains ahead of Wednesday's open, following the release of Apple's latest quarterly figures while investors awaited a monetary policy announcement from the Federal Reserve.
Futures for the Dow Jones Industrial Average nicked up one point to 24,072
S&P 500 futures inched up 0.75 points to 2,653, while futures for the NASDAQ composite index took on 15.5 points, or 0.2%, to 6,707.50
Apple reported quarterly earnings and revenue that surpassed market expectations. In the pre-market, shares of the tech giant rose 4.4% and were among the best-performers in the S&P 500.
CVS Health and Estee Lauder are among the companies that reported better-than-expected earnings before the open on Wednesday.
Garmin and Clorox also posted stronger-than-forecast results.
In economic data, mortgage applications dropped 2.5% as rates reached their highest levels in nearly five years. ADP and Moody's Analytics also found that private payrolls grew by 204,000 in April, more than the expected 200,000.
The Federal Open Market Committee (FOMC) is set to conclude the second day of its two-day meeting, where it is expected to comment on the current state of the U.S. economy and its monetary policy path.
While market participants do not foresee any modifications to interest rates at the FOMC's May meeting, a change in rhetoric could be on the cards. The central bank's decision is due to be announced at 2 p.m. ET.
In Japan, the Nikkei 225 lost 0.2%, while in Hong Kong, the Hang Seng index shed 0.3%.
Oil prices gained 17 cents to $67.42 U.S. per barrel.
Gold prices prospered $3.70 to $1,310.50 U.S. an ounce.
