Futures gained for equities in Canada’s largest market on Wednesday, as investors await a speech by U.S. Federal Reserve Chairman Jerome Powell for clues on the trajectory of interest rates in the world's largest economy.
The S&P/TSX Composite Index ended Tuesday in the red 222.06 points, or 1.5%, at 14,881.16.
The Canadian dollar moved ahead 0.26 cents early Wednesday to 71.35 cents U.S.
June futures increased 0.4% Wednesday.
RBC raised the rating on Aimia Inc. to sector perform from outperform.
Credit Suisse cut the target price on Suncor Energy to $30.00 from $33.00.
CIBC raised the target price on TMX Group to $140.00 from $12.00.
The Globe and Mail reported Wednesday Canada-U.S. border is expected to stay closed to non-essential travel until June 21.
Norway's $1-trillion sovereign fund said on Wednesday it had excluded four Canadian oil and gas companies from its portfolio for producing excessive greenhouse gas emissions, its first use of that reason to blacklist firms.
ON BAYSTREET
The TSX Venture Exchange vaulted 5.51 points, or 1.1%, Tuesday to 500.71
ON WALLSTREET
U.S. stock futures were higher on Wednesday, pointing to a rebound from a sharp selloff in the previous session.
Futures for Dow Jones Industrials vaulted 164 points, or 0.7%, early Wednesday to 24,738.
Futures for the S&P 500 gathered 18 points, or 0.6%, at 2,870.50.
Futures for the NASDAQ Composite gained 73.25 points, or 0.8%, to 9,151.50.
Big technology stocks were higher in pre-market trading Wednesday as investors continued to bet their revenue would be relatively resilient through the pandemic. Shares of Microsoft, Facebook, Alphabet and Apple were higher in pre-market trading.
Stocks poised to benefit from economies reopening — retail, real estate, banks and airlines — dragged down the major averages. Disney fell 3%, Nike dropped 2.9% and JPMorgan lost 3.3%. Mall operator Simon Property Group gave up a 10% gain to close in the red.
Some of those stocks, including Disney, were rebounding in premarket trading Wednesday.
Traders will be looking for clarity on future Federal Reserve actions when Fed Chairman Jerome Powell speaks on current economic issues at 9:00 a.m. ET.
Overseas, in Tokyo, the Nikkei 225 docked 0.5%, while in Hong Kong, the Hang Sang index lost 0.3%.
Oil prices took on 12 cents to $25.90 U.S. a barrel.
Gold prices increased $4.90 to $1,711.70.
