Futures for Canada's main stock index gained on Wednesday as oil prices rose on supply disruptions in the United States and e-commerce platform Shopify Inc. reported upbeat results.
The S&P/TSX Composite hung onto gains of 32.29 points to close Tuesday at 18,492.50.
The Canadian dollar poked higher 0.14 cents to 78.81 cents U.S.
March futures added 0.2% Wednesday.
U.S.-listed shares of Shopify gained nearly 1.3% in pre-market trading after the Canadian company reported that its holiday-quarter revenue nearly doubled and beat Wall Street estimates as more businesses flocked to its e-commerce tools to sell online during the COVID-19 pandemic.
Canada must justify its planned $100-billion post-pandemic stimulus plan before committing to significant new spending and should commit to a clear fiscal anchor, the International Monetary Fund said on Tuesday.
On the economic front, Statistics Canada said the consumer price index rose 1.0% on a year-over-year basis in January, up from a 0.7% increase in December.
On a seasonally-adjusted monthly basis, the CPI rose 0.4% in January.
ON BAYSTREET
The TSX Venture Exchange hiked 20.69 points, or 1.9%, to 1,088.13.
ON WALLSTREET
U.S. stock index futures fluctuated in early morning trading on Wednesday after the Dow closed at a record high a day before.
Futures for the Dow Jones took on 23 points, or 0.1%, to 31,483.
Futures for the S&P 500 added 1.75 points at 3,929.50.
Futures for the NASDAQ Composite fell 19.25 points, or 0.1%, to 13,748.50.
Verizon was among the biggest gainers in pre-market trading after Warren Buffett’s Berkshire Hathaway revealed a sizable stake in the telecom giant.
The shares gained 4% in pre-market trading after the latest filing showed Berkshire bought more than $8 billion worth of the stock in the fourth quarter, making Verizon one of the conglomerate’s top six largest holdings.
Chevron shares gained 3% in pre-market trading as filings showed Berkshire added a large stake in the energy company as well last quarter.
The muted trade comes after the Dow closed at a record high during regular trading on Tuesday, the 30-stock average’s eighth record this year. The index also hit an all-time intraday high, fueled by strength in shares of Salesforce.
The S&P 500, meanwhile, fell 0.06% during a volatile session of trading, while the NASDAQ Composite dipped 0.34%. Apple had the most negative impact on the tech-heavy index, sliding 1.6%.
On the earnings front, Hilton is set to report quarterly results on Wednesday before the market opens, while Owens Corning, Wingstop, Analog Devices and Nabors are among the names on the docket after the closing bell.
Investors will also get a sense of the ongoing economic recovery when January retail sales are released at 8:30 a.m. ET Wednesday.
Economists surveyed by Dow Jones are expecting sales to be up 1.2% for the month, following an unexpected decline of 0.7% in December.
Elsewhere in the market, bitcoin briefly topped $50,000 for the first time on Tuesday, as its surge to new record highs continued.
Overseas, in Japan, however, the Nikkei fell 0.6%, while in Hong Kong lost 1.1%.
Oil prices prospered 89 cents to $60.94 U.S. a barrel.
Gold prices slid $7.20 to $1,791.80 U.S.
