Futures were lower on Wednesday as oil prices hit a 17-year low. The TSX Composite Index enjoyed a sizable leap of 324.81 points, or 6.2%, to end Tuesday at 12,685.21
The Canadian dollar gave back 0.56 cents early Wednesday to 69.66 cents U.S. However, March futures sank 4.9% early Wednesday.
The Globe and Mail is reporting that Canada and the United States will announce a deal to partially close their borders on Wednesday, which will allow trade and commerce to go on.
Alimentation Couche-Tard beat quarterly revenue and profit estimates on Tuesday, helped in part by higher fuel sales in the United States.
CIBC cut the target price on Altagas to $19.00 from $23.00. CIBC cut the rating Inter Pipeline to underperform from neutral.
National Bank of Canada cut the target price on Whitecap Resources to $2.50 from $4.00
On the economic beat, the Consumer Price Index rose 2.2% on a year-over-year basis in February, down from a 2.4% increase in January. On a seasonally-adjusted monthly basis, the CPI was up 0.1% in February, matching the increase in January.
The TSX Venture Exchange tacked on 8.26 points, or 2.3%, Tuesday to 374.72.
Stock futures pointed to big losses on Wednesday as the markets remained highly volatile with the government response to the coronavirus fallout still unfolding.
Futures for Dow Jones Industrials caved 821 points, or 3.9%, early Wednesday to 20,039. Futures for the S&P 500 fell 92 points, or 3.7%, at 2,393.50.
Futures for the NASDAQ Composite cratered 328 points, on 4.4%, to 7,064.25.
Futures contracts for the indices were in “limit down” territory, a situation where trading is halted after futures have hit a 5% loss and can go no lower.
A violent reversal in Treasury yields in response to a potential $1-trillion stimulus package helped to unnerve investors.
On Tuesday, the markets rebounded from their deepest rout since 1987 as investors grew hopeful that the Trump administration’s massive fiscal stimulus plans will rescue the economy, which is at risk of falling into a recession due to the coronavirus impact.
Treasury Secretary Steven Mnuchin told Republican senators that unemployment could reach 20% if Congress doesn’t enact the trillion-dollar stimulus package he proposed.
The Dow soared more than 1,000 points on Tuesday to cap off another volatile session, making back less than half of Monday’s steep losses.
Overseas, in Japan, the Nikkei 225 fell 1.7% Wednesday, while in Hong Kong, the Hang Seng Index was battered 4.2%.
Oil prices slipped $2.40 to $24.55 U.S. a barrel. Gold prices sank $10.10 to $1,515.70 U.S. an ounce.