Futures for stocks in Canada’s biggest market fell on Wednesday, as oil prices dropped after a report showed an increase in U.S. crude inventories.
The S&P/TSX Composite Index finished Tuesday down 141.17 points to 15,833.74.
The Canadian dollar gained 22 cents early Wednesday to 74.75 U.S.
June futures subsided 0.2% Wednesday.
The report from the American Petroleum Institute, an industry group, said crude stocks rose by 8.4 million barrels, rather than falling as analysts forecast.
Dollarama beat estimates for quarterly sales on Wednesday, as consumers bought more groceries and other essentials per visit to its stores amid the coronavirus crisis.
Canadian IT and consultancy company CGI Inc said on Tuesday former Bank of Canada Governor Stephen Poloz has joined its board.
TD Securities raised the price target on Alimentation Couche-Tard to $49.00 from $43.00.
Scotiabank raised the rating on Chartwell Retirement Residences to outperform from sector perform.
TD Securities raised the price target on Equinox Gold to $21.00 from $20.00.
ON BAYSTREET
The TSX Venture Exchange let go of 0.33 points Tuesday to 564.79.
ON WALLSTREET
U.S. stock futures fell in early trading Wednesday as investors awaited an update from the Federal Reserve on the state of the economy and status of any further stimulus from the central bank.
Futures for Dow Jones Industrials moved upward 20 points, or 0.1%, early Wednesday, to 27,284.
Futures for the S&P 500 acquired nine points, or 0.3%, to 3,214.50.
Futures for the NASDAQ Composite Index hiked 76.5 points, or 0.8%, to 10,027.50. The index hit a record on Tuesday.
Shares of Amazon and Apple gained around 1% in pre-market trading Wednesday, putting them on pace to hit fresh record highs at the open. Facebook and Netflix each climbed 0.9%.
The Federal Open Market Committee started its two-day meeting Tuesday with markets watching for news on several fronts.
The central bank is unlikely to make any major policy changes, with its benchmark rate near zero and the asset purchasing programs continuing. However, investors will be watching for thoughts on possibly implementing yield caps and strengthening forward guidance on how long the Fed will keep current policies in place.
The meeting concludes Wednesday with the release of a policy statement and the quarterly summary of economic projections, then Chairman Jerome Powell’s news conference at 2:30 p.m. EDT.
Overseas, in Tokyo, the Nikkei 225 added 0.2%, Wednesday, while in Hong Kong, the Hang Sang index doffed more than seven points.
Oil prices doffed 80 cents at $38.14 U.S. a barrel.
Gold prices jumped $9.80 to $1,731.90.