Futures for Canada’s main stock index edged higher on Wednesday, with investors waiting to see Russia’s next move in its standoff with Ukraine after Western sanctions were imposed on Moscow.
The S&P/TSX index lost 100.38 points to conclude Tuesday at 20,907.82.
The Canadian dollar jumped half a cent to 78.82 cents U.S.
Futures gained 0.3% Wednesday.
Prime Minister Justin Trudeau announced on Tuesday a first round of economic sanctions on Russia a day after Moscow recognized the Ukraine separatist regions of Donetsk and Luhansk as independent.
National Bank of Canada raised the target price on Bank of Montreal to $163.00 from $151.00
Veritas Research raised the rating on Neighbourly Pharmacy to buy from reduce
National Bank of Canada raised the price target on Royal Bank of Canada to $147.00 from $140.00
ON BAYSTREET
The TSX Venture Exchange thundered lower 23.46 points, or 2.8%, to 828.69.
ON WALLSTREET
U.S. stock market futures were higher in early morning trading Wednesday after the S&P 500 closed in correction territory amid escalating tensions between Russia and Ukraine.
Futures for the Dow Jones Industrials climbed 242 points, or 0.7%, to 33,767.
Futures for the S&P 500 took on 34 points, or 0.8%, to 4,334.
Futures for the NASDAQ Composite Index zoomed 156.75 points, or 1.1%, to 14,019.50
In early market news, home retailing giant Lowe’s beat earnings forecasts and said sales rose 5%, sending shares up 3% in pre-market trading.
As of Friday 78% of S&P 500 companies that have reported have topped earnings estimates, while 78% have exceeded revenue expectations
On Tuesday afternoon President Joe Biden announced a first tranche of sanctions against Russia. The measures target Russian banks, the country’s sovereign debt and three individuals.
Wall Street is betting that there’s a 100% chance of a rate hike at the Federal Reserve’s March meeting. With inflation running hot, calls for a 50-basis point hike at the March meeting had been accelerating.