Futures for Canada’s main stock index were unchanged on Wednesday, as gains in crude prices were offset by losses in bullion and concerns around rising U.S. bond yields, while investors awaited domestic inflation readings.
The TSX Composite Index gained 140.41 points to end Tuesday’s session at 22,018.82.
June futures were flat on Wednesday.
The Canadian dollar was propelled higher 0.39 cents to 79.73 cents U.S.
ATB Capital Markets resumed coverage on AG Growth International with an outperform rating
National Bank of Canada raised the target price on Agnico Eagle Mines to $99.00 from $94.00
RBC raised the target price on Metro Inc. to $74.00 from $70.00
On the economic slate, StatsCan reported March’s consumer price index rose 6.7% on a year-over-year basis in March, up from a 5.7% gain in February. On a seasonally adjusted monthly basis, the CPI rose 0.9% in March.
Moreover, the agency says, new home prices for Canada rose 1.2% compared with February. Prices were up in 18 of the 27 census metropolitan areas (CMAs) surveyed and unchanged in nine from February to March.
ON BAYSTREET
The TSX Venture Exchange squeezed 0.04 points higher to close Tuesday at 892.78.
ON WALLSTREET
S&P 500 futures were little changed Wednesday as investors digested disappointing Netflix earnings along with a host of other corporate reports that helped pull the other major indexes in opposite directions.
Futures for the Dow Jones Industrials pumped higher 131 points, or 0.4%, to 34,971.
Futures for the S&P 500 took on 17.25 points, or 0.4%, to 4,477.
Futures for the NASDAQ Composite Index jumped 61.5 points, or 0.5%, to 14,278.75.
The moves came even after Netflix posted a 26% loss in its share price in premarket trading after reporting a loss of 200,000 subscribers in the first quarter.
The news led shares of streaming companies Disney, Roku, Warner Bros. Discovery and Paramount to fall, as investors and could further worry investors about buying technology stocks ahead of earnings. A slew of analysts also slashed their ratings on Netflix following its first-quarter results.
Meanwhile, Procter & Gamble’s better-than-expected results sent the stock up about 1%. Procter also hiked its full-year revenue guidance. Shares of IBM, another Dow component, rose more than 1% following a beat on earnings and revenue.
Tesla and United Airlines are slated to report after the bell.
Meanwhile, oil prices fell about 5% after the International Monetary Fund cut its economic growth forecasts and warned of risks from higher inflation.
In Asia, the Nikkei 225 in Japan gained 0.9% Tuesday, while in Hong Kong, the Hang Seng index let go of 0.4%.
Oil prices advanced $1.60 to $104.16 U.S. a barrel.
Gold prices collapsed $6.40 to $1,952.60 U.S.