Futures for stocks in Canada’s largest market fell on Wednesday, tracking weakness in commodities’ prices ahead of U.S. consumer inflation data.
The TSX squeezed into the green 0.58 points to close Tuesday at 20,585.73.
June futures on the S&P/TSX index dipped 0.2% Wednesday morning.
The Canadian dollar inched lower 0.04 cents to 74.71 cents U.S.
Among company news, payments tech firm Nuvei Corp beat expectations for its first-quarter revenue.
Scotiabank resumed coverage of digital healthcare firm WELL Health Technologies Corp with a sector outperform rating.
On the economic front, Statistics Canada said the pace of housing starts in Canada advanced 11.3% to $11.8 billion in March.
ON BAYSTREET
The TSX Venture Exchange eked up 0.23 points, to conclude trading Tuesday at 620.22.
ON WALLSTREET
Stock futures fell slightly Wednesday as Wall Street braced for a key inflation report.
Futures for the Dow Jones Industrials backtracked 57 points, or 0.2%, at 33,580.
Futures for the S&P 500 sank 4.25 points, or 0.1%, to 4,129.75.
Futures for the NASDAQ Composite eked back 2.25 points to 13,262.50.
Airbnb dished off 13% and Twilio fell 16%, on weak forecasts. Electric vehicle maker Rivian popped 6% on a narrower-than-expected loss.
Earnings season continues Wednesday with results from Disney, Roblox and Robinhood.
Investors are bracing for April’s consumer price index due out Wednesday, an important inflation gauge that should offer greater insight into whether the Federal Reserve’s rate hikes are working to ease sticky prices. Analysts polled by Dow Jones are calling for a 0.4% month-over-month increase in inflation and 5% rise from a year ago.
Wall Street monitored the latest updates on the U.S. debt ceiling as worries mount that failing to reach a resolution before the June 1 deadline could lead to default. President Joe Biden held a key meeting with congressional leaders after the bell Tuesday, but comments from leadership on both sides of the aisle suggested that little progress was made.
In Japan, the Nikkei 225 dropped 0.4%, while in Hong Kong, the Hang Seng declined 0.5%.
Oil prices let go of 66 cents to $73.05 U.S. a barrel.
Gold prices subtracted $6.80 to $2,036.10 U.S. an ounce.
Inflation Report Hangs over Stocks Wednesday