Futures tied to Canada’s resources-heavy main stock index dipped on Wednesday as most metal prices declined on a stronger dollar, while investors braced for more U.S. data that could offer clues on the Federal Reserve’s policy path.
The TSX Composite docked 86.3 points to conclude the year’s first session at 20,872.14.
March futures slumped 0.5%.
The Canadian dollar slid 0.13 cents to 74.93 cents U.S.
On the companies front, TD Securities upgraded communications firm BCE’s shares to “buy” from “hold”.
ON BAYSTREET
The TSX Venture Exchange inched up 0.85 points Tuesday to 553.49.
ON WALLSTREET
Stock futures fell Wednesday, putting Wall Street on track for another choppy session, after the NASDAQ Composite registered its worst daily decline in nearly three months.
Futures for the Dow Jones Industrials sank 107 points, or 0.3%, to 37,886.
Futures for the S&P 500 sank 20.5 points, or 0.4%, at 4,766.75.
Futures for the NASDAQ swooned 115 points, or 0.7%, to 16,604.75.
The NASDAQ on Tuesday dropped more than 1.6% for its worst day since October, dragged down by major technology stocks and a nearly 4% decline in Apple after Barclays downgraded the iPhone maker.
Apple shares dipped another 0.5% in the premarket Wednesday.
Fellow tech stalwarts and “Magnificent 7” members Nvidia, Tesla and Meta all lost more than 1% in Wednesday’s premarket trading.
Outback Steakhouse owner Bloomin’ Brands jumped more than 4% after it added two new members to its board. The additions are in accordance with an agreement Bloomin’ reached with activist investor Starboard Value.
Traders will receive clues Wednesday on the state of the economy and where Federal Reserve policy could head to next. Minutes from the Fed’s December policy meeting are due out Wednesday. The job openings report for November and December’s ISM manufacturing data are also due.
In Japan, markets were closed till Thursday by the recent earthquake, while in Hong Kong, the Hang Seng Index skidded 0.9%.
Oil prices gained 82 cents to $71.20 U.S. a barrel.
Gold prices slid $10.50 to $2,053.90 U.S. an ounce.