Futures for Canada’s main stock index eased on Wednesday, pressured by lower prices of most commodities, while investors awaited minutes of the U.S. Federal Reserve’s last policy meeting for clues on the timing of its monetary policy easing.
The TSX edged up 2.79 points to conclude Monday trading at 22,468.16.
The Canadian dollar dipped 0.07 cents at 73.24 cents U.S.
June futures were down 0.2% Wednesday.
In company news, Power Corporation of Canada has shut its China investment unit and dismissed all staff, becoming the latest Western financial firm to pull back amid the country’s economic challenges.
Copper miner Hudbay Minerals plans to raise $300.2 million in an equity offering to help fund near-term growth initiatives at its Copper Mountain unit, among other purposes.
ON BAYSTREET
The TSX Venture Exchange progressed 5.35 points Tuesday to 620.52.
ON WALLSTREET
U.S. stock futures slipped Wednesday as investors looked ahead to the widely-anticipated release of Nvidia’s latest earnings report.
Futures for the Dow Jones Industrials let go of 42 points, or 0.1%, to 39,964.
Futures for the S&P 500 settled 7.75 points, or 0.1%, at 5,337.50.
Futures for the NASDAQ Composite faltered 15.25 points, or 0.1%, to 18,784.
The S&P 500 and NASDAQ are coming off record setting sessions, while the Dow rose slightly.
Nvidia is slated to post fiscal first-quarter results after the bell Wednesday, with analysts expecting another strong quarter from the chipmaker. LSEG data shows consensus estimates call for earnings and revenue to have rise 400% and 240% year on year.
Investors will closely watch the report for clues on whether this year’s tech rally can continue. The tech-heavy NASDAQ has popped 12% to record highs year to date.
Besides Nvidia, companies such as Analog Devices, TJX and Raymond James Financial are also slated to post their latest results on Wednesday.
Traders will also watch out for minutes from the latest Federal Open Market Committee meeting, as well as April’s existing home sales.
Target reported earnings that missed expectations, sending shares lower by 7%.
Urban Outfitters gained 6% after the clothing retailer posted beats on the top and bottom line in its latest quarter. Homebuilder Toll Brothers inched higher by 1% after surpassing analysts’ estimates and raising its full-year delivery guidance.
In Japan, the Nikkei 225 descended 0.9%, while in Hong Kong, the Hang Seng index lost 0.1%.
Oil prices sank 42 cents to $78.24 U.S. a barrel.
Gold prices gave back $7.60 to $2,430.70 U.S. an ounce.