Futures tied to Canada's main stock index rose on Wednesday, tracking its peers on Wall Street, as investors prepared for the U.S. Federal Reserve's interest rate decision later in the day.
The TSX Composite Index gave up 79.04 points to close Tuesday at 24,706.07.
Futures picked up 0.2% Wednesday.
The Canadian dollar dipped 0.01 cents to 69.79 cents U.S. early Wednesday.
The TSX is largely flat for the year, erasing initial gains in the run-up to Trump's inauguration in January. On Tuesday, the benchmark index ended lower on Tuesday after a data showed a surprise jump in domestic annual inflation.
More than the central bank's decision, the spotlight will be on policymakers' economic growth outlook amid U.S. President Donald Trump's tariffs and the resulting trade war with key partners like Canada, China and Europe.
Alimentation Couche-Tard missed third-quarter revenue estimates, hurt by sluggish demand in its convenience stores and fuel businesses amid rising inflationary pressures.
ON BAYSTREET
The TSX Venture Exchange inched higher 0.65 points Tuesday to 631.34.
ON WALLSTREET
Stock futures rose Wednesday as the Federal Reserve’s interest rate decision looms.
Futures for the Dow Jones Industrials advanced 45 points, or 0.1%, to 41,983
Futures for the S&P 500 index attached 14.75 points, or 0.3%, to 5,684
Futures for the tech-heavy NASDAQ picked up 69.25 points, or 0.4%, to 19,771
In a Wednesday note, Guggenheim reiterated its buy rating on Roku.
Shares of the streaming platform have shed 9% this year, and have eked out a meager 4% gain over the last 12 months. Guggenheim lowered its price target to $100 per share from $115, although this revised target is still 48% above where the stock closed on Tuesday.
The Fed is scheduled to deliver its latest policy decision at 2 p.m. ET.
Though the Fed is widely expected to maintain a steady hand on interest rates, traders are keeping a close eye on the central bank’s forecast for rate policy. Central bankers will be sharing their quarterly updates on rate expectations, as well as their outlook for gross domestic product, inflation and unemployment. Those insights arrive at a time when traders are shaky on what’s ahead for the U.S. economy and the impact on markets.
In Japan, the Nikkei 225 moved downward 0.3% Wednesday, while in Hong Kong, the Hang Seng ---eked forward 0.1%.
Oil prices shed 11 cents to $66.79 U.S. a barrel.
Gold prices hiked $6.10 to $3,046.90 U.S. an ounce.
