Equities in Canada’s largest market opened higher on Wednesday as investors geared up for the U.S. Federal Reserve's interest-rate verdict due later in the day.
The TSX Composite Index shrugged off Tuesday’s losses and popped 217.31 points to begin Wednesday at 24,923.38
The Canadian dollar dipped 0.01 cents to 69.86 cents U.S.
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.
Shares in Couche-Tard galloped $2.37, or 3.6%, to $68.91.
ON BAYSTREET
The TSX Venture Exchange inched lower 1.67 points to 629.67.
All but two of the 12 TSX subgroups were in the green in the first hour, led by information technology, improving 2.3%, while energy rumbled 1.3%, and consumer staples were stronger 1.2%.
The lone laggards proved to be telecoms, down 0.8%, and utilities, off 0.04%.
ON WALLSTREET
The S&P 500 rose Wednesday as investors awaited a policy announcement from the Federal Reserve later in the day.
The Dow Jones Industrials recovered 236.35 points to kick off Wednesday at 41,817.66
The broad market regained 39.17 points to 5,653.87
The NASDAQ reversed and tallied 161.78 points to 17,665.90.
The major averages have been on a roller-coaster ride in recent weeks, as traders navigate soft economic data and uncertainty around President Donald Trump’s tariff policy. The S&P 500 officially entered correction territory last week, and the NASDAQ is still in a correction — meaning it’s down more than 10% from its recent high.
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, investors will look for whether the Fed keeps its outlook for two rate cuts this year.
They will also listen to Fed Chairman Jerome Powell for clues on how he sees the economy against a backdrop of rising tensions between the U.S. and major trade partners.
Along with its policy decision, the Fed will unveil its quarterly projections on GDP, unemployment and inflation.
Prices for the 10-year Treasury eked lower at first Wednesday, raising yields to 4.30% from Tuesday’s 4.29%. Treasury prices and yields move in opposite directions.
Oil prices eked higher 0.03 cents to $66.93 U.S. a barrel.
Prices for gold paled $4.30 an ounce to $3,036.50 U.S.
