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Futures Flat as Investors Await Fed Decision
Futures for Canada's main stock index were muted on Wednesday as investors avoided making big bets ahead of the U.S. Federal Reserve's much-awaited monetary policy decision that would offer more clues on the central bank's rate-hike trajectory.
The TSX trudged lower 207.54 points, or 1%, to conclude the session Tuesday at 20,407.56.
June futures on the S&P/TSX index were flat Wednesday morning.
The Canadian dollar nosed up 0.03 cents to 73.41 cents U.S.
Barrick Gold beat Wall Street expectations for first-quarter profit, as higher prices of the metal outweighed a decline in production.
Loblaw Companies reported a 6% rise in first-quarter sales, helped by strong demand for essential goods, including groceries and drugs.
Barclays downgraded Canada Goose Holdings to "equal-weight" from "overweight".
ON BAYSTREET
The TSX Venture Exchange faded 1.22 points Tuesday to 607.93.
ON WALLSTREET
U.S. stock futures rose Wednesday as investors looked ahead to the Federal Reserve’s latest policy decision.
Futures for the Dow Jones Industrials grabbed 21 points, or 0.1%, at 33,793.
Futures for the S&P 500 added seven points, or 0.2%, to 4,143.75.
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Futures for the NASDAQ Composite took on 32.5 points, or 0.3%, to 13,217.
Ford Motor beat analysts’ expectations on the top and bottom lines in its latest quarter, as did coffee chain Starbucks. However, both stocks declined in the premarket.
The Fed is scheduled to release its latest policy announcement at 2 p.m. ET. Chair Jerome Powell is also set to hold a news conference at 2:30 p.m. ET.
Data from the CME Group’s FedWatch tool shows traders are pricing in an 86% chance the Fed raises rates by 25 basis points. Wall Street will also look for clues on whether the central bank will continue its rate hiking campaign, or if it will pause increases.
Corporate earnings season continues with CVS Health, Yum Brands and Spirit AeroSystems reporting results Wednesday before the open.
On the economic front, traders are anticipating the latest ADP jobs data for April. Economists polled by Dow Jones expect a rise of 133,000 jobs last month.
The S&P Global U.S. Services PMI data for April is also due. It’s expected to show a reading at 53.7 last month, which is in line with the prior month. April’s ISM non-manufacturing PMI data is forecasted to show 51.8, according to Dow Jones consensus estimates. That’s higher than the 51.2 reading from the previous month.
Markets in Japan were closed for holiday Wednesday, while in Hong Kong, the Hang Seng stepped back 1.2%.
Oil prices declined $2.11 to $69.55 U.S. a barrel.
Gold prices jumped $1.40 to $2,024.70 U.S. an ounce.
