Futures tracking Canada's main stock index were muted on Wednesday after new U.S. tariffs on Canadian goods were paused by President Donald Trump, while investors also awaited the minutes of the Federal Reserve's July meeting.
The TSX was lower 299.99 points to conclude Tuesday at 36,367.93.
September futures were flat Wednesday,
The Canadian dollar gained 0.14 cents to 72.08 cents U.S.
U.S. President Donald Trump announced late on Tuesday he was putting a three-day pause on new 50% tariffs that were set to go into effect on Canadian goods on Wednesday, saying the two countries had reached a deal.
Following the announcement, Prime Minister Mark Carney said in a statement that "substantial progress has been made, although there is important work still to be done."
Separately, investors monitored developments in the Middle East conflict and awaited the minutes of the U.S. Federal Reserve's July meeting for clues on the central bank's interest rate trajectory.
Oil prices hit a three-week high as uncertainty over shipping through the Strait of Hormuz and ongoing supply disruptions persisted.
ON BAYSTREET
The TSX Venture Exchange reversed 19.29 points, or 2%, Tuesday to 944.87.
ON WALLSTREET
U.S. stock futures were near the flatline on Wednesday, as declines in tech and higher oil prices kept sentiment in check.
Futures for the Dow Jones Industrials advanced 49 points to 53,452.
Futures for the S&P 500 dropped 3.5 points to 7,717.50.
Futures for the NASDAQ Composite stepped back 31 points to 28,555.
Moderna was a major winner in the premarket, as shares popped more than 60% after the company’s and Merck’s experimental cancer vaccine showed success in a late-stage trial.
Merck shares jumped more than 6%, helping lift Dow futures.
Conversely, Oracle fell 2% after The Wall Street Journal reported, citing sources, that OpenAI disclosed second-quarter results that disappointed investors.
While revenue expanded by 18% between the first and second quarter, losses grew as well.
Alphabet shares were also lower in early trading along with chipmakers Marvell Technology and Intel
The latest Federal Open Market Committee meeting minutes are set to release Wednesday afternoon.
Investors will likely take a keen eye to the minutes, given the sharp divisions within the central bank. At the July meeting, there were three dissenters voting to hike rates, a division that investors will seek greater detail on.
In Japan, the Nikkei 225 index swooned 3.2% Wednesday, while in Hong Kong, the Hang Seng lost 0.1%.
Oil prices moved higher 66 cents to $85.60 U.S. a barrel.
Gold prices jumped $5.20 to $4,425.80 U.S an ounce.
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