Downward Open Promised for TSX

Teck, CN in Focus

Futures for Canada's main stock index fell on Wednesday, weighed down by a more than 1% slide in crude prices, while investors await Bank of Canada policy announcement due later in the day.

The TSX Composite ended its near-two-week winning streak, sliding 111.39 points to conclude Tuesday at 21,173.45.

The Canadian dollar reversed 0.17 cents to 80.54 cents U.S.

December futures stepped back 0.1% Wednesday.

Teck Resources reported an eight-fold jump in third-quarter adjusted profit on Wednesday, driven by higher prices for steelmaking coal on the
back of surging demand from China.

CIBC cut the rating on Canadian National Railway to neutral from outperform.

ATB Capital Markets resumed coverage on Cenovus Energy with an outperform rating

ATB Capital Markets also announced it was resuming coverage on Imperial Oil with a sector perform rating

On the economic front, all eyes are on the Bank of Canada, which presents its interest rate decision this morning (about 10 a.m. EDT). It’s widely expected the central bank will keep its rate intact.

ON BAYSTREET

The TSX Venture Exchange lost 5.17 points Tuesday to 958.76

ON WALLSTREET

U.S. stock index futures nudged higher during early morning trading on Wednesday after the Dow and S&P closed at record highs as earnings season continues.

Futures for the Dow Jones Industrials inched higher five points to 35,649.

Futures for the S&P 500 backtracked 4.5 points, or 0.1%, to 4,560.75

Futures for the NASDAQ Composite Index fell 26 points, or 0.2%, to 15,519.

General Motors shares fell more than 1% even after the industrial giant topped Wall Street’s earnings and revenue estimates for the third quarter.

Boeing saw its stock rising slightly in pre-market after the company reported better-than-expected free cash flow. The aircraft maker posted a wider-than-expected loss, however.

Microsoft and Alphabet were among the headline reports Tuesday after the market closed, with both topping revenue expectations. Microsoft shares rose 2.3% in pre-market trading.

Robinhood shares were getting slammed, down 11% the day after the trading app reported revenue well below expectations primarily due to weakness in crypto trading.

Texas Instruments shares tumbled 4% pre-market after the company missed revenue estimates while Visa fell 2.5% despite beating on the top and bottom lines. Enphase Energy leaped 12.7% after reporting record revenue in face of supply chain headwinds.

Coca-Cola rose 2.6% pre-market after the company posted a beat on the top and bottom lines and raised its outlook, saying the business was getting stronger particularly in areas where the COVID recovery has been the best.

So far roughly 30% of the S&P 500 has reported earnings. Of the names that have posted quarterly updates, 82% have topped earnings expectations, while 80% have exceeded revenue estimates. Strong results have been key to pushing the major averages to new highs.

Overseas, in Japan, the Nikkei 225 lost more than seven points Wednesday, while in Hong Kong, the Hang Seng docked 1.6%.

Oil prices lost 94 cents to $83.71 U.S. a barrel.

Gold prices dumped $2.40 to $1,791 U.S. an ounce.