Futures linked to Canada's main stock index edged lower on Wednesday ahead of a holiday-shortened session that is expected to have low trading volumes, following the index's climb to a record high in the previous session.
The TSX burst into the green by Tuesday’s finish, picking up 58.63 points to 32,058.73.
The S&P/TSX composite index on Tuesday eclipsed Monday's record closing high as investor sentiment was buoyed by gains in oil and mining shares despite data showing the Canadian economy shrinking more than expected.
The Canadian dollar inched higher 0.08 cents to 73.15 cents U.S.
Futures retreated 0.2% Wednesday.
The TSX is poised to deliver its strongest annual performance since 2009, with the mining and gold sub-indexes having more than doubled this year.
In corporate updates, First Quantum Minerals announced that its wholly-owned subsidiary Cobre Las Cruces has entered into a binding agreement to sell the Las Cruces mine in Spain for up to $190 million to Global Panduro.
The TSX will close early on Wednesday at 1 p.m. ET on Christmas Eve and will be closed Thursday for Christmas Day.
ON BAYSTREET
The TSX Venture Exchange revived 5.14 points Tuesday to 990.68.
ON WALLSTREET
Stock futures were relatively unchanged on Wednesday after the broad market S&P 500 notched a record close.
Futures for the Dow Jones Industrials sank 36 points, or 0.1%, to 48,726.
Futures for the S&P 500 faded 2.75 points to 6,958.50.
Futures for the NASDAQ gave back 11.25 points to 25,801.
Major U.S. indexes climbed for a fourth straight session on Tuesday, led by tech names including Google parent Alphabet, Nvidia, Broadcom and Amazon.
The S&P 500 ended the regular session up about 0.5% and posted a fresh record close of 6,909.79.
The index is just below its intraday all-time high of 6,920.34. The NASDAQ gained about 0.6%, and the 30-stock Dow added around 79 points, or nearly 0.2%, to finish the day.
Earlier Tuesday, the Commerce Department issued its a third-quarter reading of the U.S. gross domestic product that came in at 4.3%, surpassing the Dow Jones consensus estimate of 3.2%.
The report, which had been delayed by the government shutdown, initially led traders to lower their expectations of interest rate cuts early next year. However, fed funds futures trading still indicates two rate cuts by the end of 2026
Investors continue to hope for the coveted Santa Claus rally, a year-end stock market surge that occurs between the last five trading days of the year and the first two of the new year — in this case from the opening bell on Dec. 24 until Jan. 5.
On the economic front Wednesday morning, traders will keep an eye out for weekly jobless claims.
The New York Stock Exchange will close early on Wednesday at 1 p.m. ET on Christmas Eve and will be closed Thursday for Christmas Day.
Overseas, the Nikkei 225 in Japan lost 0.1% Wednesday, while in Hong Kong, the Hang Seng Index moved forward 0.2%.
Oil prices docked 23 cents to $58.61.
Gold prices vaulted $17.70 to $4,523.40
