Futures for Canada’s main stock index jumped on Wednesday, ahead of the Bank of Canada’s interest rate verdict and the U.S. Federal Reserve Chair Jerome Powell’s congressional testimony, while higher crude prices also supported gains.
The TSX Composite fell just short of breakeven, 5.14 points, to conclude Thursday at 21,525.93
March futures shot up 0.6% Wednesday.
The Canadian dollar moved higher 0.08 cents to 73.66 cents U.S.
In corporate news, Nuvei Corp reported its fourth-quarter results above analysts’ estimates.
At about 10 a.m. EST, the Bank of Canada is set to come out with its rate announcement. Shortly afterwards, the IVEY School of Business will release its Purchasing Managers Index for February.
ON BAYSTREET
The TSX Venture Exchange swooned 7.06 points, or 1.2%, Tuesday to 568.28.
ON WALLSTREET
U.S. stock futures rose Wednesday, following a sharp selloff for all three major averages.
Futures for the Dow Jones Industrials hiked 86 points, or 0.2%, to 38,693.
Futures for the S&P 500 surged 18 points, or 0.4%, to 5,103.75.
Futures for the NASDAQ jumped 121.25 points, or 0.7%, to 18,050.
CrowdStrike soared more than 22% on a top-and-bottom line beat for the latest quarter and a strong outlook. Palantir popped more than 6% after winning a significant army contract.
On the other hand, Nordstrom tumbled more than 9% after warning of potential sales declines in 2024. Foot Locker, another retailer, slipped more than 5% on weak guidance for full-year earnings
On Wednesday, investors will be watching Federal Reserve Chair Powell’s testimony before the House Financial Services Committee. They will be seeking additional clarity on where the central bank stands on monetary policy and looking for clues on the pace and timing of anticipated interest rate cuts this year.
The central bank leader will speak before the Senate Banking Committee on Thursday.
In Japan, the Nikkei 225 took on 6.85 points Wednesday, while in Hong Kong, the Hang Seng index spiked 1.7%.
Oil prices gained 63 cents to $78.78 U.S. a barrel.
Gold prices slid $1.10 to $2,140.80 U.S. an ounce.
