Baystreet.ca - Futures linked to Canadian stocks climbed on Wednesday as commodity prices gained, while investors awaited U.S. economic data and the minutes of the Federal Reserve's last policy meeting for more hints on its interest-rate trajectory.
The TSX Composite Index raised itself 78.01 points by Tuesday’s close to 21,953.80
The Canadian dollar inched higher 0.04 cents to 72.83 cents U.S.
September futures jumped 0.7% Wednesday.
In corporate news, Lundin Mining (TSX:LUN) said it completed the transaction to increase its ownership in the Chile-based Caserones copper-molybdenum mine to 70%.
On the economic stage, Statistics Canada said n May, Canada's merchandise exports decreased 2.6%, while imports were down 1.6%. As a result, Canada's merchandise trade deficit with the world widened from $1.3 billion in April to $1.9 billion in May. This represents a third consecutive monthly deficit.
ON BAYSTREET
The TSX Venture Exchange slipped 3.06 points to 566.76
ON WALLSTREET
U.S. stock futures traded near flat Wednesday morning after the S&P 500 closed above 5,500 for the first time.
Futures for the Dow Jones Industrials eked ahead seven points to 39,695.
Futures for the S&P 500 fell four points, or 0.1%, at 5,564.75.
Futures for the NASDAQ Composite let go of 13.75 points, or 0.1% to 20,241.50.
Paramount Global (NASDAQ:PARA) shares popped more than 15% in pre-market trading. That follows reports from The Wall Street Journal and The New York Times that Skydance Media has reached a preliminary agreement to buy National Amusements, the entertainment giant’s controlling shareholder.
Tesla (NASDAQ:TSLA) added 2% before the bell on Wednesday, continuing to rally after a better-than-expected deliveries report. This put the electric vehicle maker’s stock on track for its seventh straight positive session, which would be its longest winning streak of 2024.
These moves come a day after the S&P 500 climbed 0.6% to close above 5,500 for the first time. The Nasdaq Composite also advanced around 0.8% to finish at a record, while the 30-stock Dow added just over 0.4%.
Trading volume is likely to be light Wednesday with the New York Stock Exchange closing early at 1 p.m. ET. The exchange will be shut on Thursday for Independence Day.
Minutes from the policy-setting Federal Open Market Committee’s June meeting will be posted an hour after Wednesday’s closing bell.
In Japan, the Nikkei 225 increased 1.3% Wednesday, while the Hang Seng in Hong Kong hiked 1.2%.
Oil prices grabbed nine cents to $82.90 U.S. a barrel.
Gold prices regained $23.10 to $2,356.80