Baystreet.ca - Futures tied to Canada's main stock index fell slightly on Wednesday as Iran's missile strike on Israel stoked fears of wider conflict in the Middle East.
The TSX Composite Index gained 33.62 points Tuesday to 24,033.99.
December futures were lower 0.1% Wednesday.
The Canadian dollar eked up 0.07 cents to 74.17 cents U.S.
Iran on Tuesday carried a ballistic missile strike on Israel and Israeli Prime Minister Benjamin Netanyahu's also vowed to retaliate. Escalation of the conflict caused a wider selloff in global markets on Tuesday.
Investors are cautious due to lack of clarity on how the escalation in the region might evolve, but this lifted prices of oil and safe-haven assets like gold, as well as their related stocks.
In corporate news, Capstone Copper said its 2024 consol copper production is likely to be near the lower end of its forecast range.
ON BAYSTREET
The TSX Venture Exchange took on 5.97 points, or 1%, to 587.09.
ON WALLSTREET
Stock futures slid Wednesday as traders braced for more losses to start October amid escalating tensions in the Middle East.
Futures for the Dow Jones Industrials lost 181 points, or 0.4%, to 42,298.
Futures for the S&P 500 shed 15 points, or 0.2%, at 5,744,75.
Futures for the NASDAQ dipped 39.5 points, or 0.2%, to 19,935.50.
Nike (NYSE:NKE) slid more than 5% after the sneaker giant pulled its full-year guidance ahead of its CEO change. Tech also struggled for a second day, with intelligence darling Nvidia (NASDAQ:NVDA) slipping close to 1% before the bell.
The major averages are coming off a losing session as rising tensions in the Middle East dented risk appetite and investor enthusiasm for the new trading period. The Dow fell more than 170 points, while the S&P 500 let go of 0.9% and NASDAQ dropped 1.5%.
Ahead of Friday’s keynote September jobs report, Wall Street on Wednesday will gain insight into the state of private payrolls with ADP’s Employment Survey. Friday’s nonfarm payrolls report could play a major role in the market’s direction and the Federal Reserve’s next rate move as its cutting cycle begins.
In Japan, the Nikkei 225 sank 2.2%, while in Hong Kong, the Hang Seng resumed with a gain of 6.2%.
Oil prices dropped $2.27 to $72.10 U.S. a barrel.
Gold prices faded $19.10 to $2,671.20