(MENAFN- Baystreet) TSX Wanes Slightly
Stocks Struggling for Momentum
TSX Flat in First Hour
Futures Point to Flat Open
TSX Investors Take Profits Monday Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Wednesday, May 15, 2024
Futures Eke up Wednesday AMC, Boot Barn in Spotlight Futures for Canada's main stock
index ticked slightly higher on Wednesday, supported by a rise in commodity prices, while investors remained cautious ahead of crucial U.S. consumer prices data that could shed light on the interest rate cut timeline.
The TSX Composite Index slid 15.83 points to wind up Tuesday at 22,243.34.
June futures advanced 0.2% Wednesday.
The Canadian dollar gained 0.1 cents to 73.34 cents U.S.
Wednesday is a busy day on the economic calendar, with housing starts measuring 240,200 for April, compared to 242,300 in the prior-year quarter, while manufacturing sales declined 2.1% in March, mainly driven by lower sales of petroleum and coal products as well as motor vehicles. Sales of machinery posted the largest increase.
The Canadian Real Estate Association is also standing by with April housing figures.
ON BAYSTREET
The TSX Venture Exchange recovered 3.03 points to close Tuesday's session at 599.88.
ON WALLSTREET
Stock futures were little changed Wednesday as Wall Street braced for April's consumer price index.
Futures for the Dow Jones Industrials squeezed higher by two points to 39,679.
Futures for the S&P 500 captured but 1.5 points at 5,271.
Futures for the NASDAQ Composite sank five points to 18,410.
Boot Barn dropped more than 6% on disappointing guidance for the full year, while Nextracker gained 11% on better-than-expected revenues.
AMC shares were down more than 1% in the premarket after the movie theater chain announced it will issue more than 23 million shares“in exchange for $163,850,000 aggregate principal amount of its 10%/12% Cash/PIK Toggle Second Lien Subordinated Notes due 2026.”
The CPI report was slated for release at 8:30 a.m. ET. Economists polled by Dow Jones expected the consumer price index to show a 0.4% monthly gain, and a 0.3% increase excluding food and energy. Economists forecast a 3.4% year-over-year increase for headline CPI, following a 3.5% rise in March.
The data comes after another report pointed to stickier inflation. The producer price index for April rose 0.5%, more than expected, raising concern that Federal Reserve rate cuts may be delayed.
In Japan, the Nikkei 225 nicked up 0.1%, while in Hong Kong, markets were closed for holiday.
Oil prices dropped 53 cents to $77.43 U.S. a barrel.
Gold prices grabbed $10.20 to $2,370.10 U.S. an ounce.
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