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S&P/TSX Composite Index

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Futures Point Higher Ahead of Fed Decision

Stock futures for Canada's main stock index were slightly higher on Wednesday ahead of the U.S. Federal Reserve's monetary policy decision later in the day.

The S&P/TSX Composite Index moved upward by only 25.69 points to end Tuesday at 16,288.98

The Canadian dollar inched up 0.01 cents to 76.83 cents U.S. early Wednesday

June futures gained 0.1% Wednesday

TD Securities cut the price target on Rubicon Minerals to $2.75 from $3.50


The TSX Venture dropped 6.59 points to conclude Tuesday at 762.43


U.S. stock index futures inched upward ahead of Wednesday's open as Wall Street awaited the Federal Reserve's decision on monetary policy.

Futures for the Dow Jones Industrials gained 37 points, or 0.2%, to 25,352

S&P 500 futures added 4.75 points to 2,793, while futures for the NASDAQ composite index progressed 18.75 points, or 0.3%, to 7,245

Investors were also focused on the media and telecommunications industries following a U.S. District Court's decision to allow AT&T's $85-billion bid for Time Warner.

The federal judge's ruling did not impose conditions on the merger's approval, clearing the way for other vertical deals involving Twenty-First Century Fox, the Walt Disney Company, Comcast and others.

The approved AT&T-Time Warner deal gives the pay-TV provider ownership of cable companies such as HBO and CNN as well as film studio Warner Bros.

Shares of AT&T dropped 4.3% and Disney swooned 1.8%, in pre-market trading while Time Warner rallied 3.7% and Fox hiked 8%

Politics is, however, still likely to be on investors' minds, as markets evaluate the outcome of a meeting between President Donald Trump and North Korean leader Kim Jong Un, who both signed an agreement Tuesday that committed to "complete de-nuclearization."

Investors are awaiting the culmination of the Fed's two-day meeting at 2 p.m. ET, when the central bank will announce its next monetary policy decision.

Fed Chair Jerome Powell and his colleagues are expected to announce a quarter-point increase in interest rates as the central bank seeks to normalize monetary policy with the economy showing signs of health.

The government's report on producer prices is due at 8:30 a.m. ET.

In Japan, the Nikkei 225 gained 0.4% Wednesday, while in Hong Kong, the Hang Seng Index lost 1.2%

Oil prices dipped 36 cents to $66.00 U.S. per barrel.

Gold prices slid $1.30 to $1,298.10 U.S. an ounce.

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