Canadian Market Might Start Slightly Down

Early cues from Canadian stocks suggest the market to open slightly lower on Wednesday.

Wednesday, investors might be reacting to Fed Chair Jerome Powell’s press conference and policy decisions, if any. Powell will speak to the media this afternoon after the FOMC minutes release. Hints on the Fed interest-rate decision will be of interest to the market.

The U.S. benchmark Treasury yields were down to around 4.2 percent, while it was at 5 percent in October.

Oil futures are continuing in their early position awaiting policy decisions in the speech of the Fed Chair today.

The 153 nation vote in support of the ceasefire in Gaza might watched closely by the market. The resolution, though not binding is considered a rebuke to the U.S. move last week in the Security Council.

Electric vehicle major Tesla has announced a recall of more than two million vehicles to correct an autopilot control issue. TSLA is down 1.14 percent in the pre-market today.

Gold and Silver futures are on the lower side on Wednesday.

In the corporate sector, Dollarama Inc. (DOL.TO) reported an increase in third-quarter earnings, compared to the prior year.

The quarterly earnings were C$261.1 million, or C$0.92 per share, compared to C$201.6 million, or C$0.70 per share, prior year. Ten analysts polled by Thomson Reuters were looking for profit of C$0.86.

Sales for the third quarter increased by 14.6 percent to C$1.48 billion. Comparable store sales for the third quarter increased by 11.1 percent. Analysts had expected C$1.48 billion.

The Corporation announced a quarterly cash dividend of C$0.0708 per common share, payable on February 2, 2024, to shareholders on record at the close of business on January 5, 2024.

Further, the company increased fiscal 2024 guidance for comparable store sales growth to between 11 and 12 percent and initiated adjusted earnings and organic revenue growth outlook for the full year 2023.

S&P/TSX Composite Index finished lower by 13.18 points or 0.6 percent on Tuesday at…