U.S. Fed day: What you need to know before markets open
U.S. stock index futures were little changed on Wednesday ahead of a key statement by the Federal Reserve which is expected to provide clues on the next monetary policy move by the U.S. central bank.
The S&P posted its best performance in a month Tuesday and the Dow industrials set a record intraday high amid wavering expectations regarding the Fed's stance. The Fed is expected to offer fresh indications on how soon it plans to begin lifting interest rates as it prepares for a shift in stance after years of easy monetary policy. U.S.-traded shares of Sony Corp fell 10.6% in premarket trading after it estimated a bigger loss and said it would not pay a dividend this fiscal year for the first time since it listed in 1958. Shares of Rackspace Hosting slumped 20.5% a day after the cloud management services provider said it would not sell itself. Endo International Plc made an unsolicited offer to buy Auxilium Pharmaceuticals Inc for about $2.2 billion, which analysts said could complicate Auxilium's buyout of Canadian eye drug maker QLT Inc . Pipeline operator TransCanada Corp is likely to haul Canadian oil sands crude by rail whether or not its embattled Keystone XL pipeline project is finally approved by Washington, the company's chief executive said on Tuesday. Recent Canadian economic data has been encouraging, particularly on exports, Bank of Canada Governor Stephen Poloz said on Tuesday, but he pointed to a substantial amount of slack in the job market. ANALYST RESEARCH HIGHLIGHTS Algonquin Power & Utilities Corp : RBC raises price target to C$10 from C$9.50 Atlantic Power Corp : RBC cuts price target to C$3 from C$4 Oncolytics Biotech Inc : Canaccord Genuity cuts price target to C$2.50 from C$6.50
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