TSX set for lower open as crude prices drag

Futures for Canada’s commodity-heavy stock index slipped on Wednesday, tracking weakness in crude oil prices, with concerns about a potential recession in the United States adding to the pressure.

June futures on the S&P/TSX index were down 0.1% at 6:54 a.m. ET.

Oil prices , edged down about 0.2% but held near a one-month high set earlier in the week after a surprise decision by OPEC+ to cut outputs.

However, spot gold prices rose after weak U.S. economic readings bolstered bets that U.S. interest rates hikes to slowdown.

The Toronto Stock Exchange’s S&P/TSX composite index (.GSPTSE) had ended slightly lower on Tuesday, giving up its seven-day winning streak, as energy and financial stocks lost ground following weak U.S. job openings report. Focus will be on the U.S. private payrolls report later in the day.

In company news, Bernstein raised Canopy Growth (WEED.TO) to “market-perform” from “underperform”.

U.S.-listed shares of Hut 8 Mining Corp (HUT.TO) gained 2.3% in premarket trading after the crypto mining firm announced its March production and operations update.

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