(RTTNews) - Early signals are mostly negative for Canadian stocks Wednesday morning in New York amid renewed fears that the world is on the verge of a significant economic slowdown despite unprecedented efforts to alleviate the credit crisis.

Bay Street stocks played catch-up with other equities markets on Tuesday, rebounding from last week’s massive losses with the one of the biggest daily percentage gains in the history of the Canadian market.

Bargain hunters swooped in to indiscriminately snap up beaten down stocks, driving the S&P/TSX Composite higher by 890.50 points to 9955.66 on Tuesday. With the advance, the main index moved away from Friday’s 3-year closing low.

However, any euphoria will be short-lived as US stock futures plunged ahead of the open on Wall Street, dragging commodities prices lower. Canadian resource stocks snapped back on Tuesday, but may come under heavy pressure this morning amid concerns about global demand.

Energy stocks soared a record 14.5 percent and Tuesday, but are set to pull back after the price of oil for December slipped $3 to $75.70 a barrel, re-testing its yearly lows.

EnCana Corp. (ECA.TO) said Wednesday that it chose to delay the timing of a shareholder vote for its proposed split into two independent energy companies. The vote was originally planned for December and now delayed until such time as the financial markets stabilizes.

The outlook for tech stocks may be a bit brighter after bellwether Intel Corp. (INTC) said Tuesday after the markets closed that third quarter earnings rose 12% from last year on improved margins and lower expenses.

The company’s quarterly earnings per share also came in above analysts’ expectations. However, the company said it is hard to predict the impact of the financial crisis on end customer demand in the fourth quarter.

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Posted in Categories: Canada, Releases, Stocks, USA.

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