Futures for Canada's commodity-heavy main stock index inched lower on Tuesday, as both crude and bullion prices fell while rising U.S. bond yields kept investors on the edge.
The TSX Composite Index finished Monday ahead 22.71 points to 21,878.41.
June futures faded 0.1% on Tuesday.
The Canadian dollar dipped 0.08 cents to 79.28 cents U.S.
J.P. Morgan raised the target price on Altagas Ltd to $34.00 from $31.00
National Bank of Canada cut the rating on Capstone Copper to sector perform from outperform.
National Bank of Canada raised the target price on Teck Resources to $65.00 from $60.00
On the economic slate, Statistics Canada reported Canadian investors reduced their holdings of foreign securities by $9.7 billion in February, following an $11.4 billion divestment in January.
At the same time, foreign investors acquired $7.4 billion of Canadian securities, mainly in the form of corporate bonds.
Meantime, Canada Mortgage and Housing Corporation reported housing starts for March came in at a seasonally adjusted annualized rate of 246,243 units, a 2% decline from 250,246 units in the previous month.
ON BAYSTREET
The TSX Venture Exchange nicked forward 0.24 points Monday to 894.74.
ON WALLSTREET
Stock futures were little changed early Tuesday morning as traders navigated one of the busiest weeks of corporate earnings season.
Futures for the Dow Jones Industrials eked up 18 points, or 0.1%, to 34,327.
Futures for the S&P 500 edged ahead 1.25 points to 4,388.
Futures for the NASDAQ Composite Index gained 8.25 points, or 0.1%, to 13,916.
The major indexes have been grinding lower as the first-quarter earnings season heats up.
Johnson & Johnson reported mixed quarterly results, with its earnings per share topping earnings expectations while revenue missed analyst estimates. The pharmaceutical company also lowered its earnings guidance for 2022. Its shares dipped slightly in premarket trading.
Hasbro also posted a weaker-than-expected profit for the previous quarter, while its revenue was in line with estimates. Shares fell nearly 2% pre-market.
Travelers Companies was slightly higher in early trading after the company beat estimates on the top and bottom lines for its latest quarter and announced a 5.7% dividend increase.
Netflix and IBM are scheduled to post their numbers after the bell Tuesday.
With inflation and the Federal Reserve’s next steps a key debate in markets, investors are watching for insight into how supply chains and consumer demand are performing for major companies.
Expectations for Fed hikes have risen sharply in recent months, though the central bank has said it will be data dependent in deciding how it will hike rates throughout the year.
Elsewhere on Tuesday, investors will get an updated look at the housing market with housing starts and building permits for March.
In Asia, the Nikkei 225 in Japan regained 0.7% Tuesday, while in Hong Kong, the Hang Seng index returned after a long weekend to lose 2.3%.
Oil prices skidded $2.02 to $106.19 U.S. a barrel.
Gold prices slumped $3.60 to $1,982.86 U.S.
