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Futures Plummet with Oil Retreat

Shopify in Focus

Futures tracking Canada's main stock index fell on Tuesday after oil and precious metal prices weakened against a firm dollar, while investors awaited key U.S. inflation data and the Federal Reserve's monetary policy decision due this week.

The S&P/TSX Composite Index recovered 62.76 points to close Monday at 22,069.76.

The Canadian dollar dipped 0.07 cents to 72.60 cents U.S.

Futures tumbled 0.5% Tuesday.

In corporate news, J.P. Morgan started coverage on Shopify with an "overweight" rating, noting a recent pullback in the stock following its quarterly results creates an "attractive" entry opportunity.

On the economic front, Statistics Canada reported building permits significantly increased 20.5% to $12.8 billion in April.


The TSX Venture Exchange dipped 1.31 points Monday to 586.94.


Stock futures inched lower Tuesday as investors await the start of June’s Federal Reserve policy meeting.

Futures for the Dow Jones Industrials shed 124 points, or 0.3%, to 38,805.

Futures for the S&P 500 fell 12.75 points, or 0.2%, at 5,358.50.

Futures for the NASDAQ Composite leaned lower 47.25 points, or 0.3%, to 19,062.50.

This comes as traders prepare for the two-day Fed policy meeting commencing Tuesday. The meeting will conclude on Wednesday with an interest rate policy decision and a subsequent press conference featuring Federal Reserve Chair Jerome Powell.

On the corporate earnings front, traders will monitor results from Oracle and Rubrik slated for after the bell on Tuesday.

Shares of Eli Lilly were up 3% after advisors to the Food and Drug Administration recommended the company’s Alzheimer’s drug donanemab, clearing the way for full approval later this year. The FDA tends to follow the advisory panel’s recommendation but is not required to do so.

In Japan, the Nikkei 225 picked up 0.3% Tuesday, while Hang Seng returned to trading after a long weekend with a loss of 1%.

Oil prices dwindled 33 cents to $77.41 U.S. a barrel.

Gold prices shone brighter $4.50 to $2,331.50 U.S. an ounce.