Stock futures pointed to a lower opening for Canada's main stock index on Tuesday as investors digested a report on the country's manufacturing sales for May.
The S&P/TSX Composite Index dropped 66.39 points to close Monday at 16,494.73
The Canadian dollar dropped 0.12 cents at 76 cents U.S. early Tuesday
September futures were down 0.2% Tuesday
Lundin Mining said on Monday it plans to make an offer to buy Nevsun Resources for $1.4 billion.
Eight Capital raised the rating on Azarga Uranium to buy from neutral
IA Securities starts coverage on Rubicon Minerals with a buy rating, and $2.60 price target
RBC raised the rating on West Fraser Timber to outperform from sector perform
On the economic scene, Statistics Canada reported that manufacturing sales in this country increased 1.4% to $57.1 billion in May, led by the chemical, machinery, and wood product industries.
ON BAYSTREET
The TSX Venture Exchange dropped 9.61 points, or 1.3%, Monday to 715.63.
ON WALLSTREET
Technology stocks are headed for a rough session on Tuesday after shares of Netflix, one of the momentum leaders of this bull market, tanked after earnings in early trading. Amazon shares fell as well.
Futures for the Dow Jones Industrials faded back 17 points, or 0.1%, to 25,024
S&P 500 futures dipped 2.5 points, or 0.1%, to 2,794, while futures for the NASDAQ composite dived 3.25 points to 7,321.75
Netflix plunged more than 11% in pre-market trading Tuesday after reporting weaker-than-expected subscriber growth. The streaming giant said domestic subscribers grew by 670,000 in the previous quarter, while international additions rose by 4.5 million. Analysts expected domestic gains of 1.23 million… and 5.11 million new international subscribers.
The other FANG members also fell in pre-market trading. Shares of Facebook were down 1%. Amazon shares also fell 1% amid glitches during the start of the company's annual Prime Day. Google-parent Alphabet fell 0.7%.
Tech is the best-performing sector in the market this year, rising nearly 15%. Also, just a handful of tech shares are responsible for more than 80% of the S&P 500's gains this year.
Overseas, in Japan, markets returned from holiday to gain 0.4%, while in Hong Kong, the Hang Seng index faltered 1.3%.
Oil prices fell 10 cents to $68.16 U.S. a barrel.
Gold prices moved up 40 cents to $1,240.10 U.S. an ounce.
