Lower Open in Store for TSX

Purolator, Onex in Focus

Futures pointed to a lower opening for Canada's main stock index on Tuesday, hit by falling oil prices.

The S&P/TSX Composite Index slipped 1.96 points to finish Monday at 16,523.47

The Canadian dollar eked up 0.02 cents to 75.87 cents U.S. early Tuesday

September futures were down 0.04% Tuesday.

Purolator said it plans to invest $1 billion to strengthen its footprint in the domestic market, looking to reach more customers and businesses and keep up in a hyper-competitive e-commerce space.

Onex said on Monday its $3.5-billion buyout offer for WestJet Airlines received approval from the Ministry of Transport, clearing the first of several regulatory hurdles.

National Bank of Canada cut the rating on Crew Energy to sector perform from outperform

National Bank of Canada cut the target price Suncor Energy to $56 from $59

National Bank of Canada raised the rating Storm Resources to outperform from sector perform

On the economic ledger, Statistics Canada said wholesale trade increased 1.7% to $65.3 billion in April, the fifth consecutive monthly increase.

The agency adds higher sales were recorded in five of seven sub-sectors, accounting for 86% of total wholesale sales.in April.

ON BAYSTREET

The TSX Venture Exchange fell 3.45 points Monday to 589.12

ON WALLSTREET

U.S. stock index futures were little changed Tuesday morning as investors awaited commentary from the top Federal Reserve official.

Futures for the Dow Jones Industrial Average demurred 22 points, or 0.1%, to 26,740.

Futures for the S&P 500 doffed 3.75 points, or 0.1%, at 2,948.75.

NASDAQ futures removed 15 points, or 0.2%, to 7,743.75

Micron Technology, FactSet Research Systems and FedEx are among the companies reporting earnings today.

Fed Chair Jerome Powell is scheduled to speak in Washington at 1 p.m. ET. Powell is expected to discuss the Fed’s outlook on the economy and monetary policy.

Powell’s remarks come after the Fed kept interest rates unchanged last week and said it will “act as appropriate” to maintain the current economic expansion. This led traders to price in a 100% probability of the Fed cutting rates next month.

Investors are also anticipating a meeting between President Donald Trump and Chinese President Xi Jinping later this week. The meeting between Trump and Xi will be the first face-to-face meeting for the leaders since trade talks broke down in May, leading to a hike in U.S. tariffs on imports of Chinese goods.

New home sales for May for May will be released at around 10:00 a.m. ET, with consumer confidence figures set to follow slightly later in the session.

Overseas, the Nikkei 225 dropped 0.4% Tuesday, while in Hong Kong, the Hang Seng index sagged 1.2%

Oil prices fell a penny to $57.89 U.S. a barrel.

Gold prices gained $12.20 to $1,411.70 U.S. an ounce.