Futures for Canada's main stock index fell on Tuesday, as oil prices dropped on worries over demand recovery due to a spurt in new coronavirus cases, especially in the United States.
The S&P/TSX Composite Index moved higher 72.92 points to close Monday at 15,669.67.
September futures sank 0.7% Tuesday.
The Canadian dollar declined 0.16 cents to 73.71 cents U.S.
Moody's Investors Service is expecting Canadian provinces to shift rapidly to stabilizing their rising debt burdens once economic growth resumes, which analysts said could be a signal to provinces on how they can avoid downgrades.
Canada’s privacy commissioner announced Monday Clearview AI has said it would no longer offer its facial recognition services in Canada, in response to an ongoing investigation into the company by provincial and federal privacy authorities.
Royal Bank of Canada said Monday it is committing $150 million to racial diversity initiatives and aims to increase the proportion of non-white executive hires to 30% from 20%
Credit Suisse raised the target price on Norbord to $30.00 from $20.00
Credit Suisse raised the target price on Canadian Pacific Railway to $285 from $242
On the economic front, Western University’s IVEY School of Business puts out its Purchasing Managers Index for June this morning (around 10 a.m. EDT)
ON BAYSTREET
The TSX Venture Exchange gained 11.97 points, or 1.9% Monday, to 644.99.
ON WALLSTREET
Stock futures pulled back in early trading Tuesday after a solid rally on Wall Street to start the week.
Futures for Dow Jones Industrials tumbled 209 points, or 0.8%, early Tuesday, to 25,970.
Futures for the S&P 500 slipped 21.75 points, or 0.7%, to 3,150.75.
Futures for the NASDAQ Composite Index faltered 34.75 points, or 0.3%, to 10,563.75.
Technology shares were weak in pre-market trading a day after the NASDAQ Composite vaulted higher to an all-time high. The move was led by stocks such as Amazon, which hit $3,000 for the first time.
Shares of Amazon fell by 0.3% in pre-market trading Tuesday. Shares of Apple and Microsoft were also slightly lower as investors took some money off the table.
Stocks tied to the economy reopening from the coronavirus shutdowns were lower in the pre-market. Norwegian Cruise Line and Carnival Corp were lower by about 3%. American Airlines and United Airlines fell more than 2%.
On the positive side, the U.S. government awarded drugmaker Novavax a $1.6-billion contract to develop a coronavirus vaccine, the biggest amount yet granted under the White House’s "Operation Warp Speed."
Novavax shares were up 45% in pre-market trading. Futures traded slightly off their lows when the news hit Tuesday morning.
The U.S. Labor Department will release the May figure for job openings on Tuesday at 10 a.m. EDT. Economists polled by Dow Jones expect the total vacancies to drop to 4.5 million in May from 5.05 million in April, which was the lowest total since December 2014.
Overseas, in Tokyo, the Nikkei 225 ducked 0.4% Tuesday, while in Hong Kong, the Hang Seng index faltered 0.4%.
Oil prices lost 26 cents at $40.37 U.S. a barrel.
Gold prices stepped back $8.70 to $1,784.80.
