Futures tracking Canada's blue-chip stocks edged lower on Tuesday as investors avoided riskier bets amid escalating U.S.-Iran conflict, while U.S. inflation data is expected later in the day.
The TSX sank 52.59 points to conclude Monday at 35,252.72.
Futures sank 0.3% early Tuesday.
The Canadian dollar sprang up 0.23 cents to 70.90 cents U.S.
U.S. military carried out a third consecutive ?night of strikes against Iran on Monday as President Donald Trump reimposed a blockade of Iranian shipping and proposed a 20% fee to guard the Strait of Hormuz.
In company news, material technology company Mattr Corp said late on Monday it expects second-quarter revenue in the range of $390 million to $400 million.
Separately, Canada's federal banking regulator warned major financial institutions about risks associated with Anthropic's Claude Mythos and other advanced AI models, ?saying the new technology could shorten time to identify, mitigate and respond to vulnerabilities.
ON BAYSTREET
The TSX Venture Exchange stumbled 24.7 points, or 2.7%, Monday to 881.28
ON WALLSTREET
Stock futures were mixed on Tuesday, as traders weighed a slew of corporate earnings releases and rising oil prices while awaiting the release of key inflation data.
Futures for the Dow Jones Industrials sank 439 points, or 0.9%, to 52,325.
Futures for the S&P 500 faded 8.25 points, or 0.1%, to 7,554.75
Futures for the NASDAQ Composite soared 159 points, or 0.5%, to 29,634.75.
IBM shares dropped 16% in the premarket after the company posted preliminary second-quarter earnings of $2.93 per share, excluding certain items. That’s below a FactSet consensus of $3.01 per share.
Big banks JPMorgan Chase, Wells Fargo and Bank of America also released their Q2 results. Goldman Sachs posted an earnings beat, sending the stock 2%
Semiconductor stocks rebounded after a selloff in the previous session.
Applied Materials, Lam Research, STMicroelectronics and Teradyne all rose more than 3%. Micron traded 3% higher as well.
The major U.S. stock benchmarks dropped Monday after President Donald Trump said he would reinstate a blockade on Iranian shipping through the key Strait of Hormuz.
“We are reinstating the THE IRANIAN BLOCKADE, so named because it is only stopping Iran’s ships or customers from entering or leaving,” Trump said in a post on Truth Social.
The announcement sent oil prices surging and stocks sliding on Monday. Brent crude soared more than 9% for its biggest one-day gain since 2020. On Tuesday, U.S. crude topped $80 per barrel and was last up 3.4% on the day.
Inflation data for June is also on deck Tuesday, with the latest consumer price index reading scheduled for 8:30 a.m. ET.
Fed Chairman Kevin Warsh also will meet with lawmakers on Capitol Hill Tuesday as part of his two-day “Humphrey Hawkins” reports on monetary policy
In Japan, the Nikkei 225 gathered 0.7% Tuesday, while in Hong Kong, the Hang Seng gained 0.5%.
Oil prices gained $2.17 to $80.31 U.S. a barrel.
Gold prices hiked $27.20 to $4,032.90 U.S an ounce.
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