Stock futures north of the border pointed to a lower opening on Tuesday as oil prices fell more than 2%, reflecting growing concerns that a two-month rally may be fizzling as analysts forecast record levels for U.S. crude stockpile.
The S&P/TSX Composite Index recovered 32.08 points to conclude Monday at 13,390.19
The Canadian dollar gained 0.12 cents to 75.95 cents U.S. early Tuesday.
Desjardins cut the target price on Sears Canada to $4.75 from $8.50
Canaccord Genuity raised the target price on Barrick Gold to $21.50 from $21.00
On the economic calendar, Statistics Canada reported its industrial product price index moved lower 1.1% in February – due to lower energy and petroleum products -- while its raw materials price index tailed off 2.6% during the same month, mainly as a result of lower prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange remained negative 4.26 points Monday to 575.8
ON WALLSTREET
U.S. stock futures are sinking as markets get back into their post-Easter groove.
Ahead of the opening bell, futures for the Dow Jones Industrials faded 55 points, or 0.3%, to 17,393, futures for the S&P 500 fell 4.5 points, or 0.2%, to 2,023.5. NASDAQ futures slid 7.25 points, or 0.2%, to 4,382.25
Apple is in focus after the Department of Justice dropped its high profile case against the iPhone maker. Washington was trying to force Apple to help law enforcement officials break into a terrorist's phone. Apple had declined to provide assistance, saying it would ultimately compromise the security of all iPhone users.
Yahoo is in the spotlight after the Wall Street Journal reported that the company is asking prospective bidders to put forward initial offers for its core Web unit and Asian assets by April 11.
Economically speaking, the Case-Shiller housing index for January will be released at 9:00 a.m. ET. The index gives an overview of housing dynamics in 20 key U.S. cities.
An hour later, the Conference Board is releasing data on consumer confidence.
European markets turned negative after starting in positive territory. Asian markets ended the day with modest losses.
Oil prices dropped 74 cents to $38.65 U.S. a barrel
Gold prices slipped $1.40 to $1,220.31 U.S. an ounce.
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