Stock futures pointed to a higher opening for Canada's main stock index on Tuesday following the release of the country's growth data for May that is likely to show economy grew at a higher pace compared to April.
The S&P/TSX Composite Index regressed 48.48 points to end Monday at 16,345.47
The Canadian dollar dipped 0.04 cents at 76.71 cents U.S. early Tuesday
September futures galloped 0.5% Tuesday
WestJet Airlines reported a smaller-than-expected loss on Tuesday as it flew more full planes and improved a key revenue metric, offsetting a steep rise in aviation fuel prices.
The Keystone XL crude oil pipeline project cleared a hurdle on Monday as the Trump administration said in a draft environmental assessment that an alternative route through Nebraska would not do major harm to water and wildlife.
First Quantum Minerals said on Monday it had extended its hedging program for copper sales, as trade war worries push prices lower despite "excess demand" for its production.
CIBC raised the price target on Capital Power to $29.00 from $28.00
CIBC raised the rating on Lundin Mining to outperformer from neutral
Berenberg raised the price target on Thomson Reuters to $45.00 from $42.00
On the economic front, Statistics Canada reported real gross domestic product was up 0.5% in May, after increasing 0.1% in April. In all, 19 of 20 industrial sectors registered increases.
The agency’s industrial product price index rose 0.5% in June, primarily as a result of higher prices for primary non-ferrous metal products and motorized and recreational vehicles.
StatsCan’s raw materials product index also rose 0.5%, mainly on the strength of higher prices for animals and animal products and metal ores, concentrates and scrap.
ON BAYSTREET
The TSX Venture Exchange lost 1.42 points Monday to 705.95
ON WALLSTREET
U.S. stock index futures rose on Tuesday as investors braced for the release of Apple's latest quarterly results.
Futures for the Dow Jones Industrials gathered 25 points, or 0.1%, to 25,310.
S&P 500 futures gained 7.25 points, or 0.3%, to 2,810.50, while futures for the NASDAQ composite moved ahead 24.25 points, or 0.3%, to 7,224.75.
Apple is scheduled to release its latest quarterly figures after the close. The company's results will be released after other major tech companies published mixed earnings reports.
Last week, Facebook reported weaker-than-expected revenue and disappointing global daily active users, a key metric for the company.
Netflix, meanwhile, posted weaker-than-forecast subscriber growth for the previous quarter. Alphabet and Amazon reported stronger-than-expected results, however.
The mixed numbers out of these companies has led to a steep selloff in tech as investors lose faith in the so-called FANG trade. Over the past three sessions, the tech sector has lost 5.4%.
Dow-components Procter & Gamble and Pfizer both posted better-than-expected earnings before the bell Tuesday. Pfizer traded flat in the pre-market, but Procter & Gamble lost more than 2%.
A slew of economic data is also due. Personal income, core PCE prices and the employment cost index are due out at 8.30 a.m. ET, followed by the S&P/Case-Shiller House Price Index at 9 a.m. ET, Chicago purchasing managers' index at 9:45 a.m. ET, consumer confidence at 10 a.m. ET and the Dallas Fed's Texas service sector outlook survey at 10:30 a.m. ET.
The Federal Open Market Committee (FOMC) will commence its two-day summer meeting Tuesday.
A policy decision is set to be announced Wednesday afternoon, which should reveal whether the Fed decides to change its stance in August. Investors are not expecting a rise in interest rates, however, but discussion on trade or where the Federal Reserve is thinking of heading could be talked about.
Overseas, in Japan, the Nikkei 225 eked up eight points, while in Hong Kong, the Hang Seng index declined 0.5%.
Oil prices fell 41 cents to $69.72 U.S. a barrel.
Gold prices sank $2.30 to $1,219.00 U.S. an ounce.
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