Stock futures pointed to a lower opening for Canada's main stock index on Tuesday as oil prices dropped on expectations of rising U.S. crude inventories.
The TSX Composite Index waned 16.96 points to close Monday at 16,387.53
The Canadian dollar eked up 0.02 cents to 76.61 cents U.S. early Tuesday
December futures faded 0.5% early Tuesday.
Air Canada reported lower-than-expected third-quarter profit, hurt by lower flight capacity in the wake of the grounding of Boeing Co's 737 MAX airplanes.
Shopify posted a bigger net loss for the third quarter, as it spent more to expand its customer network.
Knight Therapeutics Inc and shareholders of Biotoscana Investments expect to conclude the transfer of control of the Latin American pharmaceutical company by Nov. 29, the latter said in a securities filing on Monday.
RBC raised the target price on Capital Power to $31.00 from $30.00
CIBC raised the target price on Information Services to $18.50 from $18.00
CIBC cut the target price on Teck Resources to $37 from $39
ON BAYSTREET
The TSX Venture Exchange docked 5.51 points, or 1%, Monday to 540.98
ON WALLSTREET
U.S. stock index futures pointed Tuesday to an S&P 500 decline from a record set in the previous session as tech giant Alphabet shares struggled on disappointing earnings.
Futures for the Dow Jones Industrials sank 40 points, or 0.2%, early Tuesday to 27,012
Futures for the S&P 500 dropped two points, or 0.1%, at 3,034.25
NASDAQ Composite futures added two points to 8,096.75
The declines were led by a 1.6% slide in Google-parent Alphabet shares, which fell after the company posted earnings that missed analyst expectations. Alphabet reported a profit of $10.12 per share. Analysts expected earnings per share of $12.42.
Other companies reporting earnings included Merck and Pfizer. Merck’s earnings beat expectations, boosted by immunotherapy drug Keytruda. Pfizer’s profit also topped analyst estimates. Both stocks were up around 3% in the pre-market.
Tuesday’s moves come a day after the S&P 500 posted an all-time high on Monday. Better-than-expected earnings, along with improvements on the U.S.-China trade front, pushed the broad index above its previous record set in July. The S&P 500's record high extended the second-largest ever bull market to 3,885 days, according to data from Bespoke Investment Group.
But while the outlook on U.S.-China trade talks has improved, the conflict has yet to be resolved. The U.S. said Monday evening that it is considering extending certain tariff exclusions on $34 billion of imports from China.
Overseas, in Japan, the Nikkei 225 index took on 0.5% Tuesday, while in Hong Kong, the Hang Seng Index gave back 0.4%,
Oil prices declined 74 cents to $55.07 U.S. a barrel.
Gold prices fell $5.90 to $1,489.90 U.S. an ounce.
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