Canada's main stock index futures fell on Tuesday, as oil prices were pressured by a stronger dollar and oversupply concerns.
The S&P/TSX Composite Index finished Monday solidly in the green, 120.84 points to 15,974.91.
The Canadian dollar dipped 0.3 cents early Tuesday to 74.43 cents U.S.
June futures slid 1.1% Tuesday.
Scotiabank raised the rating on Bombardier to sector perform from underperform
Scotiabank raised the target price on Canadian National Railway to $139.00 from $120.00
Canaccord Genuity cut the target price to $11.75 from $13.50
The oil-producing nations that make up OPEC+ (Organization of the Petroleum Exporting Countries) on Saturday agreed to extend record cuts of 9.7 million barrels per day (bpd) until the end of July.
Saudi Arabia, however, later said it, Kuwait and the United Arab Emirates would not extend cuts of 1.18 million bpd they are currently making on top of that OPEC+ target.
ON BAYSTREET
The TSX Venture Exchange zoomed 8.21 points, or 1.5%, Monday to 565.12.
ON WALLSTREET
Stock futures fell on Tuesday as investors took some money off the table following a relentless comeback rally that pushed the S&P 500 into positive territory for the year amid a recession from the coronavirus pandemic.
Futures for Dow Jones Industrials faltered 252 points, or 0.9%, early Tuesday, to 27,275.
Futures for the S&P 500 lost 26.25 points, or 0.8%, to 3,201.25.
Futures for the NASDAQ Composite Index fell 36.75 points, or 0.4%, to 9,848.
The speculative trades that have led the latest leg of the market’s comeback on optimism about the reopening of the economy were lower in early trading Tuesday.
United Airlines, Delta Air Lines each dropped more than 6% in pre-market trading. Cruise lines Carnival and Royal Caribbean declined more than 5%. Retail-related trades Gap and Simon Property Group dropped as well.
Job openings data and small-business optimism numbers await investors on Tuesday while Chewy, GameStop and Tiffany are slated to reported quarterly earnings.
The moves early Tuesday followed sharp gains on Wall Street a day earlier, with the S&P 500 returning to positive territory for 2020 as fears over the coronavirus continued to give way to optimism about the reopening of the American economy.
The gains came Monday even as the official economic arbiter in the U.S. declared that the economy entered a recession earlier this year. The National Bureau of Economic Research determined that a “clear peak in monthly economic activity” occurred in February.
Overseas, in Tokyo, the Nikkei 225 faded 0.4%, Tuesday, while in Hong Kong, the Hang Sang index vaulted 1.1%.
Oil prices were unchanged at $38.19 U.S. a barrel.
Gold prices gained $7.60 to $1,712.70.
Related Stories
