Futures for Canada's main stock index inched lower on Tuesday, mirroring the global mood, as investors focused on earnings and the U.S. Federal Reserve's two-day meeting on interest rates.
The S&P/TSX Composite index jumped 209.94 points, or 1%, to close Monday at 21, 247.01
The Canadian dollar faded 0.22 cents to 80.83 cents U.S.
December futures subsided 0.1% Tuesday.
Air Canada reported a smaller quarterly loss on Tuesday, as Canada's decision to open its borders to fully-vaccinated travelers and improving COVID-19 inoculation rates drove bookings at the country's largest carrier.
RBC cut the target price on Cargojet to $295.00 from $300.00
Canaccord Genuity initiated coverage on Copperleaf Technologies with a "buy" rating
National Bank of Canada raised the target price on Metro to $67.00 from $65.00
On the economic front, Statistics Canada reports building permits rose 4.3% to $10.1 billion in September, led by Ontario, which catapulted 6.3%.
The agency added that construction intentions in the residential sector were up 8.2%, while the non-residential sector decreased 3.2%.
ON BAYSTREET
The TSX Venture Exchange gained 17.77 points, or 1.9%, Monday to 968.20.
ON WALLSTREET
Stock futures were basically flat in early morning trading on Tuesday after the S&P 500 eked out a fresh record close on Monday to kick off November.
Futures for the Dow Jones Industrials gained 31 points, or 0.1%, to 35,831.
Futures for the S&P 500 nicked higher 1.25 points to 4,607
Futures for the NASDAQ Composite Index faded 27.75 points, or 0.2%, to 15,866.50.
All three major U.S. stock indexes hit new intraday highs and closed at records during Monday’s regular session as investors continue to bet on a year-end rally despite supply chain issues, COVID risk and a Federal Reserve that’s about to indicate it’s going to pull back on some stimulus. The Fed’s two-day meeting begins Tuesday.
Tesla shares cooled off Tuesday after popping during the end of October. Shares of the electric automaker tumbled 5% pre-market, though they are up 55% over just the past month.
The drop follows a report that the carmaker is recalling 11,700 of its vehicles due to a communications error, and a tweet from company founder Elon Musk that Tesla has yet to sign a contract with rental giant Hertz.
Pfizer shares were up 1.8% in pre-market trading after the drug maker’s third-quarter profit topped expectations. It also raised its 2021 revenue and EPS outlook.
Shares of materials giant DuPont de Nemours fell nearly 4% after the company said it is buying engineering materials technology maker Rogers Corp for $5.2 billion. DuPont also reported a 33% increase in adjusted third-quarter earnings.
Under Armour shares soared nearly 10% after the athletic retailer hiked its annual outlook.
Overseas, in Japan, the Nikkei 225 fell 0.4% Tuesday, while in Hong Kong, the Hang Seng gave back 0.2%.
Oil prices dipped 70 cents to $84.24 U.S. a barrel.
Gold prices tumbled $5.20 to $1,790.60 U.S. an ounce.
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