Futures tracking Canada's main stock index fell on Tuesday as lower oil and metal prices weighed on commodity-linked shares, with the markets awaiting Bank of Canada's interest rate decision set for Wednesday.
The TSX Composite gained 63.97 points, to conclude Monday at 18,294.92.
December futures faltered 0.4% on Tuesday.
The Canadian dollar handed back 0.17 cents to 72.83 cents U.S.
Meanwhile, traders are betting on a 70% chance of another supersized 75-basis-point hike by Canada's central bank on Wednesday, which could take the overnight lending rate, which is already at a 14-year high, to 4%.
ON BAYSTREET
The TSX Venture Exchange faded 5.34 points Monday to 587.90.
ON WALLSTREET
Stock futures fell Tuesday as investors looked ahead to big technology earnings for further clues into the health of the U.S. economy.
Futures for the Dow Jones Industrials dropped 96 points, or 0.3%, to 31,450.
Futures for the S&P 500 lost 7.75 points, or 0.2%, to 3,801.50.
Futures for the NASDAQ Composite forged ahead 3.25 points to 11,482.
Shares of Amazon slipped slightly in premarket trading on reports of a hiring freeze, while Discover Financial shed more than 1% on disappointing earnings results.
Investors this week remain laser-focused on earnings from the biggest technology companies, with reports from Alphabet and Microsoft due Tuesday. Meta Platforms reports Wednesday, followed by Amazon and Apple on Thursday. Given their sheer size and market capitalization, any moves are likely to drive the market going forward.
UPS, GE, Coca-Cola all reported earnings before the bell Tuesday. Chipotle Mexican Grill and Texas Instruments will report after the Tuesday close.
So far this season, companies have proven they may be faring better than anticipated. That’s due in part to the fact that analysts’ earnings estimates have come down in recent months as companies faced foreign exchange headwinds and other growth concerns. This could set up stocks for rallies on potentially better-than-feared outcomes.
On the economic data front, S&P/Case-Shiller August home prices, FHFA August home prices and October consumer confidence are slated for release Tuesday.
In Japan, the Nikkei 225 vaulted 1% Tuesday, while in Hong Kong, the Hang Seng Index dipped 0.1%.
Oil prices skidded $1.01 to $83.57 U.S. a barrel.
Gold prices dulled $5.40 to $1,648.70 U.S. an ounce.
