Futures linked to Canada's resource-heavy main stock index fell on Tuesday as commodity prices weakened, while investors awaited domestic inflation data that could solidify the Bank of Canada's path toward interest rate cuts.
The TSX galloped 307.96 points, or 1%, to close Monday at 30,416.44.
December futures withered 0.5% Tuesday.
Despite recent market volatility, the Canadian benchmark remains near all-time highs, supported by rising gold prices and optimism about artificial intelligence from Wall Street.
The Canadian dollar took back 0.07 cents to 71.19 cents U.S.
In the economic docket, Statistics Canada said its consumer price index (CPI) rose 2.4% year over year in September, up from a 1.9% increase in August.
On a seasonally-adjusted monthly basis, the CPI rose 0.4% in September. The inflation reading could prove decisive for the BoC's upcoming monetary policy decision, with traders currently pricing in about 90% chance of a 25-basis-point cut.
On the trade front, The Globe and Mail reported on Tuesday that a U.S.-Canada trade deal covering steel, aluminum and energy could be ready for Prime Minister Mark Carney and U.S. President Donald Trump to sign at the Asia-Pacific Economic Cooperation summit later this month.
ON BAYSTREET
The TSX Venture Exchange gained 17.78 points, or 1.8%, Monday to 983.36
ON WALLSTREET
Stock futures were relatively unchanged on Tuesday as investors digested a slew of earnings results and took a breather following a rally in the previous session.
Futures for the Dow Jones Industrials nosed upward 21 points to 46,934.
Futures for the S&P 500 squeezed up two points to 6,775.75.
Futures for the NASDAQ inched up 0.75 points to 25,306.
Equity futures received a bit of a boost after a trio of old economy stocks saw gains on the heels of better-than-expected quarterly results.
Shares of General Motors soared 8% in the premarket hiked its guidance for the full year and topped estimates. The Detroit automaker also lowered its estimated impact from President Donald Trump’s tariffs for the year, saying that it expects to offset about 35% of that hit.
Additionally, Coca-Cola and 3M jumped 2% each after their latest releases also surpassed Wall Street’s estimates.
Meanwhile, other names like Zions Bancorp were almost 1% higher after the regional bank reported third-quarter profits that rose from a year ago, despite the disclosure of some bad loans late last week that sparked a broader market rout.
The latest moves come after the three major U.S. indexes rose on Monday, lifted by a jump in Apple shares and optimism that the U.S. government shutdown could be nearing an end.
Investors are monitoring a crucial week ahead for third-quarter earnings, which are revving up with Netflix set to report after the bell Tuesday and Tesla due Wednesday.
National Economic Council director Kevin Hassett told reporters on Monday that the impasse — now the third-longest government shutdown in U.S. history — “is likely to end sometime this week” and that the White House was prepared to take stronger measures to force an end to the stalemate if no deal is reached this week.
In Japan, the Nikkei 225 gained 0.3% Tuesday, while in Hong Kong, the Hang Seng jumped 0.7%.
Oil prices obtained 41 cents to $57.93 U.S. a barrel.
Gold prices sank $95.60 to $4,263.80 U.S. per ounce.
