Futures linked to Canada's resource-heavy main stock index fell on Tuesday as commodity prices declined sharply, while investors awaited central bank rate decisions and a flurry of corporate earnings that could test the market's recent rally.
The TSX doffed 77.31 points to conclude Monday at 30,275.76.
December futures declined 0.3% Tuesday.
In corporate developments, data center infrastructure provider Celestica raised its 2025 revenue outlook and reported third-quarter revenue and profit above analyst expectations.
ON BAYSTREET
The TSX Venture Exchange fell back 13.37 points, or 1.4%, Monday to 950.35.
ON WALLSTREET
S&P 500 futures were little changed Tuesday following a big rally to start the week.
Futures for the Dow Jones Industrials leaped 122 points, or 0.3%, to 47,834.
Futures for the much broader index inched up three points to 6,911.25.
Futures for the NASDAQ popped 33 points, or 0.1%, to 25,996.75.
Investors during Monday’s session cheered cooling tensions between the U.S. and China ahead of a highly-anticipated meeting between President Donald Trump and China President Xi Jinping on Thursday.
Both nations have agreed on a framework for a potential trade deal, which addresses China rare earth minerals restrictions, soybean purchases and TikTok.
Tuesday marks the start of the two-day Fed meeting, where the central bank is expected to cut its benchmark rate rate for a second time this year.
Traders are also hoping for a signal from Fed Chair Jerome Powell on Wednesday that the central bank will cut once more at its final meeting of the year in December, partly driven by concerns about a weakening labor market. The Fed is dealing with an economic data blackout given the ongoing U.S. government shutdown.
Investors are also eyeing a slew of upcoming earnings reports due Wednesday and Thursday from several “Magnificent Seven” stocks, including Alphabet, Amazon, Apple, Meta Platforms and Microsoft, which together account for roughly one quarter of the S&P 500's total value. So far, the third-quarter earnings season is off to a strong start.
Amazon announced it will begin layoffs on Tuesday that will amount to the largest cuts to its workforce in the company’s history, adding to the slew of job cuts seen in the tech industry this year.
In Japan, the Nikkei 225 slumped 0.6% Tuesday, while in Hong Kong, the Hang Seng lost 0.3%.
Oil prices faded 78 cents to $60.53 U.S. a barrel.
Gold prices dropped $86.60 to $3,933.10 U.S. per ounce.
