Canada's main stock index looked set to open flat to slightly higher as strong euro zone factory output figures overshadowed weaker-than-expected German ZEW sentiment.
The S&P/TSX composite index shed 59.54 points to end Monday at 12,529.55
The Canadian dollar dipped 0.34 cents to 98.60 cents U.S. early Tuesday.
German analyst and investor sentiment edged up in May after a sharp drop in April, suggesting the euro-zone's largest economy is overcoming concerns over a flare-up in the bloc's debt crisis and is back on track to a timid recovery.
Raymond James cut the rating on Lone Pine Resources Inc. to underperforms from market perform and downs price target to 70 cents from $2.00 citing uncertainty on outcome of a strategic review, considers the stock as highly speculative
The agency also cut the rating on *Mercator Minerals Ltd to market perform from outperform and downs target price to 75 cents from $1.15 following first-quarter results citing a decrease in the company's net working capital
No major Canadian economic data is scheduled for release today.
ON BAYSTREET
The TSX Venture Exchange eased 9.53 points to 957.20.
ON WALLSTREET
Investors were taking another step back Tuesday.
Futures for the Dow Industrials faded three points to 15,054. Futures for the S&P 500 took on 3.10 points, or 0.2%, to 1,633.90, and futures for the NASDAQ gained 2.75 points, or 0.1%, to 2,983.75.
Stocks have been on a tear this year, with all three indexes up roughly 15% so it's not unexpected to see some pullback.
A report on import and export prices for April was due at 8:30 a.m. ET. As earnings wind down, a few big names are still on deck this week, including Macy's, Wal-Mart, J.C. Penney and Cisco
Shares of Take-Two Interactive jumped in pre-market trading after the maker of Grand Theft Auto easily beat profit forecasts.
SolarCity -- chaired by Tesla Motors head Elon Musk -- reported a wider-than-expected loss and offered weak guidance, sending shares plunging. The sell-off spilled into rival First Solar
Sony's stock rose after hedge fund titan Dan Loeb said his firm, Third Point, had amassed a 6% stake, making it the largest shareholder. Loeb wants to spin off the Japanese company's movie and music division.
Of the 453 S&P 500 companies that have reported earnings results for the first quarter, 301 have beat analysts' estimates, 115 have missed, and 37 have met, according to S&P Capital IQ.
European markets dipped lower in morning trading.
Meanwhile, the main Asian markets ended the day in the red. The Shanghai Composite lost 1.1%, the Hang Seng lost 0.3% and the Nikkei 225 in Tokyo edged down by 0.2%.
Oil prices slid 32 cents to $94.85 U.S. a barrel
Gold prices dropped $7.60 dollars to $1,426.70 U.S.
