Canada's main stock index looked set to open slightly higher, catching up with gains in global equity markets following a Canadian long weekend, as investors cautiously awaited the release on Wednesday of minutes from the latest U.S. Federal Reserve meeting.
The S&P/TSX composite index finished Friday up 105.45 points to end the week at 12,613.05. Futures traded up 0.2% Tuesday morning.
Stock markets in Canada were closed Monday for Victoria Day.
RBC cut the rating on Aurcana Corp. to underperform from sector perform given the continued slow ramp-up of Shafter, silver price weakness and balance sheet health.
KBW raised the price target on Bank of Montreal to $63 from $62, saying weakness in the Canadian economy could also result in lower balance sheet growth and potentially lower earnings.
No major Canadian economic data is due for release today.
ON BAYSTREET
The TSX Venture Exchange finished an up-and-down Friday by gaining 1.82 points to 934.68
The Canadian dollar dropped 0.31 cents to 97.34 cents U.S. early Tuesday.
ON WALLSTREET
It's shaping up to be another day of corporate news grabbing the spotlight on Wall Street.
Futures for the Dow Industrials picked ahead 11 points to 15,330. Futures for the S&P 500 ducked back 0.90 points to 1,663.70, and futures for the NASDAQ squeezed up one point to 3,022.
Shares of Carnival sank 12% in pre-market trading Tuesday after the cruise ship operator slashed its earnings forecast, and said it was cutting prices in an effort to attract customers back onto its ships.
It's also Jamie Dimon's day of reckoning. The JPMorgan CEO is facing a shareholder vote over whether to split the chairman and CEO roles, which he both holds. Shareholders also want to hear from the board about how they're shoring up risk controls.
Apple will also be in focus as CEO Tim Cook and other executives appear on Capitol Hill to testify about the company's tax practices. A report released Monday by Senators John McCain and Carl Levin criticized Apple for its use of obscure subsidiaries and accounting tactics to reduce its tax burden.
Shares of Best Buy slid 3% after the electronics retailer widely missed sales forecasts. Dick's Sporting Goods stock was under pressure after the retailer missed revenue forecasts and issued guidance in line with estimates.
On the flip side, shares of Home Depot rose after the home improvement retailer reported quarterly increases in revenue, profit and same-store sales. The company cited an improving housing market and raised its sales guidance for the fiscal year.
Yahoo shares rose after the company announced a revamped version of photo-sharing service Flickr late Monday, just hours after confirming it was buying blogging site Tumblr.
U.S. Federal Reserve Chairman Ben Bernanke will offer up his economic outlook in testimony before Congress Wednesday.
European markets were mostly lower in morning trading, with London's FTSE 100 rising.
Asian markets ended mixed. The Shanghai Composite added 0.2% and the Nikkei 225 increased 0.1%, while the Hang Seng declined 0.6%.
Oil prices lost 34 cents to $96.37 U.S. a barrel
Gold prices stepped back $8.40 to $1,375.70 U.S.
