Stock futures pointed to a lower opening for Canada's main stock index on Tuesday after oil prices slid to fresh five-year lows.
The S&P/TSX composite index descended 340.65 points, or 2.4%, to finish Monday at 14,133.05. Tuesday futures were off 0.2%.
The Canadian dollar forged upward 0.23 cents to 87.35 cents U.S. early Tuesday.
No major economic events are scheduled for the day.
ON BAYSTREET
The TSX Venture Exchange slid 16.02 points Monday to 685.97
ON WALLSTREET
Investors are seeing a serious amount of red this morning.
Ahead of the opening bell, futures for the Dow Jones Industrials tumbled 122 points, or 0.7%, to 17,729. Futures for the S&P 500 dipped 15.25 points, or 0.7%, to 2,044.25, and futures for the NASDAQ fell 33.25 points, or 0.8%, to 4,245.75.
AutoZone and Burlington Stores will report quarterly earnings before the opening bell. Krispy Kreme will report after the close.
Traders are blaming oil for the widespread loss of confidence in stock markets. Crude oil is trading below $64 U.S. per barrel, a level not seen since 2009, and that is seriously hurting oil companies and igniting concerns about a squeeze on the booming American oil industry.
Across Europe, most indexes are declining by more than 1%. The losses were even more dramatic in Asia, where the Shanghai Composite index plunged more than 5%.
In the U.K., shares in the grocery giant Tesco tumbled about 11% after the company issued another profit warning. The grocer has been struggling amid increased competition and an accounting scandal in which it admitted to overstating its profit forecasts.
Even the stalwart shareholder Warren Buffett has been cutting back on his investment in the company.
Oil prices regained 48 cents to $63.53 U.S. a barrel
Gold prices moved forward $20.90 to $1,215.80 U.S. an ounce.
