Stock futures pointed to a lower opening for markets in Toronto on Tuesday following a slide in oil prices as rising output from the Middle East and Northern Sea renewed concerns about global supply glut.
The S&P/TSX Composite Index plunged 85.82 points Monday to close at 13,865.63. June futures sank 1% Tuesday.
The Canadian dollar skidded 0.38 cents to 79.43 cents U.S. early Tuesday.
Encana Corp posted a bigger-than-expected quarterly loss due to lower production amid a steep fall in oil prices.
WestJet Airlines reported a nearly 38% fall in quarterly profit at a time of economic weakness in oil-producing Alberta, where the airline mostly operates.
Freehold Royalties said on Monday it is buying royalty interests from Husky Energy that represent around 1,700 barrels of oil equivalent per day of western Canadian production for $165 million.
National Bank raises target on Canadian Tire to $141.00 from $140.00, with a sector perform rating
Canaccord Genuity initiates coverage on CGI Group with a buy rating, and a price target of $68.00
Canaccord Genuity raised the target price on Manitoba Telecom Services to $37.00 from $30.00, with a hold rating
ON BAYSTREET
The TSX Venture Exchange fell backward 3.58 points Tuesday to 671.29
ON WALLSTREET
U.S. stock futures are firmly in the red Tuesday. European markets are all declining in early trading.
Ahead of the opening bell, futures for the Dow Jones Industrials faded 104 points, or 0.6%, to 17,695, while futures for the S&P 500 sank 12.75 points, or 0.6%, to 2,061.50. NASDAQ futures dropped 25.25 points, or 0.6%, to 4,343.75
A range of big companies are reporting results this morning, including Sprint, Pfizer, New York Times, CVS Health, HSBC, Estee Lauder, Hyatt Hotels and Molson Coors Brewing.
Then after the close, Avis Budget, CBS, Etsy and Papa John's will report earnings.
Major automakers including General Motors and Ford are set to report U.S. auto sales data on Tuesday.
Australian and Chinese stock markets ended the day with gains. Investors pushed markets higher after the Reserve Bank of Australia announced it was lowering its benchmark interest rate by 25 basis points to a record low of 1.75%.
Oil prices dropped 36 cents to $44.42 U.S. a barrel
Gold prices bolted higher $5.79 to $1,297.34 U.S. an ounce.
