Stock futures pointed to a lower opening on equity markets in Canada on Tuesday, as commodity prices largely edged down ahead of a speech by U.S. President Donald Trump.
The S&P/TSX Composite dropped 69.96 points to close Monday at 15,463.51. Futures were down 0.1% Tuesday.
The Canadian dollar hesitated 0.07 cents to 75.76 cents U.S. early Tuesday.
Valeant Pharmaceuticals International reported a 12.9% fall in quarterly revenue, its third straight quarter of a double-digit percentage decrease, as sales declined across its businesses and realized prices fell.
Bank of Nova Scotia reported improved first-quarter earnings that were just ahead of expectations, benefiting from a strong performance in the Pacific Alliance trade bloc.
Bank of Montreal reported first-quarter earnings which were well ahead of market expectations benefiting from strong performances across all of its businesses.
TD Securities cut the target price on Yellow Pages Ltd. to $11.00 from $16.00
Barclays raised the target price on George Weston Ltd. to $133.00 from $127.00 with an overweight rating
Raymond James raised the target price on Tricon Capital Group to $13.00 from $12.50
On the economic calendar, Statistics Canada’s Industrial Product Price Index rose 0.4% in January, mainly due to higher prices for energy and petroleum products.
The Raw Materials Price Index increased 1.7%, led by higher prices for animals and animal products.
ON BAYSTREET
The TSX Venture Exchange stumbled 9.04 points, or 1.1%, Monday to 827.23
ON WALLSTREET
U.S. stock index futures pointed to a lower open on Tuesday which could finally break the Dow's winning streak, as investors await a key speech from President Donald Trump in the evening
Ahead of the opening bell, futures for the Dow Jones Industrials dipped six points to 20,807. Futures for the S&P 500 dropped two points to 2,366.25. NASDAQ futures slid 0.5 points at 5,347.
The Dow gained around 15 points Monday, closing at a record high for a 12th consecutive session, its longest winning streak since 1987.
Investors are looking ahead to President Trump's speech to a joint session of Congress in the evening. He's expected to discuss his bigger plans for defense and stimulus spending. He's also expected to address repeal and replacement of the Affordable Care Act, but markets are most interested in what he has to say about tax reform.
On the earnings front, SeaWorld and Target are among the companies that reported before the bell. Target reported weaker-than-expected results, sending shares down more than 10% in the pre-market.
After the bell, Palo Alto Networks, Salesforce and Jazz Pharmaceuticals are expected to post earnings.
There is also lots of data on the calendar for today. The second reading of Q4 Gross Domestic Product is due this morning; the previous reading was for 1.9% growth.
The U.S. trade deficit for January and the advance inventories report are expected at the same time. Later, we'll have the Chicago Purchasing Managers’ Index reading and consumer confidence figures
European stocks were flat midday. Asian stocks were mixed, with Japan inching up 0.1%, while Hong Kong stocks dropped 0.8%.
Oil prices subtracted 22 cents to $53.83 U.S. per barrel.
Gold prices dropped $5.10 to $1,253.70 U.S. an ounce.
