Futures for Canada's main stock index fell on Tuesday, as Saudi Arabia's pledge to supply more crude quickly if needed dragged down crude oil prices.
The S&P/TSX Composite Index dropped 57.4 points to close Monday at 15,459.19
The Canadian dollar slid 0.06 cents to 76.28 cents U.S. early Tuesday
December futures slumped 0.8% Tuesday
Canada's FSD Pharma signed a letter of intent to acquire Israel's Therapix Biosciences Ltd for $48 million in stock, combining two complementary businesses focused on the research and development of cannabinoid treatments.
Canaccord Genuity cut the rating on Ascendant Resources to hold from buy.
CIBC cut the price target on Genworth Mi Canada to $45.00 from $48.50
National Bank Of Canada raised the target price on TFI International to $50.00 from $49.00
ON BAYSTREET
The TSX Venture Exchange fell 22 points, or 3.2%, Monday to 660.16
ON WALLSTREET
U.S. stock futures pointed to a deeply negative open Tuesday morning as corporate results from 3M and Caterpillar disappointed investors.
Futures for the Dow Jones Industrials stumbled 367 points, or 1.5%, to 24,927
S&P 500 futures fell 37.25 points, or 1.4%, to 2,719.25, while futures for the NASDAQ composite fell 115.25 points, or 1.6%, to 7,040.
After its fourth straight daily decline on Monday, the S&P 500 sits less than 2% away from the low hit earlier this month during this ongoing selloff.
Shares of 3M fell more than 5% in the pre-market after its quarterly earnings and revenue missed expectations. The company also trimmed its earnings outlook for 2018.
Caterpillar also dropped more than 5% following the release of its results. The company said its manufacturing costs rose due to higher material and freight costs. Material costs were driven by higher steel prices and tariffs.
Netflix dropped 2.3% in pre-market trading, set to add to its 11% drop this month. Amazon, Nvidia, Alphabet and Twitter shares were also set to open lower as investors worried about valuations for high-flying technology names with interest rates on the rise.
Bank of America declined 1.4% before the bell, set to add to its 7% loss for October as investors fretted that rising mortgage rates would crimp loan growth. Higher short-term rates may increase competition for bank deposits as well. Banks led the market lower on Monday.
In terms of data, the Richmond Fed is expected to release manufacturing index data at 10 a.m. ET.
The U.S. and China have implemented tariffs on billions of dollars worth of their goods this year, increasing costs for companies and raising fears that tighter global trade conditions could slow down the global economy. Negotiations between the two countries have stalled recently, increasing fears that this spat will be prolonged.
Overseas, in Japan, the Nikkei 225 withered 2.7% Monday, while in Hong Kong, the Hang Seng index lost 3.1%.
Oil prices slid $1.32 to $68.04 U.S. a barrel.
Gold prices gained $15.40 to $1,240 U.S. an ounce.
