Baystreet.ca - Futures linked to Canada's main stock index tumbled on Tuesday, catching up to the brutal selloff across global markets on Monday, triggered by recession fears in the United States.
The TSX Composite Index hurtled lower 495.58 points, or 2.2%, to end Friday and the week at 22,227.63. The index was set to log its worst week since September 2023, tumbling 587 points, or 2.6%.
The Canadian dollar dropped 0.17 cents to 72.27 cents U.S. .098
September futures on the S&P/TSX index were down 1.8%.
In corporate news, Suncor Energy (TSX:SU) and iA Financial (TSX:IAG) among others are set to report their quarterly figures after the closing bell on Tuesday.
Markets in Toronto were closed Monday for Civic Day.
ON BAYSTREET
The TSX Venture Exchange tumbled 17.08 points, or 3%, Friday to 555.56. On the week, the index fell 23.8, or 4.1%.
ON WALLSTREET
S&P 500 futures rose on Tuesday after the broad index notched its worst day in nearly two years as global markets sold off.
Futures for the Dow Jones Industrials barreled 276 points, or 0.7%, to 39,125.
Futures for the S&P 500 index fell 48 points, or 0.9%, at 5,265.50
Futures for the NASDAQ sparked 189.25 points, or 1.1%, to 19,202.50.
The moves follow a sharp selloff during Monday trading amid concerns over the state of the economy. The 30-stock Dow dropped 1,033.99 points, or 2.6%, while the S&P 500 slid 3%. Both indexes notched their worst sessions since September 2022. The NASDAQ shed 3.4%, tumbling deeper into a correction.
Technology stocks that sold off during Monday’s session bounced in overnight trading.
Nvidia (NASDAQ:NVDA) added nearly 3%, following a 6.4% loss during regular trading. Mega-cap technology stocks Alphabet (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT), Meta (NASDAQ:META) Platforms and Amazon (NASDAQ:AMZN) added more than 1% each. Apple (NASDAQ:AAPL) also added nearly 1% after dropping about 4.8% during regular trading.
In Japan, the Nikkei 225 soared 10.2% Tuesday, while in Hong Kong, the Hang Seng index sank 0.3%.
Oil prices recovered 29 cents to $73.23 U.S. a barrel.
Gold prices gained $6.80 to $2,451.300