Baystreet.ca - Futures for Canada's main stock index fell on Tuesday as crude prices declined over easing concerns about a supply disruption in the Middle East, while fading optimism about China's stimulus weighed on metal prices.
The TSX Composite Index fell 60.12 points to close Monday at 24,102.71.
December futures were down 0.4% Tuesday.
The Canadian dollar was down 0.12 cents to 73.29 cents U.S.
Canada's energy sector could come under pressure due to a decline in oil prices as markets still await an Israeli response to the Iranian rocket attacks that had triggered a rally in crude last week.
The materials sector is under focus due to gold prices slipped against a stronger dollar, while copper prices hit a two-week low as Chinese officials held back on unleashing more stimulus to boost the economy of the world's largest commodity consumer.
Markets see a 90.7% chance of a 25-basis points cut at the Federal Reserve's November policy meeting, while expectations for a quarter-point-cut by the Bank of Canada later in the month stand at 72.8%.
In corporate news, online jewelry brand Mene named Sean Try as its chief financial officer, effective immediately, following Gavin Johnson's resignation.
On the economic schedule, Canadian International Merchandise Trade was due today for August.
ON BAYSTREET
The TSX Venture Exchange gave back 3.01 points to 593.38
ON WALLSTREET
Stock futures rebounded slightly following a losing day on Wall Street with rising oil prices and bond yields in focus. Those two factors eased a bit Tuesday morning, boosting sentiment.
Futures for the Dow Jones Industrials turfed 184 points, or 0.4%, to 42,562.
Futures for the S&P 500 fell 28.25 points, or 0.5%, at 5,771.75.
Futures for the NASDAQ tumbled 128 points, or 0.6%, to 20,099.25.
The Dow finished nearly 400 points lower on Monday, while the S&P 500 slid close to 1%. Technology stocks felt the brunt of Monday’s declines, pushing the NASDAQ Composite down about 1.2%.
Some tech shares like Nvidia (NASDAQ:NVDA) and Super Micro Computer were higher Tuesday. Nvidia added about 1.6% and Super Micro gained 3.3%. Wells Fargo (NYSE:WFC) gained 1% in premarket following an analyst upgrade.
Stocks have been volatile in the new trading month as investors have grown increasingly fearful of escalating conflict in the Middle East. The S&P 500 is off by a little more than 1.1% in October following a 2% gain in September.
Investors will watch Tuesday for economic data on small businesses and the trade deficit. They’ll also monitor speaking engagements scheduled throughout the day for central bank leaders including Boston Federal Reserve President Susan Collins and Atlanta Fed President Raphael Bostic.
In Japan, the Nikkei 225 ditched 1% Tuesday, while in Hong Kong, the Hang Seng swooned 9.4%.
Oil prices hiked $2.02 to $76.40 U.S. a barrel.
Gold prices gained nine dollars to $2,678.80