Baystreet.ca - Futures for Canada's main stock index edged lower on Tuesday as prices of precious metals fell, while investors awaited producer prices data and another inflation report from the United States for more clues on the central bank's interest-rate path.The S&P/TSX Composite Index moved up 52.51 points to close Monday at 22,373.38.
The Canadian dollar inched up 0.03 cents at 73.41 cents U.S. June futures were down 0.2% Tuesday. Bank of Nova Scotia (TSX:BNS) reported a fall in second-quarter profit as the lender set aside larger loan loss reserves in case customers fall behind on paying back debt in an uncertain economy.
On the economic slate, Statistics Canada said its Industrial Product Price Index rose 1.5% month over month in April and increased 1.4% year over year. The Raw Materials Price Index increased 5.5% monthly in April 2024 and was 3.1% higher compared with April 2023.
ON BAYSTREET
The TSX Venture Exchange fell 1.54 points to conclude Monday trading at 606.41.
ON WALLSTREET
Stock futures moved marginally on Tuesday morning as investors await inflation data due at the end of the shortened trading week for a better picture of the market’s outlook.
Futures for the Dow Jones Industrials shrank 34 points, or 0.1%, to 39,123. Futures for the S&P 500 marched ahead eight points, or 0.2%, at 5,329.50.
Futures for the NASDAQ Composite tacked on 49 points, or 0.3%, to 18,925. Nvidia (NASDAQ:NVDA) shares ticked up more than 2% in the premarket, putting them on track to build on last week’s strong gains.
GameStop (NYSE:GME) shares surged nearly 27% following the company’s announcement on Friday that it had made around $933.4 million from a stock sale. The company sold 45 million common shares.Stocks are on track to end May’s trading month, which concludes with Friday’s closing bell, on a strong note. Softer inflation data earlier this month and better-than-expected quarterly earnings reports lifted sentiment, with the former suggesting Federal Reserve rate cuts could come earlier than investors had anticipated.
This month, the S&P 500 has advanced 5.3%, while the NASDAQ has rallied about 8%, after ending last week at a fresh record high. The Dow is up 3.3%, meanwhile, and topped 40,000 for the first time ever this month.American markets were closed Monday for Memorial Day In Japan, the Nikkei 225 shied away 0.1%, while in Hong Kong, the Hang Seng index gave up six points. Oil prices gained $1.11 to $78.83 U.S. a barrel. Gold prices brightened $14.80 to $2,349.30 U.S. an ounce.