Futures for Canada’s main stock index edged higher on Tuesday, buoyed by a rise in oil prices, while investors awaited a monthly reading of a crucial inflation print from the United States.
The TSX Composite regained 31.69 points to close Monday to 21,769.22.
March futures gained 0.3% Tuesday.
The Canadian dollar took on 0.05 cents to 74.25 cents U.S.
Among individual stocks, National Bank of Canada is exploring options for its Cambodian unit ABA Bank, including its sale for more than $2 billion in a deal, Bloomberg reported, citing people familiar with the matter.
ON BAYSTREET
The TSX Venture Exchange crumbled 16.4 points, or 2.9%, Monday to 559.34.
ON WALLSTREET
S&P 500 futures rose slightly Tuesday as investors await a key inflation report that could inform the path of the Federal Reserve’s monetary policy.
Futures for the Dow Jones Industrials faded 34 points, or 0.1%, to 39,200.
Futures for the S&P 500 captured 8.75 points, or 0.2%, to 5,194.
Futures for the NASDAQ gained 67 points, or 0.4%, to 18,283.25.
All eyes are on the February reading of the consumer price index, which is set to be released Tuesday at 8:30 a.m. ET. Economists polled by Dow Jones forecast a monthly gain of 0.4% and a 3.1% year-over-year increase on headline.
The uptick in January’s CPI figure rattled the markets and prompted Fed officials to shift their rhetoric afterward to a more cautious tone about easing policy. The current market pricing indicates that the Fed won’t cut interest rates at its meeting on March 19-20 or the one on April 30 to May 1.
The technology-led market rally has lost momentum as of late as some of the biggest winners this year retreat. Nvidia lost another 2% Monday, after dropping more than 5% Friday, its largest one-day decline since May 2023.
Some of the other members of the “Magnificent Seven” also pulled back recently. Apple shares have lost 8.5% in the past month, while Alphabet has slid 7.6%. Microsoft has retreated nearly 4% during the same period and Tesla has fallen 8.2%.
In Japan, the Nikkei 225 slid 0.1% Tuesday, while in Hong Kong, the Hang Seng index popped 3.1%.
Oil prices moved up 19 cents to $79.12 U.S. a barrel.
Gold prices fell $11.30 to $2,177.30.
