Futures for Canada’s main index retreated on Tuesday, dragged by weaker bullion prices, while investors awaited cues on further U.S. fiscal stimulus.
The TSX popped 210.94 points, or 1.3%, to end the session Monday at 16,410.19.
The Canadian dollar was unchanged early Tuesday to 75.42 cents U.S.
December futures slid 0.5% Tuesday.
A workers union at the Candelaria copper mine in Chile rejected a contract offer from Lundin Mining, union officials said on Monday, raising the possibility of a strike.
CIBC cut the target price on Cineplex to $6.00 from $10.00
National Bank of Canada raised the price target on Northland Power to $43.00 from $39.00
Canaccord Genuity raised the target price on Calibre Mining to $4.00 from $3.20.
On the economic slate, Statistics Canada reported that, after two months of strong growth, Canadian merchandise exports and imports stabilized in August. Imports fell 1.2%, while exports were down 1.0%.
As a result, Canada’s merchandise trade deficit with the world narrowed slightly from $2.5 billion in July to $2.4 billion in August.
ON BAYSTREET
The TSX Venture Exchange regained 4.2 points to close Monday 712.80.
ON WALLSTREET
U.S. stock futures were little changed early Tuesday after the market had its strongest session in several weeks a day earlier.
Futures for the Dow Jones Industrials gained 74 points, or 0.3%, to 28,069.
Futures for the S&P 500 were unchanged at 3,393.
Futures for the NASDAQ Composite retreated 33.25 points, or 0.3%, to 11,437.
Traders were also waiting on a speech from Federal Reserve Chairman Jerome Powell, who is expected to tell the National Association of Business Economists on Tuesday that a new stimulus is needed to keep the economic recovery from stalling.
Stocks soared in Monday session as investors grew more optimistic about President Donald Trump’s health and the possibility of additional economic relief. The NASDAQ led the way with a 2.3% climb, while the S&P 500 prospered 1.8% and Dow jumped 1.7%.
That marked the best performances for the NASDAQ and S&P 500 since Sept. 9 and the best day for the Dow since July 14.
Trump left Walter Reed National Military Medical Center on Monday night, though White House physician Dr. Sean Conley acknowledged earlier in the day that Trump “may not entirely be out of the woods yet.”
Meanwhile, House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke for an hour on Monday regarding another stimulus package but did not reach an agreement. Pelosi’s spokesman Drew Hammill said in a tweet that the two planned to speak again on Tuesday.
Investors will get another look at the job market recovery on Tuesday morning when the U.S. Labor Department releases its Job Openings and Labor Turnover Survey at 10 a.m. ET. The reading comes after Friday’s jobs report for September showed weaker-than-expected labour market growth.
Overseas, in Japan, the Nikkei 225 improved 0.5%, while in Hong Kong, the Hang Seng index advanced 0.9%.
Oil prices gained 71 cents to $39.93 U.S. a barrel.
Gold prices jumped $2.70 at $1,922.80.