Futures Falter

Futures for equities in Canada’s largest centre fell on Tuesday, with the main set to snap its two-day win streak, as bullion prices eased on stronger dollar.

The S&P/TSX Composite pushed higher 32.47 points to end Monday’s first session at 18,416.74

The Canadian dollar was unchanged at 79.30 cents U.S.

March futures lost 0.3% Tuesday.

Brookfield Infrastructure Partners on Monday formally launched a hostile bid to buy Inter Pipeline with the same $16.50-per-share offer the Canadian oil and gas transportation company had rejected as inadequate weeks

ago.

Bank of Nova Scotia beat analyst estimates for first-quarter profit on Tuesday, as it set aside lower-than-expected funds for loan loss provisions and its wealth management unit performed well.

Thomson Reuters reported higher fourth-quarter revenue on Tuesday and said it would start a two-year program that will change it from a holding company to an operating company.

Canaccord Genuity raised the target price on Calian Group to $77.00 from $75.00

CIBC cuts rating on Just Energy Group to underperform from neutral.

TD Securities raised the price target on Solaris Resources to $11.00 from $10.00

ON BAYSTREET

The TSX Venture Exchange dropped 15.6 points, or 1.4%, to conclude Monday at 1,082.96.

ON WALLSTREET

U.S. stock futures were lower in early Tuesday trading as tech stocks continued to fall sharply in the face of higher interest rates and a rotation into stocks more linked to the economic comeback.

Futures for the Dow Jones Industrials poked higher 16 points, or 0.1%, to 31,482.

Futures for the S&P 500 dipped 14.5 points, or 0.4%, at 3,859.

Futures for the NASDAQ Composite tumbled 181.5 points, or 1.4%, to 13,042.75.

Tesla was down another 6% in pre-market trading Tuesday following a 9% decline on Monday. Apple lost 2% in early trading following a 3% slide on Monday. The iPhone maker’s stock is down 9.4% over the last month through Monday’s close.

The move in futures comes after a Monday session marked by stark differences in the performance of the market’s sectors. The tech-heavy NASDAQ Composite slid 2.5%, while the Dow rose a modest 27 points. Travel stocks, including airlines and cruise lines, rose sharply across the board, but Apple and Tesla declined.

In corporate developments, Facebook reached an agreement with the Australian government and will restore news pages in the country again, just days after restricting them.

Inflation fears have risen in recent weeks as policymakers debate another round of economic relief as COVID cases decline amid the rollout of vaccines. The U.S. surpassed 500,000 deaths from the virus on Monday, according to Johns Hopkins University.

Overseas, in Hong Kong, the Hang Seng index progressed 1%, while in Japan, markets were closed for holiday.

Oil prices gained 47 cents to $62.17 U.S. a barrel.

Gold prices picked up $1.70 to $1,810.10 U.S.