Futures tracking Toronto’s main stock index fell on Tuesday as global risk-off sentiments weighed ahead of more economic data later in the week, while investors turn their focus to quarterly results from the Canadian big banks.
The TSX Composite fell 70.45 points to close Monday at 20,032.66.
December futures were down 0.3% early Tuesday.
The Canadian dollar gained 0.08 cents to 73.58 cents U.S.
Kicking off big-bank earnings, Bank of Nova Scotia reported a drop in fourth-quarter profit as a murky economic climate prompted the lender to set aside bigger funds for potential loan defaults.
Oil and gas pipeline company TC Energy said it expects adjusted core earnings for 2024 to be 5% to 7% higher than in 2023.
Piper Sandler downgraded e-commerce firm Shopify to “underweight” from “neutral”.
Miner First Quantum Minerals said in a statement that it hopes to avoid arbitration with Panama’s government over a major copper mine.
ON BAYSTREET
The TSX Venture Exchange dipped 2.75 points Monday to 529.58.
ON WALLSTREET
Stock futures were slightly lower Tuesday as traders analyzed the strong gains seen throughout November and the trading month nears its end.
Futures for the Dow Jones Industrials retreated 28 points, or 0.1%, to 35,345.
Futures for the S&P 500 slipped 9.25 points, or 0.2%, at 4,551.75.
Futures for the NASDAQ slid 38.75 points, or 0.2%, to 15,967.25.
Shares of Zscaler slid about 4.8% in the premarket. The cloud security company maintained its expectations for fiscal 2024 billings of $2.52 billion to $2.56 billion. Zscaler otherwise posted adjusted earnings and revenue that came ahead of expectations in the fiscal first quarter.
The moves follow a losing day on Wall Street. The Dow and S&P 500 both finished Monday’s session around 0.2% lower, while the NASDAQ inched down nearly 0.1%.
Monday’s modest retreat comes near the end of November’s strong trading month, which concludes with Thursday’s close. The Dow is set to gain 6.9% for November and S&P 500 is on pace to finish the month 8.5% higher. The technology-heavy NASDAQ has climbed 10.8% in November.
Traders will follow economic data on topics including housing prices and consumer confidence due Tuesday morning. On the earnings front,
CrowdStrike is expected to report earnings after the bell.
In Japan, the Nikkei 225 dipped 0.1%, while in Hong Kong, the Hang Seng Index fell 1%.
Oil prices gained 71 cents to $75.57 U.S. a barrel.
Gold prices increased $2.10 to $2,014.50 U.S. an ounce.