Futures Down Ahead of Economic Data

Futures linked to Canadian stocks were down on Tuesday after a long weekend, seeing selling pressure from a decline in gold and silver, while comments from U.S. Federal Reserve Chair and economic data from home later in the day grab focus.

The TSX Composite Index dipped 66.37 points to close Friday at 21,875.79, dragged by a decline in First Quantum Minerals shares. Last week, the index grew 321 points, or 1.5%.

The Canadian dollar inched higher 0.04 cents to 72.83 cents U.S.

September futures were down 0.15% Tuesday.

In corporate news, Dirtt Environmental Solutions on Monday announced changes in its board of directors.

Later this morning (about 9:30 a.m. EDT), the Markit PMI Manufacturing PMI will be released for June.

Stock markets were closed Monday for Canada Day.

ON BAYSTREET

The TSX Venture Exchange slipped 0.73 points Friday to 569.82, for a loss of 0.89 points, or 0.16%, on the week.

ON WALLSTREET

U.S. stock futures fell Tuesday, putting the major averages on track to give back the gains seen in the previous session.

Futures for the Dow Jones Industrials sank 120 points, or 0.3%, to 39,391.

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Futures for the S&P 500 dropped 23.25 points, or 0.4%, at 5,510.25.

Futures for the NASDAQ Composite let go of 112 points, or 0.6% to 19,940.

Wall Street is coming off a positive session. The tech-heavy NASDAQ Composite gained 0.8% to close at a record, while the much-broader S&P 500 rose 0.3%. Meanwhile, the Dow added 50.66 points, or 0.1%.

Investors are deliberating whether the strong start to the year can continue in the back half of 2024. While megacap tech stocks continue to outperform, bearish market observers worry poor breadth could signal choppiness ahead.

The May job openings and labor turnover report is also due out Tuesday. Economists polled by Dow Jones anticipate the number of job openings last month to be 7.9 million, down from 8.1 million in April.

Markets will end trading early Wednesday, and close Thursday, for the Fourth of July holiday. On Friday, investors will get insight into the labour market with the June jobs report.

In Japan, the Nikkei 225 increased 1.1% Tuesday, while the Hang Seng in Hong Kong added 0.3%.

Oil prices hiked 65 cents to $84.03 U.S. a barrel.

Gold prices slipped $8.30 to $2,330.60