Futures Drop, Investors Digest GDP

Futures for Canada's main stock index fell on Tuesday, tracking a weak mood on Wall Street and lower crude prices, with investors awaiting Gross Domestic Product data for cues about the pace of the country's economic recovery.

The S&P/TSX Composite leaped 356.54 points, or 1.7%, to conclude Monday at 21,098.29.

The Canadian dollar picked up 0.12 cents to 78.75 cents U.S.

March futures slipped 0.2% Tuesday.

Nutrien, the world's biggest potash miner, could boost production by up to 29% in coming years, depending on any sanctions facing rival producers in Russia and Belarus.

CGX Energy on Monday reaffirmed it and parent Frontera Energy discovered an oil and gas reservoir off the coast of Guyana and said drilling on a second well could begin later this year.

RBC raised the target price on Bank of Montreal to $154.00 from $146.00

BMO raised the rating on Canadian Western Bank to outperform from market perform.

CIBC cut the target price on First Quantum Minerals to $37.00 from $38.50.

On the economic slate, Statistics Canada reported GDP rose 0.6% in November on increases across almost all industrial sectors. in November.

As well, Markit Canada releases its Manufacturing Purchasing Managers Index for January later this morning (about 9:30 a.m. EST)

ON BAYSTREET

The TSX Venture Exchange thundered higher 20.32 points, or 2.4%, to 858.65 Monday.

ON WALLSTREET

Stocks futures were little changed on Tuesday morning, following a wild January on Wall Street that saw investors struggle with a Federal Reserve policy shift.

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Futures for the Dow Jones Industrials let go of nine points to 34,988.

Futures for the S&P 500 squeaked higher two points to 4,506.25

Futures for the NASDAQ gained 45.25 points, or 0.3%, to 14,950.25.

In corporate news of note, AT&T said it will be shedding its stake in WarnerMedia following a planned merger of the unit with Discovery. AT&T’s board also approved a post-close annual dividend of $1.11, compared to the current rate of $2.08, due to the spinoff. Shares fell 2.7% in pre-market trading following the news.

Shares of UPS jumped 7% pre-market after the shipping company beat earnings estimates and raised its quarterly dividend 49%. Its rival FedEx added 3%.

Investors are awaiting more key earnings reports, with Alphabet, General Motors, Starbucks, AMD and PayPal due after the close.

So far, of the 172 companies in the S&P 500 that have reported earnings to date, 78.5% topped analysts’ estimates.

Overseas, in Japan, the Nikkei 225 gained 0.3% Tuesday, while markets in Hong Kong were closed.

Oil prices lost 76 cents to $87.39 U.S. a barrel.

Gold prices hiked $10.70 to $1,790.50 U.S. an ounce.