Futures Flat Tuesday

Futures for stocks in Canada’s largest market inched lower on Tuesday as oil prices extended declines on global demand concerns with several Asian economies grappling with a spike in COVID-19 cases.

The TSX/S&P Composite fell 34.65 points to conclude trading on Monday at 20,483.42

The Canadian dollar shed 0.28 cents to 79.27 cents U.S.

September futures skidded 0.3% Tuesday.

ATB Capital Markets upped the rating on Auxly Cannabis Group to outperform from sector perform.

RBC cut the rating on Equitable Group to sector perform from outperform

RBC raises target price on Stelco Holdings to $62.00 from $59.00.

On the economic slate, Statistics Canada reported Canadian investors acquired a record $28.1 billion in foreign securities in June, largely purchases of US shares. Meanwhile, non-residents added $19.6 billion in Canadian securities to their holdings, mainly in the form of money market instruments.

What’s more, Canada Mortgage and Housing Corporation reported the trend in housing starts was 286,620 units in July, down from 293,085 units in June.

Moreover, the opposition Conservative Party set out its election platform on Monday, with leader Erin O’Toole pledging to bring back jobs lost to the COVID-19 pandemic and to balance the federal budget within 10 years.

ON BAYSTREET

The TSX Venture Exchange sank 17.39 points, or 1.9%, to 905.67 Monday.

ON WALLSTREET

U.S. stock index futures fell in early morning trading Tuesday, after the Dow and S&P 500 closed at record highs during regular trading on Monday.

Futures for the Dow Jones Industrials sank 203 points, or 0.6%, to 35,331.

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Futures for the S&P 500 slipped 19.5 points, or 0.4%, to 4,454.50.

Futures for the NASDAQ Composite Index dipped 55.75 points, or 0.4%, to 15,078.25.

Dow member Home Depot fell roughly 3% in pre-market trading after reporting second-quarter results, knocking futures. While quarterly earnings topped estimates, same-store sales rose 4.5% in the period, below the 5% consensus estimate of analysts polled by StreetAccount. U.S. same store sales increased by just 3.4%.

Walmart shares ebbed lower in pre-market trading even after second-quarter earnings topped estimates. The retailer issued cautious guidance; the company said it will earn between $1.30 and $1.40 a share this quarter while the consensus analyst estimate is $1.32.

The closely watched retail sales data will be released on Tuesday by the Census Bureau, with the Street expecting the reading to show a slowdown in July as the delta variant spread. Economists surveyed by Dow Jones are calling for a 0.3% decline for last month, after June’s reading showed a surprise 0.6% jump.

Monday’s action came despite disappointing economic data from China. The nation’s retail sales were up 8.5% year over year during July, which was short of the 11.5% jump economists polled by Reuters were expecting.

Goldman Sachs noted that the impacts would likely be localized.

Overseas, in Japan, the Nikkei 225 index slumped 0.4%, while in Hong Kong, the Hang Seng index fell 1.7%.

Oil prices faltered 52 cents to $66.77 U.S. a barrel.

Gold prices gained $4.30 to $1,794.10 U.S. a pound.