Futures Higher on Rising Commodity Prices

Futures for Canada's main stock index edged higher on Tuesday as traders refrained from making big bets ahead of the Bank of Canada's verdict on monetary policy on Wednesday, while commodity prices advanced on a softer dollar.

The TSX slid fell 8.59 points to close Monday at 19,822.45.

September futures nicked up 0.1% Tuesday.

The Canadian dollar eked higher 0.02 cents to 75.35 cents U.S.

The BoC's policy meeting will be on the radar as the central bank is widely expected to deliver another 25-basis-point hike on Wednesday after data last week hinted at a robust jobs market.

J.P. Morgan now expects the BoC to hike its lending rate by 25 bps to 5% on Wednesday, while Bank of America expected the central bank to hold rates steady.

Operators of multiple restaurant concepts MTY Food Group reported higher second-quarter revenue.

Discount store chain Dollarama said its chief financial officer, J.P. Towner, would step down in the coming months to pursue another career opportunity.

ON BAYSTREET

The TSX Venture Exchange gained 6.49 points, or 1%, Monday to 621.23.

ON WALLSTREET

U.S. stock futures were little changed Tuesday, after the major averages snapped a three-day decline, as traders await key inflation data slated for release later in the week.

Futures for the Dow Jones Industrials jumped 39 points, or 0.1%, to 34,185.

Futures for the S&P 500 gained eight points, or 0.2%, to 4,442.25.

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Futures for the NASDAQ hiked 32.75 points, or 0.2%, to 15,219.50.

Investors are coming off a positive session for the major averages. On Monday, the Dow Jones Industrial Average gained 209.52 points, or 0.62%, while the S&P 500 advanced 0.24%. The NASDAQ lagged, rising just 0.18%.

Second-quarter earnings season kicks off later this week with results from “systemically important financial institutions” such as JPMorgan Chase, Wells Fargo and Citigroup, plus BlackRock, PepsiCo and Delta Air. Dow component UnitedHealth reports Friday.

The June consumer price index report set for release Wednesday, as well as the June producer price index due out Thursday, will shed light on whether the decline in inflation has continued, and create the backdrop for future direction of interest rates.

Investors have penciled in another quarter-point increase at the Federal Reserve’s July 25-26 meeting. But they are undecided about what the central bank will do at its September meeting after last week’s continued robust jobs data raised concern that policymakers will revert to raising rates following the June pause.

On the economic front, June’s NFIB Small Business Index, a measure of business confidence, is set for release Tuesday before the bell.

Economists polled by Dow Jones are anticipating a reading of 90.0, slightly higher than the 89.4 level in May.

In Japan, the Nikkei 225 gained 13.84 points Tuesday, while markets in Hong Kong zoomed more than 1%

Oil prices inched up six cents to $71.86 U.S. a barrel.

Gold prices climbed $7.60 to $1,923. U.S. an ounce.