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Futures Point Downward Tuesday

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Futures for Canada's main stock index on slipped on Tuesday, mirroring declines across global stock markets as investors grew wary of Chinese regulatory moves on big technology firms.

The TSX Composite index lost 23.47 points to conclude Monday to 20,164.96

The Canadian dollar handed down 0.19 cents to 79.54 cents U.S.

September futures were down 0.2% Tuesday.

Teck Resources said that quarterly adjusted profit rose 4% sequentially, driven by record-high copper prices.

Rio Tinto said it planned to cut production at its B.C. Works aluminum smelter in Kitimat to 35% following a strike initiated by members of Unifor after negotiation talks failed.

Egypt has signed four contracts with Barrick Gold for gold exploration in the country's Eastern Desert, the ministry of petroleum and mineral resources said.

Desjardins raised the price target on George Weston to $137.00 from $127.00

Desjardins raised the target price on Loblaw Companies to $85.00 from $77.00

National Bank of Canada raised the price target on TFI International to $144 from $137

ON BAYSTREET

The TSX Venture Exchange gained 3.69 points Monday to 906.25.

ON WALLSTREET

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Stock futures fell in early trading Tuesday ahead of quarterly earnings reports from several megacap technology companies.

Futures for the Dow Jones Industrials sank 90 points, or 0.3%, to 34,944.

Futures for the S&P 500 slipped 8.25 points, or 0.2%, to 4,406.

Futures for the NASDAQ Composite Index dropped 2.75 points to 15,115.

Shares of Tesla rose about 2.3% in pre-market trading following a better-than-expected second-quarter earnings report. The electric vehicle maker passed $1 billion in quarterly net income for the first time.

Second-quarter earnings season continues with Google parent Alphabet, Microsoft and Apple set to report after the bell Tuesday.
JetBlue, UPS, General Electric and Starbucks are also scheduled to post earnings Tuesday.

The Federal Reserve’s two-day policy meeting begins Tuesday. Investors are awaiting insights into the central bank’s monetary policy.

The Federal Open Market Committee will release a statement when the meeting concludes Wednesday, followed by Chairman Jerome Powell’s news conference.

Overseas, in Japan, the Nikkei 225 index gained 0.5%, while in Hong Kong, the Hang Seng index continued to struggle Tuesday, losing 4.2%,

Oil prices docked three cents to $71.88 U.S. a barrel.

Gold prices slipped 60 cents to $1,798.60 U.S. a pound.

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