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Futures Start Short Week on Up Side

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Futures for Canada's main index rose on Tuesday after investors returned from a long weekend, with stronger bullion prices boosting sentiment.

The S&P/TSX pushed higher 15.69 points to 20,197.61, for a narrow gain on the week of 24 points, or 0.1%.
June futures gained 0.6% Tuesday.

The Canadian dollar backpedaled 0.11 cents to 78.19 cents U.S.

Markets in Canada were shuttered for Victoria Day.

Canadian Pacific Railway said one of its freight trains carrying potash derailed east of Fort Macleod in southern Alberta on Sunday morning.

BMO raised the target price on Filo Mining to $30.00 from $28.00

ON BAYSTREET

The TSX Venture Exchange dipped 3.49 points Friday to 702.09. On the week, the index lost 1.3 points or 0.19%.

ON WALLSTREET

Stock futures fell early Tuesday morning as the markets struggled to sustain a comeback rally following weeks of losses.

Futures for the Dow Jones Industrials plummeted 198 points, or 0.6%, Tuesday to 31,643.

Futures for the S&P 500 collapsed 40.75 points, or 1%, to 3,931.

Futures for the NASDAQ Composite index dropped 191.75, or 1.6%, to 11,843.50

Snap shares plummeted more than 29% after the company said it’s bracing to miss earnings and revenue targets in the current quarter and warned of a hiring slowdown. Shares of Meta Platforms followed Snap lower, falling 6.7% in the pre-market, while Pinterest lost 12.1%.

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Shares of major tech companies reliant on advertising spend followed Snap lower. Alphabet slid 3.5%. Amazon, Apple and Netflix were also down more than 1% each.

The moves came a day after the market staged a rebound from last week’s steep market selloff, which saw the Dow hit its first eight-week losing streak since 1923, and the S&P 500 briefly fall into bear market territory on an intraday basis.

Stocks rallied during Monday’s regular trading session as the Dow jumped 618 points, or nearly 2%, following a week of sharp losses. The S&P 500 rose 1.9%, and the NASDAQ Composite gained 1.6%.

Investors are looking ahead to new home sales and a speech from Fed Chair Jerome Powell at the National Center for American Indian Enterprise Development summit on Tuesday. Nordstrom and Ralph Lauren are also slated to report earnings.

In Japan, the Nikkei 225 descended 0.9% Tuesday. In Hong Kong, the Hang Seng slipped 1.8%.

Oil prices acquired 21 cents to $110.50 U.S. a barrel.

Gold prices hiked $9.50 to $1,857.20 U.S. an ounce.


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