Negative Session in Offing in Toronto

Canada's main stock index futures slipped on Tuesday tracking weak commodity prices, while investors were also wary of big bets ahead of domestic inflation data that could determine the trajectory of the Bank of Canada's monetary policy.

The TSX took on 120.35 points to close Monday to 20,539.97.

June futures on the S&P/TSX index lost 0.2% Tuesday morning.

The Canadian dollar inched up 0.04 cents to 74.28 cents U.S.

Among company news, miner Lithium Americas Corp said first-quarter loss narrowed significantly, aided by gains from an earlier investment made by U.S. automaker General Motors Co.

Pilots at Onex Corp's WestJet Group gave notice that could allow for strike action as early as May 19 on demands for higher salaries and better scheduling.

In the economic docket, Statistics Canada said manufacturing sales rose 0.7% in March, mainly on higher sales in the transportation equipment and primary metal industries, while April’s consumer price index rose 4.4% on a year-over-year basis in April, following a 4.3% increase in March. On a seasonally adjusted monthly basis, the CPI rose 0.6% in April.

ON BAYSTREET

The TSX Venture Exchange settled back 2.03 points Monday to 615.81.

ON WALLSTREET

Stock futures dipped Tuesday, as all eyes on Wall Street turn to a meeting between congressional leaders and President Joe Biden on the U.S. debt ceiling.

Futures for the Dow Jones Industrials dropped 96 points, or 0.3%, at 33,302.

Futures for the S&P 500 handed back 7.5 points, or 0.2% to 4,142.50.

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Futures for the NASDAQ Composite sank 7.75 points to 13,460.25.

Dow member Home Depot pulled back by 4.4% after the home improvement retailer reported disappointing quarterly revenue and cut its full-year guidance.

Investors are anxiously awaiting progress on a deal to raise the debt ceiling before June 1, which is the earliest date the Treasury Department has said the U.S. could default on its debt obligations. Treasury Secretary Janet Yellen said last week that a lack of a deal could spur an “economic catastrophe.”

On Monday, Yellen reaffirmed that the U.S. faced the possibility of default as early June 1, the so-called X date, if a deal isn’t reached between the White House and Congress.

Biden echoed a more optimistic view of the ongoing negotiations over the weekend, while House Speaker Kevin McCarthy said significant obstacles remain.

In economic data, April’s retail sales are due at 8:30 a.m. ET on Tuesday, giving investors a peek into how consumers are faring. Economists polled by Dow Jones are anticipating an increase of 0.8%.

In Japan, the Nikkei 225 gained 0.7%, while in Hong Kong, the Hang Seng took on seven points, or less than 0.1%.

Oil prices backed off 0.03 cents to $71.08 U.S. a barrel.

Gold prices dipped 13.5 points to $2,009.20 U.S. an ounce.