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Slight Slip in Store for TSX at Open

·2 min read

Futures tracking Canada's commodity-heavy stock index slid on Tuesday, ahead of inflation data that could provide fresh cues to interest rates, while an extended slide in oil prices weighed on the mood.

The TSX inched up 0.79 points to close Monday at 20,180.60.

September futures for the TSX stepped back 0.1% on Tuesday.

The Canadian dollar dipped 0.03 cents to 77.46 cents U.S.

On the economic front, Statistics Canada reported foreign investors reduced their holdings of Canadian securities by $17.5 billion in June, the largest divestment since December 2018.

At the same time, Canadian investors reduced their holdings of foreign securities by $12.3 billion, following a small investment in May.

Elsewhere, the Consumer Price Index (CPI) rose 7.6% on a year-over-year basis in July, down from an 8.1% gain in June. On a seasonally adjusted monthly basis, the CPI increased 0.3% in July.

ON BAYSTREET

The TSX Venture Exchange faded 1.99 points Monday to 678.50.

ON WALLSTREET

U.S. stock futures were little changed Tuesday as traders weighed the earnings reports from two key retailers.

Futures for the Dow Jones Industrials shed 11 points early Tuesday to 33,862.

Futures for the S&P 500 dipped 3.25 points, or 0.1%, to 4,295

Futures for the NASDAQ Composite faded 14 points, or 0.1% at 13,667.25.

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Walmart reported earnings per share that beat analyst expectations, sending the stock up 3%. The company also stuck with its second-half outlook.

Home Depot reported earlier in the morning, with earnings beating expectations and the home-improvement store maintaining its 2022 guidance. Target and Lowe’s will report quarterly results Wednesday.

Elsewhere, shares of ZipRecruiter slipped more than 5% after the company lowered its revenue outlook.

Home Depot reported $5.05 in adjusted earnings per share for the last quarter, more than $4.94 expected by analysts, according to Refinitiv.

The home improvement retailer’s $43.8 billion in sales for the period were a record. Home Depot also reaffirmed its 2022 guidance of 3% sales growth.

The shares, which have rebounded by more than 14% so far this quarter, were fluctuating in premarket trading.

In Japan, the Nikkei 225 index lost less than three points, while in Hong Kong, the Hang Seng index caved 1.1%,

Oil prices took on 88 cents to $90.29 U.S. a barrel.

Gold prices dipped $7.50 to $1,79.60 U.S. an ounce.