(MENAFN- Baystreet.ca)
Futures Static on Commodity Weakness
Banks in Focus
Futures for Canada's commodity-heavy main stock index were subdued on Tuesday, as the positive sentiment in financials owed to prospects of higher interest rate next year was countered by a more than 1% slump in crude prices, while bullion hovered near a two-week low.
The S&P/TSX Composite went south 134.26 points to wind up Monday to 21,420.77.
Futures were flat Tuesday
The Canadian dollar backed off 0.13 cents to 78.59 cents U.S.
TD Securities raised the target price on Canadian Western Bank to $44.00 from $42.00
TD Securities then cut the target price on Laurentian Bank to $47.00 from $48.00
ATB Capital Markets raised the target price Imperial Oil to $48.00 from $45.00
Air Canada has agreed to a $4.5-million settlement to resolve a U.S. government investigation into claims thousands of air passenger refunds were delayed, the Transportation Department said.
Canada has halted exports of fresh potatoes from Prince Edward Island to the United States, facing a threat from Washington to ban the shipments over concerns about the potato wart fungus, the Canadian Food Inspection Agency said on Monday.
ON BAYSTREET
The TSX Venture Exchange swooned 26.97 points, or 2.7%, Monday to 966.36.
ON WALLSTREET
U.S. stock futures were quiet in early morning trading on Tuesday after a tech-focused sell-off spurred by rising bond yields that saw the NASDAQ drop more than 1%.
Futures for the Dow Jones Industrials were positive 27 points, or 0.1%, to 35,598.
Futures for the S&P 500 gave back 0.25 points to 4,679.50.
Futures for the NASDAQ subtracted 17.25 points, or 0.1%, to 16,364.75.
In earnings news, shares of video conferencing company Zoom Video Communications tumbled 8.6% in pre-market trading a day after it beat earnings estimates but warned of a slowdown ahead as the Covid pandemic winds down and the demand for remote contact decreases.
Stocks initially reacted positively to the announcement that Federal Reserve Chair Jerome Powell was nominated for a second four-year term by President Joe Biden, driving expectations that the central bank will stay on its monetary path as the economy recovers from the pandemic and attempts to combat inflation. However, markets reversed course towards the end of the session and yields continued to rise.
Earnings season continues on Tuesday with reports from American Eagle, Best Buy and Abercrombie & Fitch before the bell. Dell Technologies, GAP, HP and Nordstrom report quarterly earnings after the bell on Tuesday.
U.S. markets will be closed Thursday on Thanksgiving Day. The stock market closes early at 1 p.m. ET on Friday.
Overseas, the Hang Seng in Hong Kong stumbled 1.2%. Markets in Japan were closed for holiday.
Oil prices eked downward seven cents to $76.68.
Gold prices sank $18.60 to $1,787.60 U.S. an ounce.
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