Futures Slide Tuesday


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  • Stocks Flat by Noon Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Tuesday, February 13, 2024

    Futures Slide Tuesday BlackBerry, Air Canada in Vogue Futures for Canada's main stock index slightly dipped on Tuesday as investors remained cautious ahead of a key inflation report in the United States, while rising commodity prices kept declines in check.
    The TSX Composite jumped 57.7 points to close Monday at 21,067.30.
    March futures were down 0.2% Tuesday.
    The Canadian dollar inched up 0.06 cents to 74.37 cents U.S.
    Corporate earnings in Canada are also picking up momentum with Manulife and Air Canada among others, set to report their quarterly results this week.
    Among individual companies, cybersecurity firm Blackberry said it was targeting an additional increase of $100 million in its annual profit as the company slashes costs, including workforce restructuring.
    Tim Hortons-parent Restaurant Brands International edged past analysts' estimates for its fourth-quarter revenue on Tuesday.
    ON BAYSTREET
    The TSX Venture Exchange gained 2.46 points Monday to 549.05.
    ON WALLSTREET
    Stock futures were slightly lower Tuesday as investors prepared for a key inflation report.
    Futures for the Dow Jones Industrials index settled 60 points, or 0.2%, to 38,824.
    Futures for the S&P 500 dipped 21.5 points, or 0.4%, at 5,019.75.
    Futures for the NASDAQ tumbled 147 points, or 0.8%, to 17,818.
    In corporate news, JetBlue Airways spiked 15% after activist investor Carl Icahn reported a nearly 10% stake in the airline. Toymaker Hasbro plunged more than 12% after missing analyst expectations for the fourth quarter. Similarly, shares of Avis Budget Group slipped 1.8% in premarket on the back of disappointing fourth-quarter revenue.
    Earnings on deck for Tuesday include soft drinks giant Coca-Cola, toymaker Hasbro and Marriott International in the morning. Casino operator MGM Resorts and kidney dialysis company DaVita will post results after the close.
    The consumer price index report is slated for release at 8:30 a.m. ET. The report will be closely watched by investors as they look for clues on future potential Federal Reserve policy moves.
    Headline inflation is expected to have increased 0.2% month over month and 2.9% from a year earlier, according to economists polled by Dow Jones. Core prices, which exclude volatile food and energy components, are expected to have increased 0.3% in January and 3.7% from a year earlier, respectively.
    In Japan, the Nikkei 225 returned to trading with a bang, leaping 2.9%, while Hong Kong and much of the rest of Asia remained shuttered for the Lunar New Year.
    Oil prices advanced 49 cents to $77.41 U.S. a barrel.
    Gold prices jumped $9.50 to $2,042.50 U.S. an ounce.




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