Futures tied to Canada's main stock index rose on Tuesday, as investors took a pause after worries around a trade war with the U.S. sent the TSX to a four-month low in the previous session.
The TSX Composite Index dumped 378.05 points, or 1.5%, to close Monday at 24,380.71
Futures were up 0.4% Tuesday.
The Canadian dollar eked higher 0.13 cents to 69.43 cents U.S. early Tuesday.
Alimentation Couche-Tard remains in the news. The company said it is confident there is a "clear path" to overcome U.S. regulatory hurdles in its proposed $47 billion acquisition of Japan's Seven & i.
ON BAYSTREET
The TSX Venture Exchange dropped 19.56 points, or 3.2%, to conclude Monday at 594.74.
ON WALLSTREET
Stock futures edged higher Tuesday after concerns that a recession would hit the U.S. economy sparked a broad selloff on Monday
Futures for the Dow Jones Industrials spiked 178 points, or 0.4%, to 42,118.
Futures for the S&P 500 index moved up 27.25 points, or 0.5%, to 5,648
Futures for the tech-heavy NASDAQ jumped 115.75 points, or 0.6%, to 19,568.50.
Stocks sank during Monday’s session, extending losses after the S&P 500 posted three consecutive negative weeks. The NASDAQ Composite saw its worst day since September 2022. Meanwhile, the 30-stock Dow, which lost nearly 900 points, closed below its 200-day moving average for the first time since Nov. 1, 2023.
The moves lower come as anxiety over an impending recession rose on Wall Street. When asked about the possibility of a recession, President Donald Trump said during a Fox News interview that aired on Sunday that the economy was going through “a period of transition.”
The remarks arrived after Treasury Secretary Scott Bessent told CNBC on Friday that there could be a “detox period” for the economy as the Trump administration slashes federal spending.
Adding to worries around the economy was the latest guidance from Delta Air Lines. The company slashed its earnings outlook due to weaker U.S. demand, pushing the stock down more than 8% in the premarket.
Investors are eagerly awaiting economic reports due later in the week. Job openings data will be out on Tuesday. That is followed by February’s reading of the consumer price index on Wednesday morning and that month’s data for the producer price index on Thursday.
In Japan, the Nikkei 225 slid 0.6%, while in Hong Kong, the Hang Seng was flat.
Oil prices rose 79 cents to $66.82 U.S. a barrel.
Gold prices hiked $21.86 to $2,920.60 U.S. an ounce.
