Futures Point to Flat Open
The TSX Composite Index dropped 49.76 points to close Monday at 22,259.17.
June futures eked up 0.1% Tuesday.
The Canadian dollar inched higher 0.12 cents to 73.18 cents U.S.
On the corporate front, Centerra Gold reported a 35% jump in first-quarter revenue and said the gold mining company was well positioned to achieve its 2024 guidance.
On the economic calendar, wholesale trade fell 1.1% to $81.4 billion in March.
ON BAYSTREET
The TSX Venture Exchange eased 0.51 points to conclude Monday’s session at 596.85.
ON WALLSTREET
Stock futures flickered near the flatline Tuesday as Wall Street braced for the release of key inflation reports.
Futures for the Dow Jones Industrials grabbed 42 points, or 0.1%, to 39,601.
Futures for the S&P 500 poked ahead 3.75 points, or 0.1%, at 5,249.25.
Futures for the NASDAQ Composite advanced 5.75 points to 18,301.25.
Home Depot earnings topped Wall Street estimates for the 16th quarter in a row. But despite that, earnings per share fell 5% from a year ago – the fifth straight quarter of year-over-year declines. That also comes after earnings fell more than 6% in the year ago quarter – with earnings now down 11% from two years ago.
The home improvement retailer posted its third revenue miss in the last six quarters. Revenues are now down 6% from two years ago after falling 2.3% in the just-completed quarter and declining 4.2% in the year-ago period.
The Dow is coming off its first losing session in nine, snapping its longest winning streak since December. The S&P 500 also inched lower, while the Nasdaq rose slightly. A report from the New York Federal Reserve showed that consumers’ expectations for inflation over the short and long term grew in April. The results put pressure on the major averages and weighed on stocks.
Another market catalyst will emerge Tuesday morning as the first of two key inflation reports will be released.
The producer price index reading for April will be issued at 8:30 a.m. Eastern. Economists polled by Dow Jones anticipate that the PPI gained 0.3% from the previous month. The closely watched consumer price index will be out Wednesday, and economists expect that it rose 0.4% in April on a month-over-month basis, or 3.4% from 12 months earlier.
In Japan, the Nikkei 225 gained 0.5%, while in Hong Kong, the Hang Seng Index slumped 0.2%.
Oil prices sagged 31 cents to $78.81 U.S. a barrel.
Gold prices gained $9,40 to $2,352.40 U.S. an ounce.
Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.