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Futures Dwindle to Begin Short Week

Macy’s, Palo Alto in Focus

Futures for Canada's main stock index drifted lower on Tuesday, pressured by weak commodity prices, while investors braced for key inflation data that could offer fresh insights into the Bank of Canada's interest rate cut timeline.

The TSX surged 165.54 points to end Friday’s session at 22,465.37. On the week, the index hiked 156 points, or 0.7%.

The Canadian dollar eked ahead 0.04 cents at 73.49 cents U.S.

June futures were down 0.3% Tuesday.

The Canadian dollar gained 0.2 cents to 73.42 cents U.S.

Markets in Canada were closed Monday for Victoria Day.

On the economic calendar, Statistics Canada said the consumer price index rose 2.7% on a year-over-year basis in April, down from a 2.9% gain in March. On a seasonally adjusted monthly basis, the CPI rose 0.2% in April.


The TSX Venture Exchange leaped 11.9 points to 615.17 Friday, for a jump on the week of 17.8 points, or nearly 3%.


Stock futures are near flat Tuesday after the technology-heavy NASDAQ Composite closed at an all-time high.

Futures for the Dow Jones Industrials hiked 16 points to 39,960.

Futures for the S&P 500 dished off 0.25 points at 5,331.50.

Futures for the NASDAQ Composite slid 28 points, or 0.2%, to 18,735.

Lowe’s shares rose 2% in the pre-market after the home improvement retailer posted better-than-expected earnings and revenue for the first quarter.

Palo Alto Networks dropped roughly 7%. While beating expectations for both lines in the fiscal third quarter, the cybersecurity company delivered current-quarter guidance that was only in line with consensus forecasts of analysts polled by LSEG.

Those moves come after a mixed day on Wall Street. The NASDAQ Composite notched a new intraday and closing high, lifted by Nvidia. The broad S&P 500 inched up nearly 0.1%.

But the blue-chip Dow slipped almost 200 points, dragged down by a 4.5% drop in JPMorgan Chase after CEO Jamie Dimon said his retirement may be sooner than expected and that the financial giant would not repurchase many shares at their current prices.

Macy’s shares gained 2.6% in the premarket. The department store chain posted fiscal first-quarter earnings that topped Wall Street’s expectations, driven by early progress in its turnaround strategy. It also raised its full-year earnings expectations.

Macy’s reported adjusted earnings of 27 cents per share, topping the LSEG consensus estimate of 15 cents. On the other hand, adjusted revenue of $4.85 billion came in lower than the expected $4.86 billion.

In Japan, the Nikkei 225 sank 0.3%, while in Hong Kong, the Hang Seng index let go of 2.1%.

Oil prices docked $1.72 to $78.08 U.S. a barrel.

Gold prices fell $7.80 to $2,430.70 U.S. an ounce.