Futures tracking Canada's blue-chip stocks retreated on Tuesday as surging oil prices and rising U.S. Treasury yields unnerved investors globally ahead of the Federal Reserve's interest rate decision on Wednesday.
The TSX forged ahead 5.04 points to finish Monday at 35,702.53.
The Canadian dollar dipped 0.09 cents to 71.85 cents U.S.
Futures were down 0.7% Tuesday morning.
Prime Minister Mark Carney's summit with global investors this week will also be on investors' focus, as Canada pushes to attract large-scale investments in mining, energy, infrastructure and technology projects.
Statistics Canada was to report motor vehicle sales and wholesale trade numbers for July. Technical difficulties prevented them from being available at broadcast time.
Meantime, the Canadian Real Estate Association told us the number of home sales recorded over Canadian MLS Systems decreased by 0.7% on a month-over-month basis in August. Monthly activity has now remained largely unchanged since May.
ON BAYSTREET
The TSX Venture Exchange lost 7.99 points Monday to 919.87.
ON WALLSTREET
Stock futures fell Tuesday as traders looked ahead to the Federal Reserve’s policy decision due later this week — which could send ripples through the economy — and Treasury yields surged to multiyear highs.
Futures for the Dow Jones Industrials faded 125 points, or 0.2%, to 52,734.
Futures for the S&P 500 doffed 12.75 points, or 0.2%, to 7,680.
Futures for the NASDAQ Composite fell 31.25 points, or 0.1%. to 29,418.
Tuesday morning saw the yield on the benchmark 10-year Treasury note rise to its highest since 2007, reaching 5.041%. Bond yields and prices move in opposite directions.
A selloff in artificial intelligence-related names has weighed down the stock market after Anthropic CEO Dario Amodei called for a slower pace on AI development.
Over the weekend, OpenAI CEO Sam Altman also ruled out an initial public offering this year, pointing to growing worries around AI safety.
A slate of AI-connected stocks slid, with Nvidia dropping 3% and specialty glass and fiber optic play Corning tumbled 13%.
In Japan, the Nikkei 225 index gave back 0.01 point Tuesday, while in Hong Kong, the Hang Seng lost 1%.
Oil prices leaped $1.04 to $102.43 U.S. a barrel.
Gold prices weakened $27.90 to $4,324.00 U.S an ounce.
