Futures tracking Canada's blue-chip stocks fell on Tuesday as oil prices rebounded on dimming the Middle East peace-deal hopes, while investors also kept an eye on the US midterm elections.
The TSX held onto gains of 181.06 points, or 1.4%, to close Monday at 35,801.09.
The Canadian dollar notched up 0.04 cents to 71.55 cents U.S.
Futures lost 0.4% to begin Tuesday.
Investors will also parse remarks from Bank of Canada Governor Tiff Macklem before a House of Commons finance committee for clues on the economic outlook
Markets are pricing in nearly one 25-basis-point rate hike by the BoC before the year-end.
Among company news, Topaz Energy reported better-than-expected third-quarter adjusted profit, while Toromont Industries beat quarterly revenue estimates
Fairfax Financial Holdings' proposed $5.5-billion takeover of IDBI Bank is facing opposition from employees and political parties over the lender's valuation and Indian government's stake-sale process
ON BAYSTREET
The TSX Venture Exchange plunged 3.47 points Monday to 800.31.
ON WALLSTREET
Dow Jones Industrial Average futures were under pressure on Tuesday as Apple shares slid and oil prices rose, while investors braced for the U.S. midterm elections.
Futures for the 30-stock index waned 300 points, or 0.6%, to open Tuesday at 51,833.
Futures for the S&P 500 backed away 2.25 points to 7,572,25
Futures for the NASDAQ Composite picked up 105.50 points, or 0.4%, at 28,233.
Apple shares were down 4% after the consumer tech giant rolled out a disappointing margin forecast and iPad sales in the fiscal fourth quarter missed the Street’s estimates.
As Tuesday approaches, investors will turn their attention toward the midterm elections, where prediction market traders see a nearly 75% likelihood of Democrats taking the Senate.
A sweep of the House and Senate by Democrats could weigh on the broader market on Wednesday — and spark a selloff in artificial intelligence stocks especially — as investors have not firmly positioned for that outcome. If Republicans retain control of the Senate or both chambers, however, the market may see gains in the short term.
Even with President Donald Trump in the White House, a victory by Democrats in either the House or Senate could shape investigations and oversight in Washington — which is key for industries like defense, AI and health-care.
In Hong Kong, the Hang Seng gained 0.6%, while Japanese markets were closed for holiday.
Oil prices jumped 82 cents to $97.28 U.S. a barrel.
Gold prices faded $44.00 to $3,925.60 U.S an ounce.
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