Futures for Canada's main stock index rose for the first time in five sessions on Tuesday, though investors remained cautious ahead of a U.S. monetary policy decision this week and on heightened Omicron coronavirus concerns.
The S&P/TSX Composite doffed 142.17 points to close Monday at 20,748.45.
Futures nosed ahead 0.1% Tuesday.
The Canadian dollar tumbled 0.5 cents to 78.02 cents U.S. early Tuesday.
On a day dry of macroeconomic news, Bank of Nova Scotia announced it will pause its plan for employees working remotely to return to its Toronto head office starting on Jan. 17, as concerns mount about the virus variant.
BMO cut the price target on Copper Mountain Mining to $4.50 from $4.75.
UBS initiates coverage on Definity Financial with a neutral rating, and a $28.00 price target
Canaccord Genuity initiates coverage on Coveo Solutions with a buy rating, $18.00 price target
COVID-19 cases in Canada could see a swift rise in the days to come due to community spread of Omicron, mirroring the situation in Ontario.
Prime Minister Justin Trudeau's government will outline new fiscal and economic forecasts in a document to be released Tuesday as inflation surges and as business groups and opposition politicians call for more spending restraint.
The Bank of Canada on Monday unveiled an agreement with the federal government to keep its inflation target unchanged at 2%, adding that it would now take labour market factors into account as well, which could keep interest rates low for longer in times of crisis.
ON BAYSTREET
The TSX Venture Exchange stumbled 15.41 points, or 1.7%, Monday to 893.58.
ON WALLSTREET
U.S. stock index futures were marginally lower during morning trading Tuesday after the major averages started the week in the red as COVID omicron fears hit sentiment.
Futures for the Dow Jones Industrials eked up two points to 35,545.
Futures for the S&P 500 fell 7.25 points, or 0.2%, to 4,652.25.
Futures for the NASDAQ let go of 67 points, or 0.4%, to 16,014.50.
Tesla shares were among the biggest early droppers on the S&P 500, falling 2.3% pre-market after CEO Elon Musk announced that that he has sold another $906.5 million in shares.
Fellow automaker Ford also fell, down 2.2% following news that by 2030 Toyota would be investing $35 billion into battery-powered electronic vehicles, a space where Ford has sought to establish itself as a leader. Toyota itself declined even more, with shares off 3.4% pre-market.
Pfizer shares rose nearly 1% after final results of tests on its COVID drug showed it reduced hospitalizations and deaths by 89% in high-risk patients.
The market will get fresh inflation data Tuesday when November’s producer price index number is reported. Economists are expecting it to show that prices rose 0.5% for the month, according to estimates from Dow Jones. This would be a slight slowdown from October’s 0.6% increase.
The Federal Reserve also kicks off its two-day meeting on Tuesday. The central bank will release a statement on Wednesday with quarterly projections for the economy, inflation a
Overseas, markets in Japan gave up 0.7% Tuesday, while the Hang Seng in Hong Kong dropped 1.3%.
Oil prices slid 36 cents to $70.93 U.S. a barrel.
Gold prices stepped backward $4.70 to $1,783.60 U.S. an ounce.
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