Futures Pointed Downward Tuesday

Micron in Focus

Futures for stocks in Canada’s largest centre fell on Tuesday as fresh lockdown measures imposed by the government on pubs and restaurants dampened recovery hopes.

The TSX prospered 177.46 points, or 1.2%, to conclude Monday’s trading at 16,242.81

The Canadian dollar backed off 0.11 cents early Tuesday to 74.75 cents U.S.

December futures docked 0.2% Tuesday.

Prosecutors in this country are set to present their argument after Huawei Chief Financial Officer Meng Wanzhou's lawyers sought to add a new charge in their effort to stop her extradition to the United States.

Quebec on Monday ordered new restrictions on bars and restaurants in coronavirus hot spots, while Ontario Premier Doug Ford warned of a "more complex" second wave, as the two provinces saw big increases in COVID-19 cases.

On the economic slate, Statistics Canada says its industrial product price index increased 0.3% in August, led by higher prices for primary non-ferrous metal products.

The agency’s raw materials price index rose 3.2%, principally due to higher prices for metal ores, concentrates and scrap.

ON BAYSTREET

The TSX Venture Exchange leaped 13.57 points, or 2%, Monday to 708.83.

ON WALLSTREET

Stock futures traded near breakeven early Tuesday ahead of the first U.S. presidential debate.

Futures for the Dow Jones Industrials faded 34 points, or 0.1%, to 27,448.

Futures for the S&P 500 docked 4.5 points, or 0.1%, to 3,341.50.

Futures for the NASDAQ Composite slipped 27.75 points, or 0.2%, to 11,367.

Political news is poised to potentially be a major driver of market news this week, with the first debate between President Donald Trump and Democratic nominee Joe Biden set for Tuesday night.

Some Wall Street analysts believe the first debate of this cycle could be more consequential for the markets than most debates, with a clear victory by one candidate possibly creating significant market moves.

Before the debate kicks off, investors will get a close look at the state of the semiconductor industry when Micron reports its fiscal fourth-quarter results after the bell on Tuesday. The stock gained 1.2% on Monday despite receiving a “negative catalyst watch” from Citi.

House Speaker Nancy Pelosi said on Monday night that the Democrats were unveiling a new $2.2-trillion stimulus package, smaller than the more than $3 trillion proposed earlier in the crisis but still well above what Republican leaders have offered.

The new bill would include enhanced unemployment benefits and aid to airlines and state and local governments, according to a summary.

Overseas, in Japan, the Nikkei 225 squeezed higher 0.1% Tuesday, while Hong Kong, the Hang Seng index fell 0.9%.

Oil prices handed back 30 cents to $40.30 U.S. a barrel.

Gold prices moved higher $9.20 to $1,891.50.