Futures Stable Tuesday

Nvidia Still on Radar Screens

Futures for Canada's resource heavy main stock index were flat on Tuesday as investors were cautious a day ahead of key U.S. inflation data, setting the index up to snap four straight days of gains.

The TSX gained 49.04 points Monday to 19,669.17.

September futures for the TSX were flat on Tuesday.

The Canadian dollar faded 0.06 cents to 77.73 cents U.S.

ON BAYSTREET

The TSX Venture Exchange gained 4.11 points Monday to 668.28.

ON WALLSTREET

S&P 500 futures fell on Tuesday after another chipmaker warned about tough times ahead following Nvidia’s poor forecast in the prior session.

Futures for the Dow Jones Industrials declined 47 points, or 0.1%, early Tuesday to 32,745.

Futures for the S&P 500 lost 15.25 points, or 0.4%, to 4,127.75.

Futures for the NASDAQ Composite slumped 88.25 points, or 0.7% at 13,095.

Memory chipmaker Micron warned that revenue may fall short of its prior guidance because of ’macroeconomic factors and supply chain constraints.” The stock fell nearly 4% in early trading.

It’s been a rough week for chipmakers. On Monday, weaker-than-expected revenue guidance from Nvidia weighed on the group. Nvidia was lower again in pre-market trading Tuesday, shedding another 3% after a 6% decline on Monday

Outside of chips, a pair of Nasdaq-listed stocks were also taking early hits. Novavax slumped 32% in premarket trading after slashing full-year revenue guidance because of poor demand for its COVID vaccines.

Upstart declined 13% in pre-market trading after the consumer lending company reported second quarter results that missed both profit and revenue expectations.

In Japan, the Nikkei 225 tumbled 0.9% Tuesday. In Hong Kong the Hang Seng lost 0.2%

Oil prices improved $1.02 to $91.78 U.S. a barrel.

Gold prices brightened $1.30 to $1,806.50 U.S. an ounce.