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Stocks Set to Drop

BoC Suspense Lingers

Canada's main resource-heavy stock index was set for a lower open on Tuesday, tracking a decline in oil and metal prices, while investors are waiting to see if the Bank of Canada will hold or hike interest rate in June meeting.

The TSX lost 94.57 points to end Monday at 19,930.06.

June futures on the S&P/TSX index were down 0.1% Tuesday morning.

Majority of economists surveyed expect the Bank of Canada to keep its interest rate on hold at 4.50% in Wednesday's policy meeting, a Reuters poll showed. However, the risk of further rate hike continued to persist due to still-high inflation and a strong jobs market.

Among individual companies, TD Securities upgraded investment firm Canaccord Genuity Group to "buy" from "hold" rating.

On the economic calendar, Statistics Canada reported he total monthly value of building permits in Canada declined 18.8% to $9.6 billion in April.

Later this morning (about 10 a.m.), the IVEY PMI is due out for May.


The TSX Venture Exchange eked up 0.09 points Monday to 609.17.


Stock futures were near flat Tuesday as Wall Street digested a recent rally that led the S&P 500 to its highest level in nine months.

Futures for the Dow Jones Industrials fell 31 points, or 0.1%, to 33,588.

Futures for the S&P 500 ditched 3.75 points, or 0.1%, to 4,277.25.

Futures for the NASDAQ Composite slipped 17.25 points, or 0.1%, to 14,571.50.

Apple contributed to the leg down, as the iPhone maker briefly touched all-time highs earlier in the session only to end about 0.8% lower. The Big Tech company — which swung between a 2.2% gain and a 1.6% loss Monday — debuted its highly anticipated virtual reality headset as well as new software at its annual Worldwide Developer Conference on Monday. Shares were down 0.4% after hours.

Apple’s conference also weighed on other tech names, with Intel dropping more than 4% after Apple unveiled a new chip.

Elsewhere, bank stocks slid following news that regulators are contemplating increasing capital requirements for large banks. Goldman Sachs and Bank of America each lost about 0.6% on Monday, while Morgan Stanley slipped around 0.7% and JPMorgan shares slid nearly 1%. The SPDR S&P Bank ETF dropped about 2.2%.

In Japan, the Nikkei 225 gained 0.9% Tuesday, while in Hong Kong, the Hang Seng index dipped 0.1%.

Oil prices let go of $1.53 to $70.62 U.S. a barrel.

Gold prices rallied $7.70 to $1,982.10. U.S. an ounce.