Futures linked to Canada's benchmark index were muted on Tuesday, as inflation concerns due to the Middle East conflict weighed on sentiment, while an uptick in energy and mining stocks limited losses.
The TSX sprinted 334.72 points, or 1%, to close Monday at 32,876.65
March futures dipped 0.1% Tuesday.
The Canadian dollar began Tuesday trading at 73.11 U.S.
Oil prices rose 4% as fresh attacks by Iran on the United Arab Emirates rekindled supply fears amid continued shipping disruptions through the crucial Strait of Hormuz. U.S. allies refused President Donald Trump's Monday appeal to dispatch warships to the waterway, a critical gateway for one-fifth of the world's oil and LNG trade.
With inflation fears mounting, and the war complicating rate-cut expectations, markets will closely monitor the U.S. Federal Reserve's two-day meeting, which kicks off on Tuesday, along with signals from the Bank of Canada.
ON BAYSTREET
The TSX Venture Exchange dropped 5.94 points Monday to 1,012.17.
ON WALLSTREET
Stock futures fell Tuesday, as crude prices resumed their upward trajectory and traders weighed a U.S.-backed plan to protect shipping along the Strait of Hormuz.
Futures for the Dow Jones Industrials slipped 45 points, or 0.1%, to 47,234.
Futures for the S&P 500 index backed off 8.5 points, or 0.1%, to 6,746.75.
Futures for the NASDAQ sank 53.75 points, or 0.2%. to 24,834.50.
Volatile oil prices and the fallout of the U.S.-Iran war continue to influence investor sentiment. On Tuesday morning, oil prices jumped 4%, sending global benchmark Brent crude back above the $100 mark.
Oil’s bounce came after President Donald Trump suggested some countries are “less than enthusiastic” about a plan to help escort oil tankers through the Strait of Hormuz.
Nvidia just unveiled its new computing platform for orbital data centers, marking a significant step towards building AI space infrastructure.
In Japan, the Nikkei 225 edged downward 0.1% Tuesday, while in Hong Kong, the Hang Seng eked up 0.1%.
Oil prices improved $2.98 to $96.83 U.S. a barrel.
Gold prices picked up $2.30 to $5,004.50 U.S an ounce.
