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Stocks Look for Heavy Losses Tuesday
The S&P/TSX Composite Index backtracked 152.43 points to close Monday at 22,116.69.
The Canadian dollar sank 0.33 cents to 73.04 cents U.S.
June futures retreated 0.8% Tuesday.
In company news, Fairfax India Holdings Corp on Monday said Prem Watsa, popularly known as "Canada's Warren Buffett", will step down as the investment firm's chairman.
ON BAYSTREET
The TSX Venture Exchange dipped 4.95 points Monday to 610.87.
ON WALLSTREET
Stock futures were lower Tuesday as Wall Street looked to find its footing after an uneven start to the month.
Futures for the Dow Jones Industrials dumped 148 points, or 0.4%, to 38,508.
Futures for the S&P 500 faded 22.5 points, or 0.4%, at 5,274.75.
Futures for the NASDAQ Composite lost 73.25 points, or 0.4%, to 18,573.
The move in futures came after the Dow fell more than 115 points, or 0.3%, on the first trading day of June. The S&P 500 and NASDAQ both rose modestly on Monday.
Weak manufacturing data weighed on market sentiment, as investors are waiting to see if growth can hold up while the Federal Reserve waits for inflation to decline enough to cut interest rates.
Intel shares rose more than 1% in the premarket after the company announced new artificial intelligence chips aimed at competing with those from rivals Nvidia and AMD. Despite the AI boom, Intel is down nearly 40% year to date, while Nvidia has vaulted 132% and AMD is up 11% in that time.
Alphabet is reportedly cutting at least 100 jobs from several teams across its fast-growing cloud unit. Employees were notified of the layoffs last week, with roles in sales, consulting and other departments being eliminated.
In Japan, the Nikkei 225 retreat 0.2% Tuesday, while in Hong Kong, the Hang Seng index gained 0.2%.
Oil prices withered $1.42 to $72.80 U.S. a barrel.
Gold prices fell $22.20 to $2,347.10 U.S. an ounce.
