Stock Futures Drop on Tuesday: In the World of Finance: BlackBerry and Air Canada in the Spotlight
Let’s dive into the financial world, where BlackBerry and Air Canada are grabbing attention.
On Tuesday, Canada’s main stock index had a slight dip. Investors were being cautious before an important inflation report from the United States. However, the rise in commodity prices helped prevent major drops. More info about Stock Futures Drop on Tuesday.
Stock Futures Drop on Tuesday
On a positive note, the TSX Composite, a key stock index, had a strong day on Monday, gaining 57.7 points and closing at 21,067.30.
Looking ahead to Tuesday, there was a small 0.2% drop in March futures. The Canadian dollar also saw a tiny increase, going up by 0.06 cents to reach 74.37 cents U.S.
Things are buzzing in the corporate world in Canada. Companies like Manulife and Air Canada are gearing up to reveal their quarterly results this week.
One company making moves is BlackBerry. They’re aiming for an extra 0 million in annual profit by cutting costs, including restructuring their workforce.
Over on the food scene, Tim Hortons’ parent company, Restaurant Brands International, exceeded analysts’ expectations for its fourth-quarter revenue on Tuesday.
Back in Canada, the TSX Venture Exchange had a positive day on Monday, gaining 2.46 points and closing at 549.05. More info about Stock Futures Drop on Tuesday.
Now, crossing over to Wall Street, futures were a bit down on Tuesday. Investors were gearing up for a crucial inflation report.
The Dow Jones Industrials index futures dropped 60 points (0.2%) to 38,824. S&P 500 futures were down 21.5 points (0.4%), landing at 5,019.75. NASDAQ futures took a bigger hit, dropping 147 points (0.8%) to 17,818.
In corporate news, JetBlue Airways saw a 15% jump after investor Carl Icahn revealed a nearly 10% stake in the airline. On the flip side, Toymaker Hasbro saw a significant drop of more than 12% for missing analyst expectations in the fourth quarter. Avis Budget Group’s shares also slipped 1.8% before the market opened due to disappointing fourth-quarter revenue.
Earnings reports for Tuesday include big names like Coca-Cola, Hasbro, and Marriott International in the morning. Later in the day, we’ll be watching for updates from casino operator MGM Resorts and kidney dialysis company DaVita. More info about Stock Futures Drop on Tuesday.
The eagerly anticipated consumer price index report is set for release at 8:30 a.m. ET. Investors are eager to get insights into potential future Federal Reserve policy changes.
Projections suggest that headline inflation might increase by 0.2% month-over-month and 2.9% from a year earlier. Core prices, excluding food and energy, are expected to rise by 0.3% in January and 3.7% from a year earlier.
In Japan, the Nikkei 225 made a strong comeback, surging by 2.9%. Meanwhile, many parts of Asia, including Hong Kong, were on pause for the Lunar New Year festivities.
Oil prices went up by 49 cents, reaching $77.41 U.S. per barrel. Gold prices also jumped by $9.50, settling at $2,042.50 U.S. per ounce.
