(Reuters) -Futures tied to Canada’s main stock index retreated on Tuesday following the benchmark index’s record-setting rally, as precious metals and energy prices pulled back from recent gains.
December futures on the S&P/TSX index were down 0.2% at 05:37 a.m. ET (0937 GMT).
The Toronto Stock Exchange’s S&P/TSX composite index had closed at an all-time high on Monday, extending its winning streak to seven consecutive sessions, propelled by positive momentum from Wall Street and strong performances in the mining and technology sectors.
The commodity-heavy Canadian stock index had been riding the wave of surging gold prices, which reached yet another historic peak early on Tuesday before retreating. [GOL/]
Silver prices also declined, while oil prices edged lower as investors weighed OPEC+’s smaller-than-anticipated November production increase against broader concerns about potential oversupply. [O/R]
In corporate developments, the White House announced a strategic $35.6 million investment in Canadian miner Trilogy Metals, giving the U.S. government a 10% ownership stake with warrants to acquire an additional 7.5% interest. The company’s U.S.-listed shares surged 178% in premarket trading.
Meanwhile, on the diplomatic front, Canadian Prime Minister Mark Carney is set to meet with U.S. President Donald Trump later in the day to discuss pressing economic and security matters as both nations review their North American trade agreement.
With the U.S. government shutdown continuing and no fresh economic data available, investors will focus on Federal Reserve commentary from officials, including Vice Chair Michelle Bowman and several regional Fed presidents.
Market participants will also closely monitor this week’s Canadian employment report, which will provide crucial insights into the country’s economic health and likely influence the Bank of Canada’s upcoming monetary policy decisions.
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(Reporting by Ragini Mathur in Bengaluru; Editing by Vijay Kishore)
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