In the early premarket period, Dow, S&P and Nasdaq futures all traded near break even. On Monday, all three saw gains, with the Nasdaq and Dow each adding more than 1 per cent. Canada’sEarly Tuesday, Statistics Canada will release inflation data for September. Economists are expecting a pullback from the 4-per-cent annual rate reported in August.
On Wall Street, traders will be watching bank results as earnings season kicks into gear. More than 10 per cent of the S&P 500 companies are scheduled to report results this week. Goldman Sachs and Bank of America both release third-quarter results this morning. JPMorgan, Wells Fargo and Citigroup all beat analysts’ expectations last week.
“Although markets continue to operate in the shadow of elevated rates and heightened geopolitical tensions, traders might be encouraged by recent indications that the Federal Reserve may not raise interest rates again this year,” Stephen Innes, managing partner with SPI Asset Management, said in an note.
The day range on the loonie was 73.28 US cents to 73.49 US cents. The Canadian dollar has fallen more than 1 per cent against the greenback over the past month.