Drop in gold, oil prices drag TSX futures lower

[April 25, 2023]  (Reuters) - Futures for Canada's main stock index dropped on Tuesday as crude and gold prices fell on chances for further interest rates hike, while caution remained as the earnings-heavy week sets in.  

A screen shows stock information as Canada's main stock index, the Toronto Stock Exchange's S&P/TSX composite index, rose to a record high in late morning trade in Toronto, Ontario, Canada January 7, 2021. REUTERS/Carlos Osorio
 

June futures on the S&P/TSX index were down 0.4% at 6:59 a.m. ET.

Crude prices fell after edging higher earlier in the day as markets remained wary of monetary tightening by major central banks, including the U.S. Federal Reserve, the Bank of England and European Central Bank, in their upcoming policy meetings. [O/R]

Gold prices dropped against the dollar, as investors shied away from making big bets ahead of U.S. economic data that could determine the Fed's rate-hike strategy. [GOL/]

U.S. stock index futures also slipped, while investors remain on the sidelines to evaluate earnings results of major companies set for the week to gauge the health of corporate America and the U.S. economy. [.N]

The Toronto Stock Exchange's S&P/TSX composite index ended lower on Monday as technology and financial sectors' drag offset gains in resource stocks.

In company news, Canadian National Railway Co reported quarterly adjusted earnings of C$1.82​​ per share, beating analysts' average estimate of C$1.72 per share.

National Bank of Canada upgraded energy company Pason Systems Inc to "outperform" from "sector perform."

COMMODITIES AT 6:59 a.m. ET

Gold futures: $1,984.1; -0.33% [GOL/]

US crude: $78.3; -0.58% [O/R]

Brent crude: $82.23; -0.60% [O/R]

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($1 = 1.3568 Canadian dollars)

(Reporting by Shristi Achar A in Bengaluru; Editing by Shweta Agarwal)

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