Futures tied to Canada’s leading equity index ticked upward on Tuesday as market participants prepared for a concentrated slate of U.S. macro releases later in the week.
By 06:20 ET (11:20 GMT), the S&P/TSX 60 index standard futures contract had risen by 2 points, or 0.1%.
Those futures movements followed a strong finish on the cash market on Monday, when the broader S&P/TSX composite climbed 1.7% to close at 33,023.32, extending gains recorded in the prior session. The advance on the commodity-heavy benchmark was underpinned in part by higher gold prices, which bolstered the materials sector and provided support to metal mining stocks.
U.S. futures steady as earnings and delayed data loom
Across the border, U.S. stock futures hovered near flat, suggesting investors may open cautiously while absorbing incoming corporate reports and awaiting postponed economic indicators. At 06:33 ET, Dow Jones Futures were trading 27 points, or 0.1%, higher, S&P 500 Futures were up 6 points, or 0.1%, and Nasdaq 100 Futures were largely unchanged.
Major U.S. indexes had posted gains on Monday, extending rallies that began at the end of the previous week. Technology names tied to the artificial intelligence-driven demand for data center capacity were notable contributors. The blue-chip Dow Jones Industrial Average recorded a new record closing high, continuing a recent ascent that included the index breaking the 50,000 level the prior week.
Earnings focus: Coca-Cola, Spotify and Hasbro among names reporting
Corporate earnings remained central to market attention. Quarterly reports were due from a number of large companies during Tuesday’s session, including Coca-Cola Co, Spotify and Hasbro Inc. The fourth-quarter 2025 US earnings season is in full swing, and while aggregate trends have been positive, investors are differentiating between companies that deliver strong results and those that fall short or offer weak guidance.
In after-hours trading, ON Semiconductor reported disappointing fourth-quarter revenue, citing an ongoing inventory glut. The Arizona-based chipmaker said many of its customers continue to work through excess chip inventories that were built up during earlier supply constraints. The firm also flagged headwinds to its silicon carbide chips unit, noting that sluggish electric vehicle sales and rising competition from China have pressured the outlook. Onsemi’s sales guidance for the current quarter landed below Wall Street estimates at the midpoint of its projection range.
Macro spotlight - retail sales, jobs, CPI
Investors are also awaiting U.S. labor market and inflation releases that were postponed due to a recent government shutdown. The monthly U.S. jobs report is now scheduled for Wednesday, while the January consumer price index report was rescheduled for release on Friday. Both releases are expected to influence expectations around the Federal Reserve’s policy path, particularly about the timing and magnitude of any interest rate cuts later in the year.
Before those headline reports, retail sales data for December were set to be released later in the session. Consumer spending accounts for more than two-thirds of U.S. economic output, and so the retail sales figures are viewed as a key signal of economic momentum. Analysts at ING wrote in a note: "The retail sales control group is expected to grow at a reasonably healthy 0.4% month-on-month and can maintain the view that the U.S. consumer is alive and well. This thesis can extend throughout March once what should be a healthy set of tax rebate checks arrives towards the end of this month." The ING comment highlights how retail receipts and policy expectations are being read together for clues on demand and Fed timing.
Precious metals and energy moves
Gold slipped on Tuesday, retreating after a strong rally the previous session as market participants took a cautious stance ahead of several consequential U.S. economic releases. Silver and platinum also eased, despite some overnight support from a softer dollar that later stabilized during Asian trading.
Oil prices rose amid elevated tensions between the U.S. and Iran, which kept the risk of supply disruptions from the Middle East in focus. Brent futures increased 0.5% to $69.39 a barrel, while U.S. West Texas Intermediate crude inched up 0.3% to $64.58 a barrel. The benchmarks had climbed more than 1% on Monday after the U.S. Department of Transportation’s Maritime Administration advised U.S.-flagged vessels to keep as much distance as possible from Iranian territory when transiting the Strait of Hormuz and the Gulf of Oman.
What to watch next
In the near term, market direction will likely hinge on earnings results and the U.S. macro releases that were delayed. Investors will be parsing the jobs and CPI data to fine-tune expectations for the Federal Reserve’s path, while retail sales and corporate guidance will inform views of demand and sector-specific momentum.
Key upcoming items include the rescheduled U.S. jobs report on Wednesday, the January CPI release on Friday, and a stream of corporate earnings throughout the week that will test market optimism and investor selectivity during this stage of the reporting season.