TSX Might Edge Lower On Global Tariff Uncertainty

(RTTNews) - There are signs of caution in Canadian market on Tuesday, as the issue of reciprocal tariffs continues to create potential turbulence across global markets.

Gold prices were sliding on Tuesday, while the U.S. dollar index was showing an uptick. Spot gold fell 1.1 percent to $5,170.15 an ounce while U.S. gold futures were down 0.7 percent at $5,188.24. Gold Futures are down 50.70 points or 0.97 percent at 5171.50. Silver Futures are gaining 1.157 points or 1.35 percent at 87.750.

Oil prices held steady near seven-month highs. Benchmark Brent crude futures edged up by 0.2 percent to $71.26 a barrel while WTI crude futures were up 0.2 percent at $66.47. Crude Oil futures are up 0.72 points or 1.07 percent at 67.02.

S&P/TSX Compositie Index was closed on Monday at 33,776.50, down 41.01 points or 0.12 percent.

In the Asian trading session, gold prices retreated from a three-week high as the U.S. dollar index strengthened. Oil prices edged up on supply concerns.

The U.S. major averages ended Monday firmly negative. The Dow slumped 821.91 points or 1.7 percent to 48,804.06, the Nasdaq slid 258.80 points or 1.1 percent to 22,627.27 and the S&P 500 declined 71.76 points or 1.0 percent to 6,837.75.

On the U.S. economic front, the Conference Board's Consumer Confidence for February will be released at 10.00 am ET. The consensus is 88.0, while it was up 84.5 in January.

The Richmond Fed Manufacturing Index for December will be revealed at 10.00 am ET. In the prior month, the Index was minus 6.

Two-year Treasury Note auction will be held at 1.00 pm ET.

The Fed Money Supply for January is expected at 1.00 pm ET. In the prior month, the M2 level was $22,410.00 billion. Asian stocks ended mostly higher on Tuesday. China's Shanghai Composite index jumped 0.87 percent to 4,117.41. Hong Kong's Hang Seng index slumped 1.71 percent to 26,619.10.

Japanese markets advanced as traders returned from a holiday. The Nikkei average surged 0.87 percent to 57,321.09.

Australian markets ended a choppy session marginally lower.