A Greek national flag flutters next to a statue of ancient Greek goddess Athena, in Athens May 21, 2015.© Alkis Konstantinidis / Reuter/Reuters
The Before the Bell report is updated throughout the premarket to reflect the latest news developments and market moves. Check back later for updates. For the latest data on overseas markets, commodities and much more, click here for our market data page.
North American futures pointed to a lower opening Tuesday amid intense negotiations between Greece and other European leaders regarding its bailout as a 300-million euro repayment is due Friday.
Investors also pondered central bank decisions from India -- which cut its rate for the third time this year -- and Australia -- where rates were kept steady. Market watchers will also be eyeing U.S. factory orders and North American car sales figures, as well as a speech by Federal Reserve Governor Lael Brainard at 10 a.m. ET as trading gets under way on Tuesday.
Earnings are also in the spotlight Tuesday as Dollar General reported an 8.8-per-cent increase in quarterly sales. Earnings from Medtronic and Cracker Barrel are also expected.
The economic data could give further hints as to when the U.S. Federal Reserve might raise interest rates -- the first increase since 2006. With economic data coming in with mixed results, some analysts have pondered whether a rate hike is necessary, and the impact it may have if the U.S. economy isn't growing as strongly as hoped.
Mixed second-quarter economics reports led North American markets to modest gains on Monday. The TSX was up, -- after a decline for the month of May -- led by Valeant and a push by consumer discretionary companies.
U.S. stocks edged higher amid a report from ISM that showed the pace of manufacturing growth rose in May. Meanwhile, other data showed construction spending surged in April but consumer spending was unexpectedly flat.
In overseas trading, European shares dipped on Tuesday while German bond yields rose, with investors in the dark over whether a high-level meeting on Greece's debt crisis might herald a significant breakthrough.
The dollar hit a 12 1/2-year high against the yen in Asian trade before pulling back to trade down against the Japanese currency and the euro.
The leaders of Germany, France and Greece's international creditors agreed late on Monday to work with "real intensity" as they try to reach a deal that would prevent Athens from defaulting and potentially leaving the euro zone.
Earlier, Asian shares mainly fell for a second day as a strong dollar weighed on commodity prices.
MSCI's main index of Asia-Pacific shares, excluding Japan, fell 0.8 per cent and Tokyo's Nikkei closed down 0.1 per cent.
China's CSI300 index of the biggest listed companies in Shanghai and Shenzhen rose 1.7 per cent. After rising almost 5 per cent on Monday, Chinese indexes have regained nearly all the ground lost in a sell-off last Thursday.
Futures:
S&P 500 -0.14 per cent; Dow -0.09 per cent; Nasdaq -0.15 per cent
Equities:
Hong Kong's Hang Seng -0.47 per cent
Shanghai composite index +1.70 per cent
Japan's Nikkei -0.13 per cent
London's FTSE 100 -0.11 per cent
Germany's DAX -0.60 per cent
France's CAC 40 +0.09 per cent
Stoxx 600 -0.64 per cent
Commodities:
WTI crude oil (Nymex Jly) +0.81 per cent at $60.71 (U.S.) a barrel
Gold (Comex Aug) +0.13 per cent at $1,190.30 (U.S.) an ounce
Copper (Comex Jul) +0.15 per cent at $2.72 (U.S.) a pound
Currencies:
Canadian dollar at 79.96 (U.S.), up 0.0009
U.S. dollar index -0.6130 at 96.7790
Bonds:
U.S. 10-year Treasury yield 2.24 per cent, +0.06
ECONOMIC INDICATORS:
Euro area CPI and producer price index
(10 a.m. ET) U.S. factory orders for April. Consensus is a decline of 0.1 per cent from March.
U.S. total vehicle sales for May. Consensus is 17 million a.r.
Canada auto sales for May
Earnings include: Ambarella Inc.; Canaccord Genuity Group Inc.; Cracker Barrel Old Country Store Inc.; Dollar General Corp.; Guess? Inc.; Guidewire Software Inc.; Medtronic Plc
STOCKS TO WATCH:
Brookfield Property Partners LP agreed to buy resort operator Center Parcs from Blackstone Group LP for about $3.7-billion.
Dollar General Corp. posted a better-than-expected 14-per-cent increase in profit in its first quarter as the discount retailer benefited from higher traffic and customer spending. Sales growth came in narrowly below Wall Street expectations, but shares gained 2.9 per cent in premarket trading as the company also backed its full-year outlook.
Medical products maker Medtronic reported adjusted quarterly profit of $1.16 (U.S.) per share, beating estimates by 5 cents, with revenue also above forecasts.
Apparel maker PVH Corp. earned an adjusted $1.50 (U.S.) per share for its latest quarter, beating estimates by 12 cents. Revenue was essentially in line, and the maker of Calvin Klein and other apparel brands raised its full-year outlook and announced a $500-million stock buyback.
ANALYST ACTIONS:
Jefferies maintains a "Buy" rating and $48 (U.S.) price target on Intel (INTC-Q) after evaluating the Altera Corp. (ALTR-Q) deal. Analyst Mark Lipacis believes that the deal highlights Intel's data centre profits.
Stifel downgraded Ctrip.com (CTRP-Q)from "Buy" to "Hold." Ctrip.com International Ltd. was rated new "Buy" at UBS. The 12-month target price is $102 (U.S.) per share.
Jefferies initiates coverage on recent IPO Bojangles' (BOJA-Q) with a "Buy" rating and a price target of $32 (U.S.). Bank of America Merrill Lynch initiated coverage on Bojangles' with a "Neutral" rating and a price target of $30. KeyBanc initiated coverage on Bojangles' with an "Overweight" rating and a price target of $32.
Masonite International Corp. (DOOR-N) was rated new "Buy" at Thompson Research Group. The 12-month target price is $82 (U.S.) per share.
Gulfport Energy Corp. (GPOR-Q) was raised to "Outperform" from "Market Perform" at Wells Fargo.
Pioneer Natural Resources Co. (PXD-N) was raised to "Buy" from "Hold" at Topeka Capital. The 12-month target price is $190 (U.S.) per share.
Wells Fargo & Co. (WFC-N) was raised to "Strong Buy" from "Market Outperform" at Vining Sparks. The target price is $68 (U.S.) per share.
Xilinx Inc. (XLNX-Q) was raised to "Strong Buy" from "Market Perform" at Raymond James. The 12-month target price is $60 (U.S.) per share.