TSX Edges up to Start Short Week

Futures for Canada's main stock index edged higher on Tuesday as investors drew some comfort from news that the U.S. had paused a planned attack following Tehran’s peace proposal, raising prospects of a deal nearing.The TSX Composite Index slumped 434.92 points, or 1.3%, to finish Friday at 33,833.35. On the week, the index dropped 244 points, or 0.72%.June futures were up 0.3% Tuesday. The Canadian dollar sank 0.07 cents to 72.71 cents U.S. On the economic calendar, Statistics Canada reports, the total value of building permits issued in Canada increased $1.3 billion (+10.3%) in March to $13.5 billion, while the Consumer Price Index increased 2.8% year over year in April, up from an increase of 2.4% in March. On a seasonally adjusted monthly basis, the CPI rose 0.3% in April.Lastly, April’s new housing price index decreased 0.4%, compared to a drop in March of 0.2%. ON BAYSTREET The TSX Venture Exchange erased 26.26 points, or 2.6%, to 988.81. On the week, the decrease was 8.5 points, or 0.84%.ON WALLSTREET U.S. index futures fell Tuesday as a selloff in chip stocks, which have led the A.I.-driven bull market, continued.Traders also kept an eye on the oil market following President Donald Trump’s cancellation of planned attacks on Iran, as well as bond yields hovering near multi-year highs, which threatened to put more pressure on the U.S. consumer.Futures for the Dow Jones Industrials fell 102 points, or 0.2%, to 49,666Futures for the S&P 500 dipped 34.75 points, or 0.5%, to 7,391.Futures for the NASDAQ plummeted 243 points, or 0.8%. to 28,853.Shares of Micron were down 2% in premarket trading Tuesday, set for its fourth-straight day of declines on concern the A.I. run in memory chipmakers in particular has gone too far, too fast. Micron is still up more than 138% this year. The stock fell on Monday after peer Seagate Technology fell 7% after warning about keeping up with demand. Seagate was down another 3% on Tuesday. Crude prices were down Tuesday after President Donald Trump announced late Monday that he was calling off a plan to attack Iran after the heads of three regional powers in the Middle East asked him to “hold off.” West Texas Intermediate futures shed 0.4% to $103.81 per barrel in early trading. Brent crude lost 1% to $110.96. Trump’s post also helped the S&P 500 and NASDAQ recover some losses late in the session Monday, though they still ended lower for a second day in a row.In Japan, the Nikkei 225 dipped 0.4% Tuesday, while the Hang Seng index in Hong Kong gained 0.5%.Oil prices retreated 48 cents to $108.18 U.S. a barrel. Gold prices dulled $11.50 to $4,546.50 U.S an ounce.