(fxcue news) - Lower U.S. and Canadian stock futures point to a slightly negative start on Bay Street Tuesday morning. Firm oil and metal price may help limit market's downside. Investors will also be reacting to producer and raw materials prices data. The Bank of Canada, which is scheduled to announce its monetary policy on Wednesday, is widely expected to cut interest rates by 50 basis points, marking its fourth cut in a row. Data on Canadian producer prices and raw materials prices for the month of September are due at 8:30 AM ET. Industrial producer prices in Canada fell by 0.8% over a month in August of 2024, following a revised 0.1% decline in the prior period. This was the third consecutive month of producer deflation and the sharpest since December, The Raw Materials Price Index in Canada slumped by 3.1% month-over-month in August 2024, following a 0.7% increase in the prior month. CGI Inc. (GIB.A.TO) announced today that it has been selected to provide support for visa application services for the U.S. consular services for a total contract value of $137.3 million. The Canadian market rose to a new record high Monday morning, but retreated soon and stayed weak right through the session as investors turned cautious ahead of earnings updates and some key economic events, including the Bank of Canada's monetary policy meeting. The benchmark S&P/TSX Composite Index, which hit a new record high at 24,922.92 in early trades, ended the session with a loss of 99.21 points or 0.4% at 24,723.33. Asian stocks ended broadly lower on Tuesday as Middle East tensions persisted and rising bond yields made investors rethink about rate cut chances. The dollar index remained elevated and approached the next psychological mark of 104, supported by strong U.S. treasury yields. European stocks are down in negative territory amid rising inflation expectations and concerns over U.S. fiscal deficit. Uncertainty about the outcome of upcoming U.S. presidential election is weighing as well. In commodities, West Texas Intermediate Crude oil futures are up $0.69 or 0.96% at $71.25 a barrel. Gold futures are up $5.50 or 0.2% at $2,744.40 an ounce, while Silver futures are gaining $0.447 or 1.3% at $34.525 an ounce.