Canada's stock market future is uncertain, investors should be cautious.

Canadian index-linked futures fell slightly on Tuesday as investors eagerly awaited Shopify's results. The S&P/TSX 60 index dropped 15 points or 0.9%, reaching 30,275.06 as of 07:35 ET (12:35 GMT).

On Monday, the index closed up 0.1% supported by consumer spending. However, investors are looking for clearer signs regarding the future of corporate earnings and the Canadian economy. Data released by S&P Global showed that Canada's manufacturing sector saw production and new orders contracting at a cooler pace in October.

U.S. stock index futures also experienced a sharp decline amid concerned investors evaluating corporate earnings while worrying about the health of the U.S. economy. As of 07:48 ET, Dow Jones futures were down by 299 points or 0.6%, S&P 500 futures fell by 70 points or 1.0%, and NASDAQ 100 futures declined by 343 points or 1.3%.

On Monday, major indexes on Wall Street showed a mixed picture. The blue-chip Dow Jones Industrial Average lost value, while S&P 500 and technology-heavy NASDAQ Composite showed gains. However, reports indicate that investors are concerned about the current stock levels being overvalued.

The NASDAQ Composite has increased by more than 23% this year, while the S&P 500 and Dow Jones have shown increases of 16% and 11% respectively. However, the latest ISM manufacturing index indicated that manufacturing activity in the U.S. contracted for the eighth month in October and remained below the 50-point line that separates growth from contraction.

Additionally, shares of Palantir Technologies (NASDAQ:PLTR) fell in pre-market trading despite reporting record revenues in the previous quarter. Palantir announced a net income of $475.6 million along with revenues of $1.18 billion in the third-quarter sales. CEO Alex Karp stated that the company generated more profit in a single quarter than it had previously.

On the other hand, Advanced Micro Devices (NASDAQ:AMD) is preparing to announce quarterly results after a busy trading season. Ultimately, AMD aims to generate billions of dollars in annual revenue through a multi-year agreement with OpenAI for AI chip supply.

Oil prices fell on Tuesday amid global oversupply concerns. Brent futures declined by 1.1% to the level of $64.17, while West Texas Intermediate dropped by 1.4% to $60.20. OPEC+ decided on a small increase in oil production for December and to halt increases in the first quarter of next year.

Finally, gold prices slightly decreased due to a strong U.S. dollar and uncertainties regarding the next policy move of the Federal Reserve. Spot gold fell by 0.4%, and U.S. gold futures dropped by 0.5%, reaching levels of $3,986.30 and $3,995.87 respectively.