Futures for Canada’s main stock index rose on Tuesday, a day after the index tumbled back into correction territory, as crude prices rebounded due to tight supply.
The S&P/TSX plummeted 532.26 points, or 2.6%, to close Monday at 19,742.56, leaving it 10.6% below the record closing high it notched up in March.
June futures rose 0.5% Tuesday.
The Canadian dollar faded 0.265 cents to 77.30 cents U.S.
CIBC cut the target price on Converge Technology Solutions to $7.00 from $11.00
CIBC cut the rating on Dialogue Health Technologies to neutral from outperform.
CIBC cut the rating on Q4 Inc. to neutral from outperform.
On the economic front, Statistics Canada reported Tuesday manufacturing sales increased 1.7% in April, mainly on higher sales of petroleum and coal products, motor vehicles, and primary metals.
Elsewhere, CBC News reports Ottawa will announce an end today to COVID-19 vaccine mandates for domestic travel on planes and trains and outgoing international travel.
ON BAYSTREET
The TSX Venture Exchange was hammered 32.8 points, or 4.7%, Monday to 671.90.
ON WALLSTREET
U.S. stock futures rose Tuesday, as the market tried to claw back some of Monday’s steep declines that pushed the S&P 500 back into bear market territory.
Traders also looked ahead to a key monetary policy announcement from the Federal Reserve later in the week.
Futures for the Dow Jones Industrials recovered 87 points, or 0.3%, early Tuesday to 30,588.
Futures for the S&P 500 progressed 14.5 points, or 0.4%, to 3,768.
Futures for the NASDAQ Composite index hiked 75.75 points, or 0.7%, to 11,403.25.
Shares of Oracle jumped 12% in pre-market trading after the software company reported an earnings beat boosted by a “major increase in demand” in its infrastructure cloud business.
The moves came after an intense selloff Monday. The S&P 500 slumped 3.9% to its lowest level since March 2021, closing more than 21% below its January record.
Monday’s close marked bear market for the S&P 500 since March 2020. During that last bear market, the S&P 500 lost 33.9% before recovering, according to data compiled by S&P Dow Jones Indices. The data also showed that bear markets on average last more than 18 months.
Meanwhile, the Dow tumbled 2.8%, putting it roughly 17% off its record high. The NASDAQ Composite dropped nearly 4.7% and is now more than 33% off its November record.
Wall Street is also expecting the latest reading on the May producer price index on Tuesday before the bell at 8:30 a.m.
In Japan, the Nikkei 225 dished off 1.3% Tuesday. In Hong Kong, the Hang Seng eked ahead less than one point.
Oil prices took on 99 cents to $121.92 U.S. a barrel.
Gold prices folded $12.70 to $1,819.10 U.S. an ounce.
Related Stories
