Stock futures pointed to a higher opening for markets in Canada’s largest centre on Tuesday as oil rose on Saudi Arabia's pledge to make sizable supply cuts in July.
The S&P/TSX Composite Index slipped 89.41 points to close Monday at 15,383.80. June futures leaped 0.2% early Tuesday.
The Canadian dollar hiked 0.26 cents to 75.34 cents U.S. early Tuesday.
The world's top oil exporter plans to curb volumes of crude to some Asian buyers and deepen cuts in allocation to the United States, as part of an agreement led by the Organization of the Petroleum Exporting Countries to prop up oil prices in an oversupplied market.
Hudson's Bay Co could face investor pressure to monetize a portion of its $10-billion-plus global real estate portfolio at the Canadian retailer's annual shareholder meeting on Tuesday amid skepticism that last week's restructuring plans aimed at saving $350 million will be insufficient to battle a tough real estate market.
Two miners are missing after a small silver and gold mine owned by Mandalay Resources Corp was flooded, adding that authorities are working with technical experts to see if the men have survived and can be rescued.
National Bank of Canada cut the target price on Medical Facilities Corp. to $16.50 from $18.00
PI Financial raised the target price on Yangarra Resources to $4.50 from $3.75
BMO raised the target price on Uni Select to $35.00 from $34.00
ON BAYSTREET
The TSX Venture Exchange plunged 5.4 points Monday to 785.80
ON WALLSTREET
U.S. stock index futures pointed to a higher open on Tuesday as technology stocks looked to bounce back.
Ahead of the opening bell, futures for the Dow Jones Industrials gained 20 points, or 0.1%, to 21,204. Futures for the S&P 500 picked up 3.75 points, or 0.2%, to 2,430.25. NASDAQ futures moved higher 16.75 points, or 0.3%, to 5,736, with shares of Amazon and Google-parent Alphabet climbing in the pre-market. Other big tech names like Facebook and Apple also saw their shares rise before the bell.
The NASDAQ posted its biggest two-day slide since December on Monday, as investors grew concerned that FAANG stocks – Facebook, Apple, Amazon, Netflix and Google – which have propped up the sector, could be losing momentum.
The selloff in tech names is not necessarily an indication that the broader market is about to crack, but experts predict there could be a summer swoon.
H&R Block will report earnings after the bell
Economically speaking, the National Federation of Independent Business' (NFIB) small business optimism index came in unchanged at 104.5 for May. The Federal Reserve will also begin the first of its two-day meeting, with its interest rate decision due out tomorrow, and the latest Producer Price Indices will be released.
European markets had made significant gains as of noon on the continent, while, in Asia, the Nikkei 225 in Japan slid 0.1%, while Shanghai’s CSI 300 improved 0.2%
Oil prices forfeited 15 cents to $45.93 U.S. per barrel.
Gold prices staggered $3.60 to $1,265.30 U.S. an ounce.
