Stock futures for Canada’s main equity index rose on Tuesday, supported by higher oil prices which gained on escalating tensions between the United States and Iran.
The S&P/TSX Composite Index was off 41.11 points Friday to 1601.75
The Canadian dollar nicked higher 0.09 cents to 74.56 cents U.S. early Tuesday
June futures improved 0.2% Tuesday.
Markets in Canada were closed Monday for Victoria Day
Canaccord Genuity cut the price target on Diversified Royalty Corp. to $3.75 from $4.00
RBC cut the price target on Gran Tierra Energy to $4.20 from $5.50
Canaccord Genuity raised the price target on Just Energy Group to $6.00 from $5.00
ON BAYSTREET
The TSX Venture Exchange added 0.97 points Friday to 609.15
ON WALLSTREET
U.S. stock index futures were higher Tuesday as market participants continue to monitor trade developments between the world’s two largest economies.
Futures for the Dow Jones Industrial Average gained 122 points, or 0.5%, to 25,818
Futures for the S&P 500 gained 15.75 points, or 0.6%, at 2,859.75
NASDAQ futures added 56 points, or 0.8%, to 7,447.75
Shares of chipmakers like Micron Technology, Qualcomm and Xilinx all rose more than 2%. Nvidia advanced 1.5%, and Lam Research gained 1.8% respectively.
On Monday night, the U.S. government temporarily eased some trade restrictions imposed on China’s Huawei Technologies last week. The move sought to minimize disruption for the telecom company’s customers around the world.
The U.S. Commerce Department said it would allow Huawei to purchase American-made goods in order to maintain existing networks and provide software updates to existing Huawei handsets until Aug. 19.
The S&P 500 and Dow are both down more than 3% in May, while the NASDAQ had lost 4.9% through Monday’s close. Among S&P 500 sectors, only real estate was up for the month.
On the data front, the Philadelphia Fed non-manufacturing survey for May is set to come out this morning, followed by existing home sales figures for April.
Overseas, the Nikkei 225 sank 0.1% Tuesday, while in Hong Kong, the Hang Seng index lost 0.5%.
Oil prices took on 30 cents to $63.40 U.S. a barrel.
Gold prices lost $5.90 to $1,294.90 U.S. an ounce.
