Futures for Canada main stock index rose on Tuesday, as gold prices hit a more than three-month high amid global slowdown concerns driven by trade conflicts.
The S&P/TSX Composite Index sank 21.6 points to conclude Monday’s session at 16,015.89
The Canadian dollar advanced 0.11 cents to 74.50 cents U.S. early Tuesday
June futures took on 0.3% Tuesday.
Suncor Energy is among a group of investors that will make a final investment decision for Rosebank, one of the largest undeveloped oil and gas fields on the British continental shelf, by May 2022.
Cormack Securities cut the target price on Canaccord Genuity Group to $8.50 from $9.00
ON BAYSTREET
The TSX Venture Exchange got tagged 6.83 points Monday to 594.72.
ON WALLSTREET
U.S. stock index futures rose on Tuesday after China’s Commerce Ministry said the trade dispute with the U.S. should be resolved with dialogue.
Futures for the Dow Jones Industrial Average vaulted 169 points, or 0.7%, to 25,038.
Futures for the S&P 500 hiked 19.75 points, or 0.7%, at 2,769.25.
NASDAQ futures leaped 52.25 points, or 0.8%, to 7,046.50
On Monday, the NASDAQ fell into correction territory, amid reports the U.S. government is planning to target a host of big companies in the industry with antitrust and business practice probes.
Shares of Alphabet, Amazon, Facebook, and Apple all weighed on the market in the previous session. Amazon, Apple and Alphabet traded slightly higher in the pre-market Tuesday. Facebook dipped 0.1%, however.
Sentiment was also lifted amid hope that President Donald Trump’s plan to slap tariffs on Mexican imports could be blocked by lawmakers.
Republican lawmakers are discussing whether they may have to vote to stop the new tariffs on Mexican goods threatened by Trump, according to The Washington Post, citing people familiar with the matter. The report said GOP lawmakers are worried about the ramifications for businesses and consumers of the tariffs.
Shares of GM and Ford, companies who could take a hit under the new tariffs, both rose more than 0.5% before the bell.
On the data front, factory orders for April will be expected at around 10 a.m. ET.
Overseas, the Nikkei 225 dipped two points Tuesday, while in Hong Kong, the Hang Seng index slid 0.5%.
Oil prices retreated 52 cents to $52.73 U.S. a barrel.
Gold prices eked up 40 cents to $1,322.30 U.S. an ounce.
