Higher Recover Hopes Propel Futures Upward

Altagas, Gibson in Focus

Futures for Canada's main stock index were higher on Tuesday as optimism over global economic recovery efforts eclipsed worries about U.S.-China trade tensions and the worst civil unrest in the United States in decades.

The S&P/TSX Composite Index gained 43.38 points to conclude Monday at 15,236.21.

The Canadian dollar picked up 0.3 cents early Tuesday to 72.96 cents U.S.

June futures jumped 0.8% Tuesday.

Canaccord Genuity raised the target price on Altagas Ltd. to $19.00 from $18.00

Canaccord Genuity raised the target price on Gibson Energy to $26.00 from $24.00

Canaccord Genuity raised the target price on Pembina Pipeline Corp. to $40 from $31


ON BAYSTREET

The TSX Venture Exchange zoomed 10.21 points or 1.8%, Monday to 563.98.

ON WALLSTREET

U.S. stock futures were higher in early trading on Tuesday as investors looked past civil unrest around the country and focused on the reopening of the economy from the coronavirus pandemic.

Futures for Dow Jones Industrials hiked 121 points, or 0.5%, early Tuesday, to 25,589.

Futures for the S&P 500 gained 12 points, or 0.4%, to 3,066.

Futures for the NASDAQ Composite regained 33 points, or 0.3%, to 9,628.

Stocks tied to the reopening of states led the gains once again in premarket trading. American Airlines, United Airlines and Southwest all added more than 3%. Gap and Kohl’s shares gained about 2%.

Futures initially fell during a last-minute address from the White House on Monday evening, where President Donald Trump said he will deploy the military if states and cities failed to quell the demonstrations.

Tensions with China continued to simmer as the country asked state-owned firms to halt purchases of soybeans and pork from the U.S.. The move came after Trump said he would take steps to revoke Hong Kong’s favored trade status, in response to a controversial new security law passed by China’s parliament.

Overseas, in Tokyo, the Nikkei 225 hiked 1.2%, Tuesday, while in Hong Kong, the Hang Sang index popped 1.1%.

Oil prices took on 91 cents to $36.35 U.S. a barrel.

Gold prices improved $2.10 to $1,752.40.