Canada's main stock index looked set open lower as commodity prices slipped, but hopes for further monetary stimulus from the Federal Reserve, which starts its two-day monetary policy meeting later in the day, and the European Central Bank could provide support.
The S&P/TSX index soared 92.47 points to close out Monday at 12,312.67
The Canadian dollar progressed 0.09 cents to 98.96 cents U.S. early Tuesday.
Thomson Reuters Corp reported a 7% decline in first-quarter operating profit because of severance costs and a decrease in revenue at its Financial & Risk division, which caters to banking clients.
Suncor Energy Inc first-quarter operating profit beat analyst expectations, boosted by higher oil sands production and better profitability in refining and marketing
Loblaw Cos Ltd on Monday became the second Western fashion retailer to promise compensation for the families of victims of the Bangladesh garment factory collapse that killed nearly 400 people last week.
On the economic slate, Statistics Canada reported that GDP grew 0.3% in February, the same pace as in January, largely on the mining and energy gains.
The agency also reported that its industrial product price Index edged up 0.1% in March, led by higher prices for motor vehicles. Its raw materials price index fell 1.7% in March, mostly because of lower prices for crude oil.
ON BAYSTREET
The TSX Venture Exchange dipped 0.29 points Monday to 964.93
ON WALLSTREET
Investors will be looking at data on the U.S. housing market and more corporate earnings to sustain momentum after Monday's gains.
Futures for the Dow Industrials backtracked six points to 14,742. Futures for the S&P 500 slid 1.4 points to 1,586.80, and futures for the NASDAQ fell but 0.75 points to 2,858.
U.S. stocks pushed higher Monday, with the S&P 500 finishing at a record closing high and the NASDAQ at its highest level in more than 12 years.
On the corporate side, Best Buy's stock notched up after the retailer announced its agreement to sell its European stake to Carphone Warehouse
Pfizer's stock tumbled after the drug maker reported a decline in quarterly revenue and profit.
On the upside, investors reacted positively to the latest first-quarter results issued by UBS and Deutsche Bank. In Europe, shares in both of the banks popped up by roughly 7% as they reporting rising profits.
Meanwhile, shares of BP were moving higher after the energy conglomerate reported results that beat analysts' expectations.
Shares of Herbalife also got a lift after hours, following the company's strong first-quarter earnings report and outlook.
Investors may be reluctant to make any significant moves ahead of monetary policy announcements later this week from the Federal Reserve and the European Central Bank.
On the economic docket, the Case-Shiller 20-city home-price index is due at 9 a.m. ET, while the U.S. Conference Board's monthly consumer confidence index will be released at 10 a.m. ET.
European markets were mixed in morning trading.
Asian markets ended the day with mixed results. Japan's Nikkei 225 closed with a modest drop of 0.2% after Tokyo traders returned from a holiday on Monday.
The Hang Seng in Hong Kong went in the opposite direction, pushing up by 0.7%. Markets in Shanghai remain closed for a holiday.
Oil prices added 32 cents to $93.32 U.S. a barrel
Gold prices were stronger by $19.10 to $1,472.20 U.S.
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