Canadian equities are set to continue their five-day winning streak, as the buzz continues over what newly-minted U.S. Federal Reserve Chair Janet Yellen will tell Congress today.
The S&P/TSX composite index pointed up 7.68 points to end Monday at 13,794.18
The Canadian dollar dipped 0.20 cents U.S. early Tuesday to 90.62 cents U.S.
Yesterday, Kinross Gold announced that company President and Chief Operating Officer Brant Hinze will retire. However, Hinze has decided to remain until October 1 to ensure a smooth transition.
It will be a busy day for Canadian technology investors. CAE will release its third-quarter results with a conference call will be held on the same day at 1 p.m. ET.
According to a survey of analysts by Thomson Financial Network, the market is looking for the industrial simulators company to post $533 million in revenue and an earnings-per-share figure of 18 cents.
Investors will also be waiting on third quarter results from e-commerce solutions provide Mediagrif Interactive Technology. Experts are looking for about $0.21 per share in EPS and $17 million in revenue.
Finally, Absolute Software is also due to report its fourth quarter results after the bell on Tuesday. Analysts are expecting the security and endpoint management services company to post an EPS figure of about $0.03 and $23 million in revenue.
ON BAYSTREET
The TSX Venture Exchange added 5.31 points Monday to 967.41
ON WALLSTREET
Investors will be parsing through plenty of Fed speak Tuesday as members of the U.S. Federal Reserve take the podium at different events.
Ahead of the opening bell, futures for the Dow Jones Industrials bolted upward 55 points, or 0.4%, to 15,794. Futures for the S&P 500 increased 6.10 points, or 0.3%, to 1,800.80, and futures for the NASDAQ gained 15.50 points, or 0.4%, at 3,593.
On the earnings front, CVS Caremark, Sprint and utility company PG&E will report before the opening bell. Fossil and TripAdvisor are releasing results after the close.
Shares of cloud-computing firm Rackspace Hosting fell 10% pre-market after CEO Lanham Napier said he would retire.
Shares in British bank Barclays are falling by roughly 7% in London after it reported a big fall in fourth quarter earnings and said it would cut up to 12,000 jobs.
The new head of the Federal Reserve, Janet Yellen, is scheduled to testify before the House Financial Services Committee at 10 a.m. ET. This will be her first appearance since taking the helm of the central bank earlier this month.
Investors will be watching to see if she sheds any light on plans to continue easing the Fed's stimulus program, a big driver of the 2013 stock market rally.
European markets were broadly higher in morning trading, led by gains in Germany's DAX.
Asian markets closed with sizable gains, with the Hang Seng in Hong Kong posting a 1.8% jump. The Tokyo Stock Exchange was closed for a holiday.
Oil prices gained 11 cents to $100.17 U.S. a barrel
Gold prices grew $13.10 to $1,287.80 U.S. an ounce.
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