Stock futures pointed to a higher opening for Canada's main stock index on Tuesday as investors assessed quarterly earnings of major companies, including Thomson Reuters, Air Canada and WestJet Airlines
The S&P/TSX Composite Index was positive 15.22 points to end Monday and the month of July at 15,143.87. September futures spiked 0.2% Tuesday.
The Canadian dollar eked up 0.11 cents to 80.13 U.S. early Tuesday
Thomson Reuters Corp on Tuesday reported higher-than-expected second-quarter earnings and increased its full-year forecast for margins and adjusted earnings per share as it saw improved results across its largest businesses.
Air Canada's second-quarter profit smashed past analysts' estimates as it flew more passengers at lower costs.
BMO raised the price target on Cott Corp to $18.00 from $17.00
BMO cut the price target on Precision Drilling to $6.00 from $9.00
Canaccord Genuity starts coverage on Spartan Energy with hold rating, and price target of $7.00
ON BAYSTREET
The TSX Venture Exchange dropped 2.19 points Monday to 770.38.
ON WALLSTREET
U.S. stock index futures pointed to a higher open on Tuesday as a new month of trading kicked off.
Ahead of the opening bell, futures for the Dow Jones Industrials gained 88 points, or 0.4%, to 21,930. Futures for the S&P 500 increased 4.25 points, or 0.2%, to 2,472.25. NASDAQ futures climbed 15.5 points, or 0.3%, to 5,898.
On Tuesday, most of the trading day will once again be dominated by earnings. Under Armour was among the companies that reported before the bell, posting a smaller-than-expected loss. Herbalife and Valvoline will report after the bell, but Apple earnings are key for the market.
Investors will also be watching out for key economic data, including consumer spending figures, manufacturing Purchasing Managers’ Index data, and construction spending figures due out this morning.
The major indexes posted sharp gains for the month of July. The Dow rose 2.5% in the period, marking its best one-month performance since February. Shares of Boeing contributed the lion’s share of the gains, adding more than 300 points to the index.
The S&P 500 also posted its best monthly gain since February last month, advancing 1.9% as all 11 sectors were positive in July. The NASDAQ outperformed last month, gaining 3.4%
The three major indexes also notched multiple record highs last month as Wall Street reacted positively to strong quarterly reports from major companies. In all, 73% of the S&P 500 companies that had reported as of Friday had topped estimates on both the top and bottom lines
Overseas, the Nikkei 225 in Japan gained 0.3%, and Shanghai’s CSI 300 took on 0.9%.
Oil prices fell 42 cents to $49.75 U.S. per barrel.
Gold prices slid $2.50 to $1,270.90 U.S. an ounce.
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