Stock futures pointed to a slightly higher opening for markets in Canada’s largest centre on Tuesday, set to build on a strong close a day earlier and ahead of the release of gross domestic product data for August.
The S&P/TSX Composite Index gained 49.27 points to finish off Monday at 16,002.78, a record high
The Canadian dollar subtracted 0.09 cents at 77.84 cents U.S. Tuesday morning.
December futures eked up 0.1% Tuesday morning.
WestJet Airlines Ltd on Tuesday reported a third-quarter profit that beat analysts' estimates as the carrier flew a record number of passengers in the period.
Hudson's Bay Co and RioCan REIT said the two companies are exploring the sale of HBC's flagship store in downtown Vancouver, stepping up efforts to extract value from the department store owner's substantial real estate holdings.
Innergex Renewable Energy said it will buy rival Alterra Power Corp in a deal valued at $1.1 billion, including debt, as the power producer looks to diversify its energy portfolio.
Canaccord Genuity raises the rating on Canopy Growth Corp. to hold from sell
CIBC cut the rating on Element Fleet Management to neutral from outperform
CIBC raised the target price on Prairiesky Royalty to $40.00 from $38.00
On the economic beat, Statistics Canada reported GDP edged down 0.1% in August, after being essentially unchanged in July. The agency said declines in manufacturing and mining, quarrying and oil and gas extraction more than offset increases in most sectors.
The agency also reported its industrial product price index declined 0.3% in September, mainly due to lower prices for motorized and recreational vehicles and meat, fish, and dairy products.
The agency’s raw material price index edged down 0.1%, primarily due to lower prices for animals and animal products.
ON BAYSTREET
The TSX Venture Exchange fell below breakeven 3.22 points Monday to 784.16
ON WALLSTREET
U.S. stock index futures pointed to a higher open Tuesday as investors got ready to pore over another cluster of corporate earnings and economic data.
Futures for the Dow Jones Industrials hiked 30 points, or 0.1%, to 23,321
S&P 500 futures gained five points, or 0.2%, to 2,573.25, while futures on the NASDAQ Composite index acquired 23 points or 0.4% to 6,247.25.
Earnings season will continue to shake up sentiment on the second trading day of the week, with Mastercard, Kellogg, Electronic Arts and more set to report.
Dow-component Pfizer reported better-than-expected earnings, sending the stock 0.9% higher in the pre-market. Aetna posted mixed quarterly results, with the top line missing estimates and earnings beating forecast; its stock rose 1.9%.
Cummins reported revenue and a profit that topped Wall Street expectations, lifting the stock nearly 2%.
Under Armour posted a better-than-expected profit, but the sports apparel retailer also trimmed its full-year earnings and sales guidance. Class A Under Armour shares dropped 16% before the bell.
A downpour of data is also expected to keep Wall Street busy during trade. First off, the employment cost index is set to come out at 8:30 a.m. ET, followed by the S&P CoreLogic Case-Shiller Index at 9 a.m. ET.
At 9:45 a.m. ET, Chicago PMI is set to be released, with consumer confidence and housing vacancies both due out at 10 a.m. ET. The Dallas Fed's Texas Service Sector Outlook Survey will then come out at 10:30 a.m. ET.
In the central bank sphere, the Federal Open Market Committee's two-day meeting is set to begin Tuesday with an interest rate decision set to be announced Wednesday.
Overseas, European stocks were mostly higher approaching noon on the continent Monday, while Japan’s Nikkei 225 were down 0.06 points, while in Hong Kong, the Hang Seng Index lost 0.1%
Oil prices slid four cents to $54.11 U.S. per barrel.
Gold prices surrendered $3.70 to $1,274.00 U.S. an ounce.
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