Futures pointed to a higher opening for Canada's main stock index on Tuesday as oil prices gained after Libya declared force majeure on some of its crude exports and loss of Canadian supplies lifted U.S. crude price.
The S&P/TSX Composite Index gained 97.84 points to finish Friday and June at 16,277.73
The Canadian dollar picked up 0.19 cents to 76.02 cents U.S. early Tuesday
September futures galloped 0.3% Tuesday
Markets in Canada were closed Monday for the Canada Day holiday
Canaccord Genuity raised the target price on Sandstorm Gold to $10 from $9.50
Canaccord Genuity started coverage on Sienna Senior Living with buy rating and a target of $18.75
Macquarie raised the price target on Suncor Energy to $50 from $48
Libya's National Oil Corp aimed the move on loadings from Zueitina and Hariga ports, resulting in 850,000 bpd of supplies being disrupted.
Steel pipe maker Tenaris SA is temporarily laying off workers and adjusting production at a Canadian plant because of uncertainty in the steel market following tariffs imposed by the United States
The White House said on Monday Canada's decision to enact tariffs on $16.6 billion worth of American goods in retaliation for U.S. tariffs on imports of Canadian steel and aluminum would not help its economy.
ON BAYSTREET
The TSX Venture Exchange recovered 2.55 points Friday to 739.96
ON WALLSTREET
U.S. stock index futures rose on Tuesday as some tech shares gained in the pre-market, despite heightened fears of a bitter trade dispute between the U.S. and major economies around the world.
Futures for the Dow Jones Industrials leaped 143 points, or 0.6%, to 24,429
S&P 500 futures jumped 12.25 points, or 0.5%, to 2,739.50, while futures for the NASDAQ composite index 42 points, or 0.6%, to 7,158.50
Shares of Amazon, Apple, Netflix, Alphabet and Microsoft all traded higher before the bell as tech looked to add to Monday's strong gains.
The tech sector rose 1% in the previous session, erasing losses from earlier in the day.
The moves in pre-market trade came shortly before initial U.S. and Chinese tariffs were due to take effect. President Donald Trump’s administration is set to activate tariffs on Chinese goods worth around $34 billion on Friday, which is then widely expected to trigger a tit-for-tat response from Beijing.
Wall Street, however, also looked ahead to Friday in anticipation of the latest jobs report, which is expected to be a strong one. Economists expect the U.S. economy to have added 200,000 jobs in June.
U.S. stocks finished the first trading day of the quarter slightly higher Monday. Nonetheless, the major indexes fell sharply earlier in the session as Wall Street grew even more worried about the spat between the U.S. and its key trade partners.
On the data front, factory orders for May are expected to be published at around 10 a.m. ET, with light vehicle sales data for June set to follow later in the session.
U.S. markets will close early on Tuesday ahead of the Fourth of July holiday.
In Japan, the Nikkei 225 dipped 0.1% Tuesday. In Hong Kong, the Hang Seng index faded 1.4%.
Oil prices gained 76 cents to $74.70 U.S. per barrel.
Gold prices picked up $7.30 to $1,249 U.S. an ounce.
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