Canada stocks futures were up on Tuesday as investors closely watched measures taken to ease coronavirus-led lockdowns across the world.
The S&P/TSX Composite Index gained 221.75 points, or 1.5%, to end Monday at 14,642.11
The Canadian dollar gained 0.38 cents early Tuesday to 70.66 cents U.S.
June futures improved 0.7% Tuesday.
Floods have forced mandatory evacuations in parts of Fort McMurray, the hub for Canada’s oil sands industry, even as the province of Alberta tries to stem the spread of the coronavirus.
Canadian National Railway beat analysts’ estimates for first-quarter profit on Monday driven by crude-by-rail shipments and withdrew its full-year 2020 forecast following the COVID-19 pandemic. RBC raised CN’s target price to $112.00 from $107.00
Canaccord Genuity cut the target price on CGI to $100.00 from $116.00.
RBC cut the target price on Linamar to $36.00 from $37.00
ON BAYSTREET
The TSX Venture Exchange added 7.8 points, or 1.7%, Monday to 470.44.
ON WALLSTREET
U.S. stock futures were higher on Tuesday as investors continued to be optimistic about the prospect of states re-opening the U.S. economy.
Futures for Dow Jones Industrials sprinted 340 points, or 1.4%, early Tuesday to 24,337.
Futures for the S&P 500 picked up 35 points, or 1.2%, at 2,904
Futures for the NASDAQ Composite took on 86.75 points, or 1%, to 8,911.
Shares of Pfizer, Caterpillar and 3M were all higher after first-quarter earnings results, helping sentiment.
A partial reopening of the economy — in Alaska, Georgia, South Carolina, Tennessee, Texas, and others — had earlier boosted investor sentiment, with certain U.S. businesses poised to benefit from the first wave of consumers emerging from the coronavirus driven quarantine.
Stocks that would benefit the most from a reopening led the market higher on Monday and were up again in Tuesday pre-market trading. Shares of Wynn, Simon Property Group and Kohl’s were all higher by at least 4% after big gains on Monday.
Bank stocks also got a boost from rising bond yields, as investors fled safer assets and moved into equities. JPMorgan rose 4.3%, Citigroup surged 8% and Wells Fargo gained 5.5%. Bank of America gathered 5.8% and Goldman Sachs rose 3.7%.
Consumer confidence will be released at 10 am E.T. on Tuesday. Economists polled by Dow Jones are expecting a read of 92 in April, down from March’s read of 120.
Overseas, in Japan, the Nikkei 225 settled 0.1% Tuesday, while in Hong Kong, the Hang Seng Index continued to race, gaining 1.2%.
Oil prices dipped $1.80 to $10.98 U.S. a barrel.
Gold prices inched up 60 cents to $1,724.40 U.S. an ounce.
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