Futures for stocks in Canada’s largest market rose on Tuesday, supported by higher gold prices after the dollar weakened to a more than two-year low making the safe-haven asset cheaper for investors holding other currencies.
The TSX climbed 141.51 points to close Monday at 16,656.12.
The Canadian dollar inched jumped 0.34 cents Tuesday to 75.97 cents U.S.
September futures increased 0.3% Tuesday.
Federal Finance Minister Bill Morneau resigned on Monday amid friction with Prime Minister Justin Trudeau over spending policies and after coming under fire for his ties to a charity tapped to run a student grant program.
Canada refuses to release emails with U.S. about the arrest of Huawei Chief Financial Officer Meng Wanzhou as she sought more confidential documents relating to her 2018 detention.
A group of Cirque du Soleil creditors is the front-runner to win control of the financially strapped entertainment group ahead of a Tuesday deadline for bids
Scotiabank raised the price target on Exchange Income Corp. to $32.00 from $27.00.
CIBC cut the target price on Aurora Cannabis to $20.00 from $24.00
ON BAYSTREET
The TSX Venture Exchange climbed 13.22 points, or 1.8%, Tuesday to 750.87.
ON WALLSTREET
Stock futures rose on Tuesday, with the S&P 500 on the cusp of exceeding its previous record high set in February before the coronavirus hit.
Futures for Dow Jones Industrials acquired 59 points, or 0.2%, early Tuesday, to 27,834.
Futures for the S&P 500 gained five points, or 0.2%, at 3,384.75.
Futures for the NASDAQ moved up 34 points, or 0.3%, to 11,320.75.
Home Depot shares gained 2.9% in premarket trading after the company said sales last quarter jumped 23% as consumers stuck in their homes increased do-it-yourself projects. Earnings and sales exceeded Wall Street expectations.
Walmart shares rose in pre-market trading before the company’s quarterly results were set to be released.
Senate Republicans plan to introduce a narrow coronavirus relief plan that also includes $10 billion for the U.S. Postal Service, Media reports stated Monday evening.
Tesla shares jumped 5.5% in premarket trading to $1,937. The stock is set to split five-for-one later this month.
The broad equity gauge has been flirting with a new all-time high since last week.
The S&P 500 has rallied more than 50% from its March bottom amid massive fiscal stimulus and better-than-feared earnings results. The tech-heavy Nasdaq Composite hit a new record close and intraday high during Monday’s trading, pushing its 2020 gains to 24%.
The market has been stuck in a tight range as hopes for a new coronavirus stimulus deal dimmed with lawmakers unwilling to break a stalemate. Democrats and Republicans are holding their respective presidential nominating conventions this week and next.
Meanwhile, tensions between the U.S. and China still kept investors on edge. The Trump administration announced on Monday it will further tighten restrictions on Huawei, aimed at cracking down on the Chinese telecom giant access to commercially available chips.
Overseas, in Japan, the Nikkei 225 slid 0.2%, while in Hong Kong, the Hang Seng index inched up 0.1%.
Oil prices fell 26 cents to $42.63 U.S. a barrel.
Gold prices picked up $15.70 to $2,014.40.
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