Futures for Canada's main stock index rose on Tuesday as oil prices gained on optimism over demand recovery, while investors digested GDP data for cues about the pace of economic recovery.
The TSX tumbled 121.19 points from Friday’s all-time high to conclude Monday at 19,730.99
The Canadian dollar spiked 0.20 Tuesday to 83.11 cents U.S.
June futures skyrocketed 1.3% Tuesday.
Centerra Gold said Kyrgyzstan units Kumtor Gold and Kumtor Operating have commenced bankruptcy proceedings in a U.S. court following nationalization of the miner's Kumtor gold mine by the former Soviet republic.
Dye & Durham has received a buyout offer from a management-led shareholder group worth about $3.4 billion, less than a year after its flotation on the Toronto Stock Exchange.
Moreover, CIBC raised Dye’s target price to $50.50 from $47.50
BMO cut the target price on Fortis to $57.00 from $60.00
On the economic calendar, Statistics Canada says the economy continued to build steam this past spring. Real gross domestic product grew for the 11th consecutive month, expanding 1.1% in March, as 18 of 20 industrial sectors were up.
What’s more, Markit Canada is due to come out with its Purchasing Managers Index (PMI) Manufacturing report for May.
Investors see less risk in Alberta's bonds, brushing aside a recent credit rating downgrade, as surging energy prices boost the outlook for the province's finances and oil sands operators begin to address the sustainable investment trend.
ON BAYSTREET
The TSX Venture Exchange gathered 2.35 points to 968.63.
ON WALLSTREET
U.S. stock futures rallied on Tuesday as enthusiasm about the economic reopening gets set to lift the S&P 500 near a record.
Futures for the Dow Jones Industrials skyrocketed 251 points, or 0.7%, to 34,765.
Futures for the S&P 500 picked up 22.75 points, or 0.6%, to 4,225.50.
Futures for the NASDAQ Composite increased 60 points, or 0.4%, to 13,746.50.
U.S. markets were shuttered Monday for Memorial Day.
The gains came as COVID cases continue to decline in the U.S. as vaccination rates rise. In a major milestone, more than half the U.S. population has received at least one dose of a COVID vaccination, according to Centers for Disease Control data posted Sunday.
More than 62% of adults have received at leased one dose, the CDC said. There were just 12,663 new cases on Saturday, according to the CDC, the lowest since March 2020.
Stocks linked to a reopening economy led the gains in the pre-market. Share of Carnival Corp and Norwegian Cruise Line Holdings jumped more than 2% apiece. American Airlines and United airlines gained more than 1.5% each.
Boeing gained 1.9% before the bell after one analyst recommended investors discount near-term hurdles for the aircraft maker and buy the stock while it’s still below where it traded in early 2020.
Energy stocks gained as U.S. oil futures jumped nearly 3% to above $68 a barrel. Exxon, Chevron and Marathon Petroleum gained in premarket trading as the summer travel season kicked off.
Meme stock AMC Entertainment was jumping again after selling $230.5 million in new stock to an investor. The shares were up 17% in pre-market trading after doubling last week.
Zoom Video Communications and Hewlett Packard Enterprise are set to report quarterly earnings results on Tuesday after the bell.
Overseas, in Japan, the Nikkei 225 sank 0.2% Tuesday, while in Hong Kong, the Hang Seng index gained 1.1%.
Oil prices $2.22 to $68.54 U.S. a barrel.
Gold prices jumped $5.80 to $1,911.10 U.S.
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