Futures for Canada's main stock index rose on Tuesday as U.S. Treasury yields retreated, while investors awaited key monetary policy decisions from the Bank of Canada (BoC) later in the week.
The TSX Composite lost 68.9 points to bring Monday’s session to an end at 19,046.74.
December futures were up 0.4% early Tuesday.
The Canadian dollar was unchanged at 73.05 cents U.S.
Teck Resources missed market estimates for third-quarter profit on Tuesday, pressured by lower prices for coal and zinc used for steel manufacture.
Analysts expect BoC will keep interest rates unchanged at 5.0% on Wednesday, though with inflation hovering well above its 2% target, many see the central bank indicating future hikes are still possible.
On the economic calendar, Statistics Canada revealed national housing price index edged down by 0.2% month over month in September. Prices were unchanged in 15 of the 27 census metropolitan areas (CMAs) surveyed, down in nine CMAs and up in three.
ON BAYSTREET
The TSX Venture Exchange faded 2.26 points Monday to 518.48.
ON WALLSTREET
Stock futures rose Tuesday as investors focused on a fresh slate of earnings reports, and traders monitored the latest moves in Treasury yields.
Futures for the Dow Jones Industrials ballooned 123 points, or 0.4%, to 33,190.
Futures for the S&P 500 improved 20.5 points, or 0.5%, at 4,262.25.
Futures for the NASDAQ jumped 76 points, or 0.5%, to 14,788.
The Dow finished Monday’s session down about 0.6% while the and S&P 500 lost 0.2%. But the technology-heavy NASDAQ was able to finish up about 0.3%, as investors bought into the sector with important earnings reports ahead.
General Motors shares rose more than 1% in the premarket on the back of better-than-expected third-quarter results. However, the company pulled its full-year outlook amid rising costs due to the United Auto Workers union strikes.
Coca-Cola also reported earnings and revenue that topped estimate, sending the stock up more than 1%. Spotify, meanwhile, dipped 4.3% even after the audio streaming giant posted third-quarter results that beat expectations.
Alphabet and Microsoft are among companies posting results after the market closes.
About 30% of S&P 500 companies are slated to report this week, the latest leg of an earnings season that has so far been better than Wall Street expected. About 19% of S&P 500 companies have already reported earnings, and three-quarters of them have posted earnings surpassing analysts’ expectations, according to FactSet.
In Japan, the Nikkei 225 eked up 0.2% Tuesday, while in Hong Kong, the Hang Seng returned from a long weekend to shed 1.1%.
Oil prices settled 24 cents to $85.73 U.S. a barrel.
Gold prices dipped $15.30 to $1,972.50 U.S. an ounce.
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