Futures for Canada's commodity-heavy main stock index rose on Tuesday, aided by higher crude prices, while investors awaited U.S. Federal Reserve Chair Jerome Powell's appearance for cues on the timing of expected policy tightening.
The S&P/TSX Composite rallied to within 12.13 points of Friday’s close, to end Monday at 21,072.32.
The Canadian dollar climbed 0.13 cents to 79.08 cents U.S.
March futures eked higher 0.1% Tuesday.
Canadian Natural Resources on Tuesday joined its rivals in forecasting higher capital expenditure and production in 2022, as it bets on a sustained recovery of oil and gas prices from the pandemic-driven historic lows.
B2Gold's CEO said the company’s Fekola mine in Mali continues to operate normally and remains unaffected by sanctions imposed on the country by the Economic Community of West African States.
CIBC cut the target price on Boralex to $42.00 from $48.00
CIBC raised the target price on Fortis Inc. to $61.00 from $58.00
CIBC raised the target price on Keyera to $34.00 from $33.00
ON BAYSTREET
The TSX Venture Exchange collapsed 13.01 points, or 1.4%, Monday to 898.45.
ON WALLSTREET
U.S. stocks were edged upward early Tuesday after a late rally in the previous session helped the tech-heavy NASDAQ snap a four-day losing streak.
Futures for the Dow Jones Industrials picked up 20 points, or 0.1%, to 35,972.
Futures for the S&P 500 moved forward 7.75 points, or 0.2%, to 4,670.
Futures for the NASDAQ increased 39.5 points, or 0.3%, to 15,647.50.
Early gainers included Illumina, which rose 4% in pre-market trading after the genomic sequencing company issued a 2022 revenue outlook that was ahead of consensus. Energy shares also were higher as the price of U.S. crude rose 1.5%, sending Marathon Oil up 1.5%. Juniper Networks rose 2.7% after Bank of America upgraded the stock.
Large tech stocks were poised to extend their gains on Tuesday, with shares of Apple and Nvidia rising 0.7% in pre-market trading.
Earnings season will be in full swing by the end of this week with the big banks set to report starting Friday. Grocery chain Albertson’s reported results that beat expectations on the top and bottom lines on Tuesday morning.
On the Federal Reserve front, Chair Jerome Powell will testify before a Senate committee on Tuesday as part of his re-confirmation process. Investors will be looking for insight into the Fed’s current views on inflation and the speed of policy tightening.
Overseas, markets in Japan returned from holiday, with the Nikkei 225 dipping 0.9%, while the Hang Seng in Hong Kong fell more than seven points.
Oil prices acquired $1.20 to $79.43 U.S. a barrel.
Gold prices gained $8.10 to $1,806.90 U.S. an ounce.
