Equities in Canada’s largest centre looked set to open higher on Tuesday after rising to record levels in the previous session as an upbeat mood on Wall Street overshadowed weaker commodity prices.
The S&P/TSX Composite Index popped 190.66 points, to conclude Monday at 22,009.13, yet another all-time high for the index.
June futures were up 0.3% Tuesday.
The Canadian dollar took on 0.2 cents to 79.46 cents U.S.
Canadian Pacific Railway and union Teamsters Canada Rail Conference have agreed to a binding arbitration to help resolve a labour dispute, allowing for operations to resume from Tuesday at the country's second-largest railroad.
Eight Capital initiated coverage on Apollo Silver with a buy rating
National Bank of Canada raised the target price on Dollarama to $69.00 from $66.00.
Canaccord Genuity raised the target price on Playmaker Capital to $1.15 from $1.10
On the macroeconomic calendar, Statistics Canada reported its raw materials price index rose 6.0% month over month in February and 29.8% year over year.
The agency’s industrial produce price index rose 3.1% month over month in February and 16.4% year over year.
ON BAYSTREET
The TSX Venture Exchange added 10.08 points, or 1.2%, Monday, to 864.02.
ON WALLSTREET
Stock futures rose Tuesday, as Wall Street looked to rebound from a down session, while traders weighed Federal Reserve Chair Jerome Powell’s latest rate hike comments.
Futures for the Dow Jones Industrials vaulted 146 points, or 0.4%, to 34,582,
Futures for the S&P 500 hiked 11.25 points, or 0.3%, to 4,463.50.
Futures for the NASDAQ Composite Index moved upward 14 points, or 0.1%, to 14,384.50.
Bank stocks inched higher in early morning trading as interest rates rose. JPMorgan and Bank of America rose about 0.8% in the pre-market.
Nike shares moved up more than 5% in the premarket after the retailer reported a beat on the top and bottom lines for its fiscal third quarter, buoyed by strong demand in North America.
Procter & Gamble added about 1% in premarket trading as Truist upgraded the stock to a buy rating and said the company’s fundamentals are undervalued.
Wall Street was coming off a volatile session Monday, as Powell vowed to take “necessary steps” to curb inflation.
The Dow on Monday snapped a five-day winning streak, while the S&P 500 and the NASDAQ saw their first down session after four consecutive positive days.
Less than a week after the Fed raised rates for the first time since 2018, Powell on Monday said “inflation is much too high” and added that rates could increase by a greater magnitude than previously forecast.
In Asia, the Nikkei 225 in Japan returned to trading with a vengeance, gaining 1.5%, while in Hong Kong, the Hang Seng index leaped 3.2%.
Oil prices captured 38 cents to $112.50 U.S. a barrel.
Gold prices slipped $1.90 to $1,927.60 U.S.
