Futures for Canada's main stock index rose on Tuesday, tracking a rebound in commodity prices, with investors also taking comfort from less-hawkish comments from a U.S. Federal Reserve official.
The TSX Composite fell short by 3.78 points to close Monday at 19,977.13.
December futures on the S&P/TSX index were up 0.2%.
The Canadian dollar advanced 0.31 cents to 74.67 cents U.S.
On the economic calendar, Statistics Canada reports retail trade decreased 0.5% to $61.1 billion in September. Sales declined in seven of the 11 subsectors, led by sales at gasoline stations (-2.4%) and food and beverage stores (-1.3%). in September,
New housing prices declined by 0.2% month over month in October, following the 0.1% decline recorded in the previous month. Prices were up in five of the 27 census metropolitan areas (CMAs) surveyed, down in seven of them, and unchanged in the remaining 15. This was the first consecutive monthly decrease in the index since July 2019.
ON BAYSTREET
The TSX Venture Exchange shed 4.73 points Monday to 571.15.
ON WALLSTREET
Stock futures rose Tuesday morning as worries over COVID cases in China kept investor sentiment in check during a short week of trading for the Thanksgiving holiday.
Futures for the Dow Jones Industrials galloped 111 points, or 0.3%, to 33,846. Losses on the Dow Monday were kept in check by a 6.3% gain in Disney following the return of Bob Iger as CEO.
Futures for the S&P 500 forged ahead 13.5 points, or 0.3%, to 3,971.50.
Futures for the NASDAQ Composite raced 29.5 points, or 0.3%, to 11,617.50.
Shares of Best Buy popped 7.3% in premarket trading after the company hiked its 2023 fiscal outlook and beat earnings expectations.
Investors are also watching for earnings reports from Dollar Tree, Best Buy, HP and Nordstrom. The stock market will be closed on Thursday for the Thanksgiving holiday and will close early on Friday.
Economic reports due out include the Philadelphia Fed’s nonmanufacturing business outlook survey and the Richmond Fed’s manufacturing index.
China saw its first deaths in the mainland from COVID since May over the weekend. It prompted fears among investors that the country could bring back restrictions meant to slow virus spread, which would hurt business.
In Japan, the Nikkei 225 poked ahead 0.6% Tuesday, while in Hong Kong, the Hang Seng Index stumbled 1.3%.
Oil prices jumped $1.55 to $81.60 U.S. a barrel.
Gold prices brightened $6.30 to $1,745.90 U.S. an ounce.
