Futures linked to Canada's main stock index edged higher on Tuesday, building on the previous session's rise as investors awaited key U.S. economic data releases.
The TSX leaped 433.70 points, or 1.5%, to conclude Monday at 30,604.35.
December futures were ahead 0.2% Tuesday. Technology and mining stocks helped lift the Canadian benchmark to a 12-day high on Monday on optimism over a potential Federal Reserve interest rate cut in December.
The Canadian dollar ditched 0.07 cents to 70.80 cents U.S.
Markets are now pricing in about a 73% chance of a quarter-point cut in December, up from less than 50% just one week ago.
On the trade front, Canada and India are close to finalizing a uranium export agreement in a deal valued at about $2.8 billion U.S.
In company news, Barrick Gold has agreed to a 244-billion-CFA-francs ($430 million U.S.) settlement with Mali to resolve all disputes over the Loulo-Gounkoto gold mining complex.
ON BAYSTREET
The TSX Venture Exchange gained 25.71 points, or 3%, Monday to 880.47.
ON WALLSTREET
Stock futures were lower on Tuesday, led by Nvidia, following a winning day on Wall Street thanks to gains in artificial intelligence-linked names and renewed hopes of a Federal Reserve interest rate cut.
Futures for the Dow Jones Industrials let go of 33 points, or 0.1%, to 46,484.
Futures for the S&P 500 index faded 3.75 points, or 0.1%, to 6,717.50.
Futures for the NASDAQ shed 41.25 points, or 0.2%, to 24,907.
The stock market will be closed on Thursday for Thanksgiving Day, and it shuts down early at 1 p.m. ET on Friday.
Nvidia shares were down 3% after The Information reported, citing sources, that Meta Platforms was considering spending billions of dollars on Alphabet’s AI chips. Alphabet shares were up 3% on the back of the report.
Google parent Alphabet was a standout name in the previous session, ending the day 6.3% higher and scoring a new record high. Chipmaker Broadcom was the S&P 500's biggest gainer after the stock surged more than 11%. Investors have rallied behind both companies, which are related through their high-performance, application-specific chips, or ASICs, businesses.
Although stocks saw some recovery from the sell-off from the previous week, the three U.S. indexes are still tracking for a losing month. AI stocks have been responsible for much of this year’s gains, and investors are questioning tech stock valuations and whether the market will see a year-end rally or a reversal in momentum.
The S&P 500 is down about 2% in November, while the NASDAQ has lost 3.6%. The 30-stock Dow has shed 2.3% month to date.
In Japan, the Nikkei 225 fought its way up 0.1% Tuesday, while in Hong Kong, the Hang Seng chugged ahead 0.7%
Oil prices eased 24 cents to $58.60 U.S. a barrel.
Gold prices rocketed $40.00 to $4,134.200 U.S. per ounce.
