It’s a strained attempt at humour, given the current health climate, but futures found their way into the green on Tuesday, St. Patrick’s Day, after it ended in red in the previous session.
The TSX Composite Index plunged 1,378.49 points, or 10.1%, to close Monday at 12,337.84
The Canadian dollar demurred 0.61 cents early Tuesday to 70.76 cents U.S.
However, March futures built up 2.5% early Tuesday.
Canaccord Genuity cut the price target on Air Canada to $30.00 from $40.00
Scotiabank ups rating on Dundee Precious Metals to sector outperform from sector perform
Jefferies cuts the rating on Green Organic Dutchman Holdings to underperform from buy
On the economic calendar, Statistics Canada said manufacturing sales were down 0.2% to $56.1 billion in January, the fifth consecutive monthly decline.
Moreover, the agency said, foreign investors acquired $17.0 billion of Canadian securities in January.
Meanwhile, Canadian investors reduced their holdings of foreign securities by $9.1 billion, following acquisitions of $13.8 billion in December 2019
ON BAYSTREET
The TSX Venture Exchange sank 25.54 points, or 6.5%, Monday to 365.56.
ON WALLSTREET
Stock futures and pre-market trading in exchange-traded funds pointed to a bounce on Tuesday following the Dow Jones Industrial average’s third-worst day ever.
Futures for the blue-chip index gained 167 points, or 0.8%, early Tuesday to 20,428.
Trading overnight, however, was very volatile with futures giving back more than 1,000 points as investors try to weigh the uncertain economic impact of the coronavirus outbreak.
Futures for the S&P 500 advanced 11.5 points, or 0.5%, at 2,416.75.
Futures for the NASDAQ Composite hiked 98.25 points, on 1.4%, to 7,138.75.
The Dow and S&P 500 had their worst day since the "Black Monday" crash of 1987, the Dow falling 12.9% and the broader S&P doffing 12%. It was also the Dow’s third-worst day ever. The NASDAQ Composite had its biggest one-day plunge ever, tumbling 12.3%.
Those wild moves came after President Donald Trump tweeted: "The United States will be powerfully supporting those industries, like Airlines and others, that are particularly affected by the Chinese Virus. We will be stronger than ever before!"
At least 4,281 cases have been confirmed in the U.S. along with more than 70 deaths, according to data from Johns Hopkins University. President Donald Trump also said the crisis could stretch into August, adding the administration may look at locking down “certain areas.”
Biotech giant Regeneron, meanwhile, said Tuesday morning that it’s aiming to have doses of a potential drug for COVID-19 ready to start human clinical trials by early summer. The announcement, which represents a marked acceleration in the company’s drug timeline, sparked a 10% rally in the company’s equity in pre-market trading.
Overseas, in Japan, the Nikkei 225 edged up 0.1% Tuesday, while in Hong Kong, the Hang Seng Index surged 0.9%.
Oil prices acquired 43 cents to $29.13 U.S. a barrel.
Gold prices faded $16.70 to $1,469.80 U.S. an ounce.
