Futures for stocks in Canada’s largest centre inched lower on Tuesday as investors feared a COVID-19 resurgence in some countries, though the losses were limited by higher oil prices.
The S&P/TSX Composite Index rumbled ahead 136.66 points to close Monday to 15,103.22.
The Canadian dollar gained 0.14 cents early Tuesday to 71.50 cents U.S.
June futures sank 0.1% Tuesday.
Alstom plans to stick to the terms of its previously agreed rail deal with Bombardier, Chairman and Chief Executive Henri Poupart-Lafarge told a conference call on Tuesday.
Tim Hortons said Tuesday it received an investment from Chinese tech giant Tencent, as the Canadian coffee brewer seeks to expand in the Chinese market.
Popeyes, also owned by Restaurant Brands International Inc, is forging ahead with the opening of its first outlet in China despite the coronavirus outbreak and plans to set up "a few more" by the end of the year in several Chinese cities, its executives said on Tuesday.
National Bank of Canada cut the rating on BRP Inc. to sector perform from outperform.
National Bank of Canada cut the rating on Pinnacle Renewable Energy to sector perform from outperform.
Jefferies initiated coverage on TCP Energy with a hold rating, and $68 target price.
Global alarm was sounded on Monday over a potential second wave of coronavirus cases after Germany, relatively successful in slowing the outbreak, reported that infections had accelerated again after the first tentative steps to ease the lockdown in the country.
ON BAYSTREET
The TSX Venture Exchange regained 3.11 points Monday to 495.20.
ON WALLSTREET
U.S. stock futures grew in early morning trading on Tuesday as investors evaluated the latest attempts to reopen the economy.
Futures for Dow Jones Industrials jumped 111 points, or 0.5%, early Tuesday to 24,235.
Futures for the S&P 500 added 10.25 points, or 0.4%, at 2,933.
Futures for the NASDAQ Composite soared 37.25 points, or 0.4%, to 9,316.25.
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, and other health officials will testify before the Senate Health Committee at 10 a.m. EDT to discuss reopening the economy. Fauci will say that reopening too quickly by states will cause “needless suffering and death,” according to the New York Times.
New York Gov. Andrew Cuomo said Monday the state’s restrictions on certain low-risk businesses and activities will lift on Friday. The World Health Organization said several countries that eased coronavirus restrictions, including China, have seen increases in the number of positive COVID-19 cases.
Despite the risks, stocks that would benefit most from reopening the economy led gains in pre-market trading Tuesday. Mall owner Simon Property Group, Marriott, Wynn Resorts were all higher in pre-market trading.
Shares of Apple were slightly higher in pre-market trading Tuesday as tech stocks looked to extend their winning ways. The tech-heavy NASDAQ rose for a sixth day on Monday, posting its longest winning streak this year. With Monday’s gain, the gauge is firmly in the green on the year, up 2.4% and sitting just 6.5% from its record high reached on Feb. 19.
Investors continued to pile into tech firms whose businesses proved to have the most resilient in the age of coronavirus crisis. Shares of Amazon and Netflix both soared more than 30% this year, while Microsoft gained 18%. Chipmaker Nvidia also hit an all-time high on Monday, bringing its 2020 gains to 37%.
Elsewhere overseas, in Tokyo, the Nikkei 225 fell back 0.1%, while in Hong Kong, the Hang Sang index lost 1.5%.
Oil prices traveled higher $1.38 to $25.52 U.S. a barrel.
Gold prices leaped $11.30 to $1,709.30 U.S. an ounce.
