Canadian main stock index's futures rose on Tuesday following gains in oil prices due to massive production cuts in the U.S. Gulf Coast due to tropical storms
The TSX hung onto gains of 108.79 points to conclude Monday’s session at 16,626.64.
The Canadian dollar gained 0.1 cents Tuesday to 75.75 cents U.S.
September futures hiked 0.4% Tuesday.
CIBC raised the target price on Norbord to $58.00 from $50.00
CIBC raises target price on Stella-Jones to $50.00 from $48.00
CIBC raises target price on West Fraser Timber to $89.00 from $75.00
ON BAYSTREET
The TSX Venture Exchange backpedaled 6.59 points Monday to 723.72.
ON WALLSTREET
U.S. stock futures rose early Tuesday morning after another record-setting session on Wall Street.
Futures for Dow Jones Industrials leaped 181 points, or 0.6%, early Tuesday, to 28,420. Traders were also evaluating a major shake-up to the 124-year-old blue chip benchmark.
Futures for the S&P 500 jumped 12.5 points, or 0.4%, at 3,440. During regular trading, the S&P 500 climbed 1% and closed above 3,400 for the first time. Apple also hit an all-time high, leading other tech names higher, while airline and cruise operator stocks jumped amid enthusiasm on the coronavirus front.
Futures for the NASDAQ Composite dumped 26 points, or 0.2%, to 11,610.
That optimism comes as the number of newly confirmed coronavirus infections in the U.S. has dropped. Data compiled by Johns Hopkins University showed new cases fell to under 37,000 and have been below 50,000 since mid-August.
After the bell, S&P Dow Jones Indices said Salesforce.com will replace Exxon Mobil, Amgen will replace Pfizer and Honeywell International will replace Raytheon Technologies in the Dow average. The changes are driven by Apple’s coming stock split, which will reduce the technology weighting in the price-weighted average.
Salesforce, Amgen and Honeywell gained in premarket trading while Exxon Mobil, Pfizer and Raytheon declined. Exxon has been a part of the average for nearly 100 years.
Traders also looked ahead to key data releases, including the latest figures on consumer confidence and new home sales, which were both set for release on Tuesday.
Overseas, in Japan, the Nikkei 225 climbed 1.4% Tuesday, while in Hong Kong, the Hang Seng index slid 0.3%.
Oil prices added 20 cents to $42.82 U.S. a barrel.
Gold prices dumped $10.40 to $1,928.80.
