ADDS REFERENCE TO MARKIT PMI READING
Futures for Canada’s largest index rose on Tuesday, helped by firmer oil prices as investors moved into risk assets and stayed away from the safe-haven U.S. dollar which hit multi-year lows.
The TSX got pummeled 191.35 points, or 1.2%, to finish Monday at 16,514.44.
Despite the daily drop, the TSX had a bonanza of a month, gaining more than 345 points, or 2.13%, in August.
The Canadian dollar gained 0.18 cents Tuesday to 76.88 cents U.S.
September futures took on 0.2% Tuesday.
Barrick Gold has lost a court challenge in Papua New Guinea over rights to a highlands gold mine and intends to appeal to the country's Supreme Court, the miner said on Tuesday, prolonging a dispute that has halted output as gold prices soar.
On the economic beat, the Markit Manufacturing Purchasing Managers Index for August will come down at approximately 9:30 a.m. EDT.
ON BAYSTREET
The TSX Venture Exchange gained 5.82 points to close at 751.13.
ON WALLSTREET
S&P 500 futures rose slightly in early trading on Tuesday after Wall Street notched its fifth consecutive month of gains.
Futures for Dow Jones Industrials docked 24 points, or 0.1%, early Tuesday, to 28,392.
Futures for the S&P 500 poked ahead seven points, or 0.2%, at 3,506.
Futures for the NASDAQ Composite raced 100.25 points, or 0.8%, to 12,214.25.
Tech shares led by Apple and Tesla were jumping in the pre-market. The stocks rose on Monday following stock splits that appear to be causing investors to snap up the shares. Apple gained 2.5% in the pre-market. Tesla added more than 6%.
Shares of Zoom Video jumped more than 27% during premarket trading after reporting another blowout quarter. The video conferencing company’s revenue more than quadrupled in the fiscal second quarter compared to a year ago.
The S&P 500 and the Dow just wrapped up their best August in more than 30 years. The blue-chip average rallied 7.6% in August for its fifth positive month in a row and its biggest August gain since 1984. The S&P 500 also rose for a fifth month straight, up 7%, clinching its best August since 1986.
The tech-heavy NASDAQ jumped 9.6% in August, posting its best monthly performance since 2000.
Walmart shares gained 1% in premarket trading after it announced its Walmart+ membership program to compete with Amazon Prime.
Along with tech, reopening stocks — cruise line operators, airlines and hotels — had a big August. Royal Caribbean and MGM Resorts both gained about 40%, while FedEx and Gap jumped 30% each. Delta Air Lines and Norwegian Cruise Line were also among the S&P 500 leaders in August. Many of those shares were down slightly in Tuesday pre-market trading.
The Dow’s composition changed on Monday with Apple’s four-for-one stock split taking effect. Salesforce, Amgen and Honeywell replaced longtime components Exxon Mobil, Pfizer and Raytheon Technologies.
In a major policy shift, the Federal Reserve announced last week it will allow inflation and employment to run higher than its target before it considers raising interest rates.
Overseas, in Japan, the Nikkei 225 sagged less than two points Tuesday, while in Hong Kong, the Hang Seng index gained more than seven points.
Oil prices gained 52 cents to $43.13 U.S. a barrel.
Gold prices added $19.30 to $1,969.60.
