Futures for Canada's main stock index rose on Tuesday, supported by higher oil prices, after major crude producers showed they were reining in output roughly in line with their commitments.
The S&P/TSX Composite vaulted 355.43 points, or 2.1%, to wind up Monday at 17,692.45.
The Canadian dollar acquired 0.21 cents to 78.04 cents U.S.
March futures picked up 0.3% Tuesday.
Hedge funds have raised their bets against Canadian silver-mining stocks, January short-selling data from a market regulator showed, while miners' shares and silver rose sharply due to buying by retail investors.
Canadian house prices will continue their upwards march this year, outpacing inflation after hitting record highs in 2020, according to a Reuters poll of property market analysts who said the risk of a COVID-19 resurgence derailing activity was low.
Scotiabank raised the target price on IGM Financial to $40.00 from $38.00
Credit Suisse cut the target price on Wheaton Precious Metals to $62.00 from $64.00
Scotiabank raised the target price on West Fraser Timber to $101.00 from $84.00
ON BAYSTREET
The TSX Venture Exchange revived 38.78 points, or 4.2%, Monday to 960.84.
ON WALLSTREET
U.S. stock futures were solidly higher early Tuesday, building on a strong rally in the previous session as concerns about a speculative retail trading frenzy eased.
Futures for the Dow Jones Industrials rumbled higher 228 points, or 0.8%, to 30,338.
Futures for the S&P 500 jumped 29.25 points, or 0.8%, at 3,795.
Futures for the NASDAQ Composite gained 100.5 points, or 0.8%, to 13,336.75.
Investors will be met with a slew of earnings on Tuesday, including industry leaders Pfizer and ExxonMobil before the bell. Tech giants Amazon and Alphabet will report after the market close.
The rise in futures as well as the market gains on Monday coincided with a sharp reversal in GameStop, the video game retailer that captivated Wall Street with its massive short squeeze coordinated by a band of retail investors on social media.
GameStop, fresh off a 400% rise last week, slid 30% on Monday and fell another 30% in pre-market trading.
Other highly speculative investments popular with the Reddit crowd also started to decline. AMC Entertainment dropped more than 20% in premarket. Futures contracts for silver, which enjoyed their biggest one-day jump in 11 years Monday, slid more than 5% Tuesday.
Investors will also be following stimulus negotiations in Washington, where congressional Republicans made a counteroffer to President Joe Biden’s $1.9-trillion stimulus plan on Sunday.
Biden met with those lawmakers on Monday as congressional Democrats moved toward passing a reconciliation bill without bipartisan support. White House press secretary Jen Psaki described the meeting as “substantive and productive.”
Overseas, in Japan, the Nikkei 225 jumped 1%, while in Hong Kong, the Hang Seng index advanced 1.2%.
Oil prices climbed $1.26 to $54.81 U.S. a barrel.
Gold prices slipped $16.40 to $1,847.50 U.S.
