Futures for equities in Canada’s main market slipped on Tuesday following strong gains last week, as oil prices eased from session highs, while investors awaited signs of progress on a new U.S. stimulus bill.
The S&P/TSX Composite gained 194.36 points, or 1.1%, to finish the session on Monday to 18,330.26.
The Canadian dollar inched up 0.05 cents to 78.55 cents U.S.
March futures declined 0.1% Tuesday.
Canopy Growth's aggressive cost-cutting measures and increased demand for cannabis products during the lockdowns helped the world's largest pot producer report a smaller third-quarter adjusted loss.
Cenovus Energy said its losses narrowed for the three months to December from the previous quarter, as the oil industry rebounds from the COVID-19 hit.
BMO raised the target price on Pinnacle Renewable Energy to $11.30 from $9.00
Stephens raises target price on TFI International to $107.00 from $100.00
Scotiabank raises price target on Capital Power to $40.00 from $37.00
ON BAYSTREET
The TSX Venture Exchange popped 55.21 points, or 5.4%, Monday to 1,077.85
ON WALLSTREET
U.S. stock futures edged lower early Tuesday as the market appeared set to pull back from February’s blistering hot streak.
Futures for the Dow Jones descended 66 points, or 0.2%, to 31,202.
Futures for the S&P 500 fell 6.75 points, or 0.2%, at 3,901.
Futures for the NASDAQ Composite slipped 15.25 points, or 0.1%, to 13,667.50.
The move in futures comes after the three major indexes set another round of record highs on Monday. The Dow and S&P 500 have now advanced for six straight sessions, while the NASDAQ has finished in the green on five of those six days.
On Tuesday, investors will get more updates on the state of the economic recovery with the NFIB’s small business survey and the Labor Department’s job openings and labour turnover data. DuPont and Goodyear Tire will report their latest earnings before the market opens in New York.
There are also several major tech companies set to report earnings on Tuesday afternoon, including Twitter and Cisco.
Investors have been taking more risk and powering the strong rally this month as the COVID-19 vaccine rollout boosted optimism for a smooth reopening in the near future.
At the same time, lawmakers in Washington appear to be moving closer to another economic relief bill. House Democrats on Monday unveiled the details of a relief proposal that included $1,400 direct cheques with faster phase-outs than previous bills.
Overseas, in Japan, the Nikkei 225 gained 0.4%, while in Hong Kong, the Hang Seng index added 0.5%.
Oil prices handed back two cents to $57.95 U.S. a barrel.
Gold prices hiked $9.40 to $1,826.00 U.S.
