Futures for stocks in Toronto rose on Tuesday as sentiment was helped by better-than-expected trade data from China and some countries easing restrictions aimed at containing the coronavirus pandemic.
The S&P/TSX Composite Index stayed negative 90.69 points Monday, off its lows of the day, to 14,075.94.
The Canadian dollar slid 0.12 cents early Tuesday to 71.92 cents U.S.
June futures revived 1.2% early Tuesday.
Scotiabank cut the target price on Black Diamond Group to $1.75 from $2.75
Wells Fargo cut the target price on Enbridge to $51.00 from $52.00
CIBC cut the target price on Stella-Jones to $40.00 from $41.00
ON BAYSTREET
The TSX Venture Exchange gained 15.19 points, or 3.6%, Monday to 437.16
ON WALLSTREET
Stock futures rose in early morning trading Tuesday as investors grew more optimistic about the coronavirus outlook while bracing for the start of the corporate earnings season.
Futures for Dow Jones Industrials vaulted 336 points, or 1.5%, early Tuesday to 23,655.
Futures for the S&P 500 hiked 38.5 points, or 1.4%, at 2,797.75.
Futures for the NASDAQ Composite jumped 138 points, on 1.7%, to 8,465.25.
The corporate earnings season kicked off on Tuesday with JPMorgan Chase and Johnson and Johnson reporting their latest quarterly results, giving investors their first look at how devastating the hit to corporations has been from the pandemic.
JPMorgan Chase reported a big profit decline for the first quarter, but the stock rose 0.5% in the pre-market on record markets revenue. Johnson & Johnson shares gained nearly 3% on better-than-expected earnings.
Analysts expect S&P 500 earnings growth to decline 10.2% in the first quarter year-over-year. There is also an unusually wide range of estimates given the unprecedented uncertainty from the coronavirus.
For the first quarter, 88 negative earnings pre-announcements have been issued by S&P 500 corporations. A wave of major companies have already withdrawn their full-year guidance.
President Donald Trump said in a press conference Monday that growth in new coronavirus infections stabilized, providing “clear evidence” that mitigation is working in the country.
New York Gov. Andrew Cuomo struck an optimistic tone about the outbreak in New York State, the epicenter of the pandemic in the United States. He said Monday it appears that “the worst is over … if we continue to be smart going forward.” At least 10,000 people have died from the infection in the state.
The number of coronavirus cases continues to rise globally. Data from Johns Hopkins University shows there are more than 1.9 million cases around the world, with over 582,000 in the U.S.
Overseas, in Japan, the Nikkei 225 jumped 3.1% Tuesday, while in Hong Kong, the Hang Seng Index returned from a long weekend to gain 0.6%.
Oil prices skidded 54 cents to $21.87 U.S. a barrel.
Gold prices dropped 50 cents to $1,760.90 U.S. an ounce.