Futures Eke on Easing of Lockdowns - InvestingChannel

Futures Eke on Easing of Lockdowns

Futures for Canada’s main stock index edged up on Monday as global economic stimulus measures and news of easing lockdowns from some countries pulled investors back to riskier assets.

The S&P/TSX Composite Index fell 37.07 points to finish Thursday at 14,251.09.

The Canadian dollar moved ahead 0.26 cents early Monday to 70.11 cents U.S.

June futures advanced 0.5% Monday.

Canada’s top medical official said on Sunday she was encouraged the coronavirus death toll was slowing while Prime Minister Justin Trudeau said isolation measures to fight the outbreak should remain for the time being.

Trudeau also said plans underway to restart the economies of Canadian provinces do not depend on presuming people who become infected with coronavirus develop immunity to it.

Canaccord Genuity raised the target price on Altagas to $18.00 from $16.00

CIBC raised the target price on Cargojet to $140.00 from $130.00

Canaccord Genuity raised the target price on Gibson Energy to $23.00 from $22.00

ON BAYSTREET

The TSX Venture Exchange powered ahead 6.13 points, or 1.3%, Friday to 462.64, jumping 17.8 points, or nearly 4%, on the week.

ON WALLSTREET

Stocks futures were higher in early Monday morning trading as investors mulled the possibility of re-opening the economy after the coronavirus outbreak.

Futures for Dow Jones Industrials shot ahead 205 points, or 0.9%, early Monday to 23,863.

Futures for the S&P 500 jumped 24.25 points, or 0.9%, at 2,854.25

Futures for the NASDAQ Composite hiked 108.50 points, or 1.2%, to 8,877.50.

New York Gov. Andrew Cuomo said Sunday the state plans to re-open its economy in phases. The first phase, Cuomo said, would involve New York’s construction and manufacturing sectors. As part of the second phase, businesses will need to design plans for a re-opening that include social distancing practices and having personal protective equipment available.

Cuomo also noted that coronavirus-related hospitalizations have fallen for 14 days and that virus deaths in New York hit a near one-month low. Those comments came as Georgia started to re-open its economy.

Stocks that would benefit most from an economic reopening led the way higher on Monday morning. American Airlines, MGM Resorts and Carnival jumped about 3% in pre-market trading. Gap and Kohl’s gained more than 2%.

Another drop in oil prices on Monday kept stocks’ gains in check. U.S. West Texas Intermediate futures were down more than 16% at $14.13 per barrel.

Still, coronavirus shelter-in-place orders and social distancing guidelines remain Wall Street’s number-one concern as the rules keep thousands of businesses closed. Officials have confirmed nearly three million Covid-19 cases worldwide with over 900,000 in the U.S., according to data from Johns Hopkins University.

Overseas, in Japan, the Nikkei 225 jumped 2.7% Monday, while in Hong Kong, the Hang Seng Index popped 1.9%.

Oil prices fell back $3.71 to $13.23 U.S. a barrel.

Gold prices sank $2.60 to $1,733 U.S. an ounce.