Futures for stocks in Canada’s largest market rose on Tuesday, supported by firmer gold prices as worries over mounting coronavirus cases across the world boosted demand for the safe haven asset.
The S&P/TSX Composite Index moved downward 130.09 points Friday to conclude the week at 16,169.20, resulting in a weekly gain for the index of 172 points, or 1.08%.
September futures surged 1.1% Tuesday.
The Canadian dollar docked 0.08 cents Tuesday to 74.58 cents U.S.
Markets in Canada were shuttered for Civic Holiday.
Bausch Health Companies has agreed to pay $45 million, and three of former top executives also agreed to penalties, to settle charges of improper revenue recognition and misleading disclosures in U.S. regulatory filings, the U.S. Securities and Exchange Commission (SEC) said on Friday
ATB Capital cut the target price on Air Canada to $31.00 from $37.00
CIBC raised the target price on Dundee Precious Metals to $12.50 from $10.50
Jefferies initiated coverage of Pembina Pipeline the stock with a hold rating and a price target of $34.00
On the economic calendar, the Markit Canada Manufacturing Purchasing Managers Index was due out this morning (9:30 a.m. EDT)
ON BAYSTREET
The TSX Venture Exchange piled on 15.5 points, or 2%, Friday to finish the week at 721.24, for a weekly hike of 29.8 points, or 4.31%.
ON WALLSTREET
U.S. stock futures traded near the flatline early Tuesday morning after the major averages logged in sharp gains to start the new month on Monday.
Futures for Dow Jones Industrials dipped 81 points, or 0.3%, early Tuesday, to 26,477.
Futures for the S&P 500 slid 14 points, or 0.4%, at 3,274.50.
Futures for the NASDAQ dropped 43.5 points, or 0.4%, to 11,000.75.
The Dow closed Monday’s session up more than 200 points, or 0.9%. The S&P 500 rallied to its highest level since Feb. 21 and the NASDAQ closed at a record high.
Those gains came after Microsoft and Apple powered the S&P 500 tech sector to an all-time high, Microsoft rising 5.6% and Apple up 2.5%.
Tech has been by far the best-performing sector this year, rising more than 23% in that time period.
Sentiment on Wall Street also got a boost after Eli Lilly started a late-stage trial for its coronavirus antibody treatment. The trial will explore whether LY-CoV555 can prevent the virus from spreading between nursing home residents and staffers.
To be sure, investors continue to monitor negotiations over a new stimulus package as lawmakers struggle to make progress. House Speaker Nancy Pelosi said she, Senate Minority Leader Chuck Schumer and White House chief of staff Mark Meadows held “productive” discussions on
Monday, but added there are several issues still outstanding.
Overseas, in Japan, the Nikkei 225 surged 1.7% while in Hong Kong, the Hang Seng index gained 2%.
Oil prices sank 66 cents to $40.35 U.S. a barrel.
Gold prices took on four dollars to $1,990.30.