Canada’s main stock benchmark was set to extend its advance on Tuesday as an easing dollar helped lift gold prices, though losses in oil capped gains in index futures.
The S&P/TSX jumped 201.17 points, or 1.1%, to close Monday at 18,595.62.
September futures grew 0.6% Tuesday.
The Canadian dollar improved 0.22 cents to 76.50. cents U.S.
ON BAYSTREET
The TSX Venture Exchange gained 12.77 points, or 2.2%, Monday to 597.20.
ON WALLSTREET
Stock futures rose Tuesday as traders pored through more corporate earnings reports a day after the market failed to sustain a sharp rally.
Futures for the Dow Jones Industrials popped 204 points, or 0.7%, early Tuesday to 31,250.
Futures for the S&P 500 hiked 32.75 points, or 0.9%, to 3,866.50.
Futures for the NASDAQ Composite leaped 107.25 points, or 0.9%, to 12,014.50.
Johnson & Johnson reported better-than-expected quarterly earnings and revenue, although the pharmaceutical giant also cut its full-year revenue and profit guidance.
Hasbro’s revenue for the previous quarter came in a tad below expectations, while the toymaker’s earnings per share beat a Refinitiv forecast.
Netflix is set to report after the close Tuesday. Later in the week, Tesla, United Airlines, American Airlines, Snap, Twitter and Verizon are among those scheduled to report.
IBM shares fell 5% in the premarket, after the tech company lowered its forecast for cash flow, even while reporting earnings that beat Wall Street’s earnings and revenue estimates.
So far, roughly 8% of S&P 500 companies have reported calendar second-quarter earnings. Of those companies, about two-thirds have beaten analyst expectations
On Monday, the Dow shed more than 200 points to end the day in the red, reversing a morning rally fueled by solid earnings reports from Goldman Sachs and Bank of America. Oil broke above $100 a barrel, and bitcoin surged to the highest levels seen since mid-June.
Late in Monday’s session, stocks were dragged down on a Bloomberg report that Apple would slow hiring and spending on growth next year to prepare for a potential economic downturn. Shares of the iPhone maker ended the day about 2.1% lower.
The news came as traders weigh the potential for a U.S. recession, especially as inflation remains at multidecade highs and the Federal Reserve raises rates to curb said inflationary pressures.
In Japan, the Nikkei 225 gained 0.7% Tuesday. In Hong Kong, the Hang Seng lost 0.9%
Oil prices $1.75 to $100.85 U.S. a barrel.
Gold prices tacked on $2.50 to $1,712.70 U.S. an ounce.