Canadian stock futures inched higher on Tuesday as Wall Street peers rose with U.S. mid-term elections underway, although weaker commodity prices limited gains.
The TSX Composite gained 96.1 points to conclude Monday at 19,545.91, its highest level in seven weeks as strength in corporate earnings helped offset worries about an uncertain economic outlook.
December futures poked up 0.2% on Tuesday.
The Canadian dollar was up 0.12 cents to 74.13 cents U.S.
Forecasts are for a Republican victory, at least in the
House of Representatives, and a likely gridlock in Congress, which is considered a positive for stock markets.
ON BAYSTREET
The TSX Venture Exchange inched backward 0.17 points Monday to 593.53
ON WALLSTREET
Stock futures rose Tuesday following a winning day for markets as investors looked ahead to U.S. midterm elections.
Futures for the Dow Jones Industrials grabbed 88 points, or 0.3%, to 32,926.
Futures for the S&P 500 advanced 8.75 points, or 0.2%, to 3,824.
Futures for the NASDAQ Composite acquired 51 points, or 0.5%, to 11,065.25.
Shares of Lyft fell nearly 20% pre-market while Take-Two Interactive and Tripadvisor slumped more than 18% each after reporting disappointing quarterly results.
Earnings season continues this week. On Tuesday, Lordstown Motors, Lucid Group, Walt Disney and AMC Entertainment all report their latest quarterly results.
Investors are awaiting Tuesday’s mid-term election results. They will determine which party controls Congress and steer future policy and spending. Market participants will watch whether Republicans take back the House of Representatives, the Senate or both.
In Japan, the Nikkei 225 gained 1.3%, while in Hong Kong, the Hang Seng Index dipped 0.2% Tuesday.
Oil prices dipped 39 cents to $91.40 U.S. a barrel.
Gold prices subtracted $4.70 to $1,675.80 U.S. an ounce.