Futures for Canada’s main stock index rose on Tuesday, tracking gains in commodity prices, while investors kept a close eye on the U.S. inflation data for more cues on the Federal Reserve’s interest rate decision.
The TSX was positive 29.25 points to conclude Monday at 19,921.31.
June futures on the S&P/TSX index climbed 0.3% Tuesday morning.
The Canadian dollar gained 0.06 cents to 74.88 cents U.S.
In company news, Nippon Steel remains interested in Teck Resources’ steelmaking coal assets, a spokesperson said on Tuesday, adding that talks continue despite Glencore’s latest offer for the Canadian miner’s coal business.
ON BAYSTREET
The TSX Venture Exchange recovered 3.93 points Monday to 614.25.
ON WALLSTREET
Stock futures ticked higher Tuesday after the S&P 500 and NASDAQ Composite each notched their highest close since April 2022. Wall Street also looked ahead to May’s consumer price index, out Tuesday.
Futures for the Dow Jones Industrials acquired seven points to 34,396.
Futures for the S&P 500 picked up four points, or 0.1%, to 4,392.
Futures for the NASDAQ Composite zoomed 30.5 points, or 0.2%, to 15,017.25.
Oracle shares jumped 4% in pre-market trading after topping Wall Street’s estimates for the fiscal fourth quarter. The company posted adjusted earnings of $1.67 per share on revenue of $13.84 billion.
Ahead of the rate decision slated for Wednesday, market attention turns toward May’s consumer price index report. Economists surveyed by Dow Jones expect inflation to show signs of easing, forecasting 0.1% month-over-month rise in prices, versus a 0.4% increase in April. On a yearly basis, economists expect a 4% jump.
In Japan, the Nikkei 225 gained 1.8% Tuesday, topping the 33,000-point mark for the first time in 33 years, while in Hong Kong, the Hang Seng index took on 0.6%.
Oil prices gained $1.28 to $68.40 U.S. a barrel.
Gold prices hiked $9.60 to $1,979.30. U.S. an ounce.