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Futures Make Gains Tuesday

Scotiabank, BMO in Focus

Futures for Canada's main stock index edged higher on Tuesday, tracking gains in base and precious metal prices, while investors kept an eye out for big bank earnings in Canada due this week.

The TSX Composite slipped 88.84 points to finish the session at 21,324.31.

March futures were up 0.2% Tuesday.

The Canadian dollar took on 0.06 cents to 74.13 cents U.S.

Bank of Nova Scotia on Tuesday reported a rise in first-quarter profit, as the higher interest rates helped the lender earn more on loans.

However, Bank of Montreal reported a fall in its first-quarter adjusted profit, as the bank set aside a large reserve against potential credit losses in a turbulent economy.

The Royal Bank of Canada, Toronto-Dominion Bank and the National Bank of Canada, among others, are also set to report their quarterly results in the week.


The TSX Venture Exchange nicked higher 2.09 points Monday to 550.23.


Stock futures were flat Tuesday as the market rally took another breather, with investors looking ahead to key data slated for release later this week.

Futures for the Dow Jones Industrials gained 24 points, or 0.1%, to 39,140.

Futures for the S&P 500 edged higher 7.25 points, or 0.1%, at 5,087.50.

Futures for the NASDAQ moved forward 57 points, or 0.3%, to 18.034.

Macy’s and Lowe’s dropped more than 2% each after offering weak guidance. On the other hand, Zoom Video gained 12% and Hims & Hers Health surged 21%, following earnings reports that exceeded Wall Street expectations.

Those moves follow a losing day on Wall Street that pulled the Dow and S&P 500 off record highs seen last week. The Dow was down 0.16% and S&P 500 slipped 0.38%, while the technology-heavy NASDAQ Composite inched lower by 0.13%.

Looking ahead, investors will watch Tuesday for economic data on durable goods, housing and consumer confidence.

In Japan, the Nikkei eked ahead six points, while in Hong Kong, the Hang Seng index advanced 0.9%.

Oil prices faded 0.16 cents to $77.42 U.S. a barrel.

Gold prices advanced $8.70 to $2,047.60 U.S. an ounce.