Futures for Canada's main stock index rose on Tuesday, supported by gains in crude and bullion prices, as investors awaited data due later in the session for cues on the health of the economy.
The S&P/TSX Composite Index ended Monday up 35.85 points to 17,944.88.
The Canadian dollar nicked ahead 0.14 cents to 78.58 cents U.S.
March futures gained 0.2% Tuesday.
CIBC initiates coverage on Secure Energy Services with outperform and PT of $4.00
Canaccord Genuity cuts the rating on Trevali Mining to sell from hold
Barclays raises target price on Alimentation Couche-Tard to $42.00 from $37.00
On the economic beat, Statistics Canada reported wholesale trade grew for the seventh consecutive month in November—up 0.7% to an all-time high of $67.4 billion.
The agency goes on to say five of seven sub-sectors reported stronger sales, led by the machinery, equipment and supplies sub-sector and the building material and supplies sub-sector.
Also, manufacturing sales decreased for the first time in three months, declining 0.6% to $53.7 billion in November, driven mainly by the aerospace product and parts, motor vehicle, and motor vehicle parts industries.
ON BAYSTREET
The TSX Venture Exchange hiked 12.33 points, or 1.4%, to close Monday at 920.33.
ON WALLSTREET
U.S. stock futures jumped on Tuesday as Wall Street looked to bounce back from a rough week. The gains came ahead of President-elect Joe Biden’s inauguration on Wednesday with expectations for another big stimulus and faster pace of vaccine distribution ahead.
Futures for the Dow Jones Industrial ballooned 189 points, or 0.6%, to 30,909.
Futures for the S&P 500 tacked on 25.25 points, or 0.7%, at 3,787.50.
Futures for the NASDAQ Composite leaped 101.5 points, or 0.8%, to 12,903.75.
Markets south of the border were closed Monday for Martin Luther King Day.
Shares of Goldman Sachs jumped 2.7% in pre-market trading after the bank topped expectations for fourth-quarter profit and revenue. The blowout results came on the back of strong performance from its equities traders and investment bankers.
Bank of America dipped more than 1% in pre-market after the bank posted quarterly revenue that missed expectations. Earnings came in slightly ahead of estimate, however.
The move in futures comes after a slump for equities last week. The S&P 500 lost 1.5% for its first weekly loss in three, while the Dow doffed 0.9% and the NASDAQ Composite slid 1.5%, both posting their first negative week in five.
Stocks that would benefit most from another big stimulus and faster vaccine rollout led the gains in pre-market trading. Shares of Norwegian Cruise Line Holdings were up 3%. Boeing was up 2.8% in pre-market trading. American Airlines was up 2.5% in early trading.
Overseas, in Japan, the Nikkei 225 raced upward 1.4%, while in Hong Kong, the Hang Seng index popped 2.7%.
Oil prices took on 14 cents to $52.50 U.S. a barrel.
Gold prices leaped $7.80 to $1,837.70 U.S.
