Baystreet.ca - Futures for Canada's main stock index edged up on low volumes on Tuesday, helped by higher commodity prices, while investors weighed the impact of a potential shift in political power after Prime Minister Justin Trudeau announced his plan to resign.
The TSX moved lower 73.75 points to close Monday at 24,999.79.
The Canadian dollar edged up 0.12 cents to 69.84 cents U.S.
March futures gathered 0.2% Tuesday.
In corporate news, GFL Environmental said it would sell its environmental services division to Apollo Global Management and BC Partners in a deal valued at $8 billion.
Economically speaking, Statistics Canada reported in November, Canada's merchandise exports increased 2.2% and imports rose 1.8%. As a result, Canada's merchandise trade deficit with the world narrowed from $544 million in October to $323 million in November.
Also in the lineup for today, the IVEY PMI is due from Western University for November (about 10 a.m. EST).
ON BAYSTREET
The TSX Venture Exchange retreated 5.1 points Monday to 618.49.
ON WALLSTREET
U.S. stock futures were little changed on Tuesday after the S&P 500 and NASDAQ Composite notched a second winning day.
Futures for the Dow Jones Industrials chugged ahead 69 points, or 0.2%, to 43,051.
Futures for the S&P 500 Index acquired 6.75 points, or 0.1%, to 6,026.50.
Futures for the tech-heavy NASDAQ hesitated 2.5 points to 21,742.
Shares of Nvidia (NASDAQ:NVDA), which closed at a record on Monday, moved 2.3% higher in early morning trading after the company unveiled new chips for desktop and laptop PCs that use the same Blackwell architecture. Tesla (NASDAQ:TSLA) slipped 2% in the premarket after Bank of America (NYSE:BAC) downgraded the electric vehicle maker given its high valuation and risks associated with its strategy.
Monday’s advances for the broad-market index and the NASDAQ were propelled by a surge in chip stocks after Foxconn (SS:601138) reported record fourth-quarter revenue. Another catalyst for stocks was a report by the Washington Post (NYSE:POST) that said President-elect Donald Trump’s tariff plan would be narrower than previously expected. Trump later disputed the report in a Truth Social post.
Major economic reports that will shape the market’s action loom ahead this week. The Job Openings and Labor Turnover Survey is due on Tuesday, while the ADP (NASDAQ:ADP) private payrolls report is slated for Wednesday. The main event awaits on Friday in the form of December’s nonfarm payrolls report.
In Japan, the Nikkei jumped 2%, while in Hong Kong, the Hang Seng index slid 1.2%.
Oil prices took on 48 cents to $74.04 U.S. a barrel.
Gold prices shone brighter $16.80 to $2,664.20 U.S. an ounce.