Baystreet.ca - In a holiday-shortened week, futures linked to Canada’s main stock index edged higher on Tuesday as investors prepared for key economic data releases later in the day.
The TSX Composite Index was belted 215.28 points to end Friday at 25,483.23. The index was still ahead, however, by 40 points, or 0.16% on the week.
Futures were up 0.2% early Tuesday.
The Canadian dollar faded 0.06 cents to 70.43 cents U.S. early Tuesday.
In corporate news, a Bombardier (TSX:BBDb) CRJ900 operated by Delta Air Lines (NYSE:DAL) overturned upon landing at Toronto Pearson (LON:PSON) Airport on Monday amid windy conditions following a snowstorm, resulting in injuries to 18 of the 80 passengers.
StatsCan data revealed that foreign investors purchased a net $14.37 billion in Canadian securities in December.
Meanwhile, Canadian investors acquired $3.8 billion of foreign securities, down from a $17.6 billion investment in November.
Housing starts in January totaled 239,700, compared to 232,500 in the prior-year month.
Elsewhere on the economic front, CREA Stats for January were due about 8:30 a.m. EST.
The Consumer Price Index (CPI) rose 1.9% on a year-over-year basis in January, up from a 1.8% increase in December. On a seasonally-adjusted monthly basis, the CPI rose 0.1% in January.
Markets on both sides of the border were closed Monday, for Family Day in Canada, Presidents Day in the States.
ON BAYSTREET
The TSX Venture Exchange faded 7.66 points, or 1.2%, to 640.26. On the week, however, the index hung onto nearly one point, or 0.15%.
ON WALLSTREET
U.S. stock futures rose early Tuesday to start out a shortened trading week, as investors kept an eye on Washington for developments on the global trade front. Futures for the Dow Jones Industrials advanced 67 points, or 0.2%, to 44,702
Futures for the S&P 500 claimed 21.75 points or 0.4%, to 6,153.75.
Futures for the tech-heavy NASDAQ sprang up 91.75 points, or 0.4%, to 22,288.
Wall Street is coming off a winning week for the major averages. The Dow Jones Industrial Average gained roughly 0.6% last week, while the S&P 500 advanced 1.5%. The NASDAQ Composite rose 2.6%.
Much of last week’s advance came Thursday after President Donald Trump’s plan for reciprocal tariffs on countries with levies on U.S. goods soothed investors who worried they would be more stringent.
Stocks have been choppy to start the year but, even with ongoing concerns around trade and inflation, a look at the major averages show that they are not too far off their recent highs as investors scan for a catalyst for the next leg higher.
The 30-stock Dow and the NASDAQ are about 1% off their recent records, while the S&P 500 is just 0.2% off its own milestone.
Earnings season continues Tuesday. Occidental Petroleum (NYSE:OXY) and Arista Networks (NYSE:ANET) are among the companies set to report results.
In Japan, the Nikkei 225 backtracked 0.8% Tuesday, while in Hong Kong, the Hang Seng zoomed 1.6%.
Oil prices took on 52 cents to $71.26 U.S. a barrel.
Gold prices $26.50 to $2,927.20 U.S. an ounce.