(MENAFN - Baystreet.ca)
Futures for Canada's main stock index rose on Tuesday, as oil prices gained after more U.S. states eased lockdowns and the European Union sought to attract travelers.
The TSX progressed 104.83 points to close Monday at 19,213.16
The Canadian dollar moved upwards 0.09 cents Tuesday to 81.45 cents U.S.
June futures advanced 0.2% Tuesday.
Suncor Energy reported a first-quarter profit after a loss in the prior quarter, buoyed by a recovery in crude prices from the pandemic-led lows hit last year and cost cutting measures.
Nutrien, the world's biggest fertilizer producer by capacity, raised its full-year profit guidance and swung to a bigger-than-expected quarterly profit, as crop prices climb.
Stephens raised the price target on Restaurant Brands International to $80 from $70
CIBC raised the target price on IGM Financial to $49.00 from $45.00
On the economic slate, Statistics Canada reported that building permits rose 5.7% in March to $10.9 billion, reflecting a booming residential sector, and marking the third consecutive month of record-setting numbers.
Also in March, Canada's imports posted a significant increase of 5.5%, while exports edged up 0.3%. As a result, following two consecutive monthly trade surpluses, Canada's merchandise trade balance returned to a deficit position, moving from a surplus of $1.4 billion in February to a deficit of $1.1 billion in March.
The TSX Venture Exchange gained 3.4 points to 958.66.
Stock futures fell on Tuesday, with tech shares set to lead the decline. The pullback follows a strong start to May as investors on Monday piled into shares that would benefit the most from an economic reopening.
Futures for the Dow Jones Industrials slid 139 points, or 0.4%, to 33,862.
Futures for the S&P 500 dipped 23.25 points, or 0.6%, to 4,162.50.
Futures for the NASDAQ Composite index slumped 112.25 points, or 0.8%, to 13,675.50.
Apple, Tesla and Alphabet were all down 1% and at their session lows in the pre-market.
Countering that move were stocks rising on strong earnings. Pfizer shares rose 1% in pre-market trading after posting quarterly results that beat expectations and raising its 2021 guidance. CVS Health shares jumped 3% after the pharmacy chain and insurance company also raised its guidance.
United States Steel (NYSE:X) moved 3% higher in pre-market trading after Credit Suisse upgraded the stock to outperform from underperform, saying that the surge in prices for steel made it clear that the industry was in a 'super cycle.'
The move in futures occurred as investors jockeyed to pick which shares to ride and which shares to dump from here with the market at all time highs. Investors are torn between playing the reopening with shares like retailers or continuing to bet on Big Tech, which just reported blockbuster earnings.
States continued to relax pandemic restrictions amid the vaccine rollout. New York Gov. Andrew Cuomo announced that most capacity restrictions will be lifted across New York, New Jersey and Connecticut, while 24-hour subway service will resume in New York City later this month.
Florida Gov. Ron DeSantis signed an executive order on Monday that immediately suspends the state's remaining health restrictions.
Overseas, in Hong Kong, the Hang Seng index regained 0.7%, while markets in Japan were closed for holiday.
Oil prices gained 78 cents to $65.27 U.S. a barrel.
Gold prices fell $5.10 to $1,786.70 U.S.
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