Futures Progress On Iran Peace Hopes

(MENAFN- Baystreet)
Futures linked to Canada's main stock index inched higher on Tuesday, with investors hoping a resolution to the Middle East conflict may yet be reached after reports that U.S.-Iran talks could resume this weekend, even as Washington blockaded Iranian ports.
The TSX Composite Index popped 301.68 points to close Monday at 33,879.24.
June futures nosed ahead 0.1% Tuesday.
The Canadian dollar gained 0.18 cents to 72.71 cents U.S.
ON BAYSTREET
The TSX Venture Exchange hiked 30.46 points, or 3.1%, to end Monday's session at 1,022.68
ON WALLSTREET
Stock futures were little changed Tuesday, following a strong session in which traders shrugged off a breakdown in peace talks between the U.S. and Iran, yet were optimistic that a deal between the two countries was still possible. Traders also navigated a slew of fresh corporate earnings results.
Futures for the Dow Jones Industrials subsided 26 points, or 0.1%, to 48,399
Futures for the S&P 500 nicked up 8.5 points, or 0.1%, to 6,931.25.
Futures for the NASDAQ soared 88 points, or 0.4%. to 25,631.50.
Wall Street once again proved resilient in the face of increased geopolitical uncertainty. The major averages posted solid gains to start the week even after U.S.-Iran negotiations over the weekend broke down.
President Donald Trump also said Monday that,“We've been called by the other side.” He also said:“They'd like to make a deal very badly.”
Investors on Monday were also able to shrug off a jump in oil prices. West Texas Intermediate crude futures settled up 2.6% at $99.08 a barrel, while Brent crude advanced more than 4% to $99.36. Energy prices rose as the U.S. began a blockade in the Strait of Hormuz.
To be sure, upside on Tuesday was kept in check after the release of more corporate earnings. JPMorgan Chase reported better-than-expected Q1 figures, but it cut its net interest income guidance.
That sent the stock down 1.6%. Wells Fargo also posted disappointing numbers, pushing the stock down more than 2%.
In Japan, the Nikkei 225 popped 2.4% Tuesday, while in Hong Kong, the Hang Seng gained 0.8%
Oil prices slid $1.61 to $97.47 U.S. a barrel.
Gold prices acquired $32.00 to $4,799.40 U.S an ounce.

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