Fairly Quiet Day in Store for Stocks
Equities in Canada’s biggest centre were set for a slightly higher open on Tuesday tracking gains in crude oil prices, amid expectations that the worst was over for the global financial system.
The TSX raced higher 123.25 points to close Monday at 19,624.74.
March futures on the S&P/TSX index eked out a gain of 0.1% Tuesday morning.
The Canadian dollar fell back 0.07 cents to 73.17 cents U.S.
Among stocks, Lundin Mining said it would buy a majority stake in Chile's Caserones copper mine for about $950 million to expand the Canadian miner's exposure to the red metal crucial for the green energy transition.
J.P.Morgan raised its price target levels for Bombardier stating that the business jet maker had made considerable progress in shoring up its balance sheet, leaving it less vulnerable to the macro environment.
Crescent Point Energy said it would acquire Spartan Delta Corp's oil and liquids-rich Montney assets in Alberta for $1.7 billion in an all-cash deal.
The TSX Venture Exchange gave back 1.56 points to end Monday at 610.32.
Stock futures were little changed Tuesday after the S&P 500 posted its third positive session in a row and banking sector concerns continued to ease.
Futures for the Dow Jones Industrials poked ahead 30 points, or 0.1%, to begin Tuesday at 32,661.
Futures for the S&P 500 added 1.25 points to 4,008.50.
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Futures for the NASDAQ Composite dipped 1.5 points to 12,787.
A slew of positive news reports helped lift sentiment on Wall Street, including First Citizens BancShares’ agreement to buy large parts of Silicon Valley Bank. Further, various media reported that deposit flows out of small institutions and into banking behemoths have slowed.
Markets may also be taking news of First Citizens’ plan to buy a large chunk of SVB as a positive, he said.
Earnings season continues Tuesday with results from Micron Technology, Lululemon and Dave & Buster’s. Investors also await home price data and The Conference Board’s consumer confidence report.
The Federal Reserve’s Vice Chair for Supervision Michael Barr will appear before the Senate Banking Committee. He will speak on recent bank failures and federal regulators’ response.
In Japan, the Nikkei 225 poked up 0.2% Tuesday, while in Hong Kong, the Hang Seng soared 1.1%.
Oil prices progressed 32 cents to $73.13 U.S. a barrel.
Gold prices soared $4.80 to $1,958.60 U.S. an ounce.