Oct 29 (Reuters) – Futures tied to Canada’s main stock index rose on Tuesday on higher crude and precious metal prices, while investors awaited a deluge of major corporate earnings from the United States.
December futures on the S&P/TSX index were up 0.2% at 6:03 a.m. ET (10:03 GMT).
Energy shares could rebound as oil prices gained after tumbling 6% on Monday, helped by a U.S. plan to buy oil for the Strategic Petroleum Reserve.
The materials sector could take its cues from gold prices that hovered near an all-time high on a softer U.S. dollar and election jitters in the country.
The TSX composite index (.GSPTSE), ended higher on Monday in a broad rally led by consumer goods, healthcare and financials sectors, which helped snap a five-day losing streak.
Looking ahead, Bank of Canada Governor Tiff Macklem is expected to appear at the House of Commons Standing Committee on Finance at 03:30 p.m. ET.
Across the border, investors kept their eyes on Google parent Alphabet’s (GOOGL.O), quarterly results later in the day, commencing this week’s earnings for five members of the so-called “Magnificent Seven” group.
September U.S. JOLTS job openings report, due later on Tuesday, will allow investors to gauge the labor market’s strength, setting the stage for monthly nonfarm payrolls data on Friday.
Adding to the anticipation was the upcoming U.S. presidential election, which is in its final stretch, with betting markets favoring Donald Trump’s victory.
Wall Street closed higher on Monday ahead of a packed week of earnings from mega cap companies and the final stretch before the November 5th presidential election.
In corporate news, the U.S. Department of Energy finalized a $2.26 billion loan for Lithium Americas (LAC.TO), on Monday to build Nevada’s Thacker Pass lithium mine.
COMMODITIES
Gold : $2,751.6; +0.3%
US crude : $67.81; +0.6%
Brent crude : $71.89; +0.7%
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($1 = 1.3879 Canadian dollars)
Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya Biswas
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