June 2, 2023

DS Duke

Global Business In World

Futures Decline as Gold Slips

2 min read
Futures for Canada’s main stock index inched lower on Tuesday on weakness in bullion, while...

Futures for Canada’s main stock index inched lower on Tuesday on weakness in bullion, while solid earnings from Canadian banks and higher crude prices limited the losses.

The TSX Composite Index jumped 138.24 points to close Monday at 20,477.26

The Canadian dollar picked up 0.21 cents to 79.24 cents U.S.

September futures ditched 0.1{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389} Tuesday

Bank of Nova Scotia beat analysts’ estimates for third-quarter profit on Tuesday, driven by smaller-than-expected provisions and improvement in its Canadian and international banking divisions from last year’s sluggish performance.

Bank of Montreal beat analysts’ estimates for third-quarter profit on Tuesday, as it released reserves set aside to cover credit losses and saw growth across its business.

Canaccord Genuity raises the rating on Precision Drilling to buy from hold.

Canaccord Genuity also cut the target price on Total Energy Services to $6.00 from $6.50

Finally, Canaccord Genuity initiated coverage on Great Bear Royalties with speculative buy rating


The TSX Venture Exchange leaped 12.79 points, or 1.5{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}, Monday to 877.30.


Stock futures edged higher in morning trading Tuesday following a broad-based rally on news that U.S. regulators granted full approval for Pfizer-BioNTech’s COVID vaccine.

Futures for the Dow Jones Industrials gained 48 points, or 0.1{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}, to 35,329.

Futures for the S&P 500 eked up 5.5 points, or 0.1{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}, to 4,481.

Futures for the NASDAQ Composite Index grabbed 28.5 points, or 0.2{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}, to 15,333.

The second-quarter earnings season is winding down with more than 90{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389} S&P 500 companies having reported results. S&P 500 is poised to grow its earnings by 94.7{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389} year over year.

Best Buy reported strong quarterly earnings before the bell Tuesday. Nordstrom is set to report after the close.

There is little in the way of economic data before the bell, but investors will get a look at residential home sales at 10 am ET as well as the Richmond Fed’s business activity survey.

Overseas, in Japan, the Nikkei 225 index gained 0.9{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}, while in Hong Kong, the Hang Seng index hiked 2.5{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}.

Oil prices tacked on 92 cents to $66.56 U.S. a barrel.

Gold prices slid 60 cents to $1,805.70 U.S. a pound.

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