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Futures Stage Recovery

Jul 20, 2021 (Baystreet.ca via COMTEX) --

Futures for Canada's main stock index rose on Tuesday, after the benchmark index touched a two-month low in the previous session, helped by firmer commodity prices.

TSX Composite index dropped 259.09 points, or 1.3%, to close Monday at 19,726.45.

The Canadian dollar was down 0.05 to 78.39 cents U.S.

September futures recovered 0.2% Tuesday.

National Bank of Canada raised the rating on Bombardier to outperform from sector perform.

CIBC cut the rating on Great-West Lifeco to neutral from outperform.

CIBC cut the target price on Western Forest Products to $2.60 from $2.90.

On the economic slate, Statistics Canada's new housing price index was not available at press time.

Canada on Monday said it would allow fully vaccinated U.S. tourists into the country starting from Aug. 9 after the COVID-19 pandemic forced an unprecedented 16-month ban that many businesses complained was crippling them.

ON BAYSTREET

The TSX Venture Exchange hurtled earthward 37.4 points, or 4.1%, Monday to 870.91.

ON WALLSTREET

Stock futures rebounded slightly on Tuesday after concerns about the spread of COVID-19's delta variant caused investors to dump equities in the prior session.

Futures for the Dow Jones Industrials moved higher 204 points, or 0.6%, to 34,043.

Futures for the S&P 500 improved 22 points, or 0.5%, to 4,273.25.

Futures for the NASDAQ Composite Index jumped 65.25 points, or 0.5%, to 14,606.

Wall Street suffered a sharp selloff Monday as investors feared that the fast-spreading delta coronavirus variant could hinder the economic recovery. The blue-chip Dow tumbled more than 700 points, or 2.1%, to post its worst day since October 28 of last year. The S&P 500 fell 1.6% and the NASDAQ dropped about 1.1%.

Even after Monday's drop, the S&P 500 is just 3.1% below its record hit last week. Additionally, while the equity benchmark dipped below its 50-day moving average during Monday's rout, it ultimately closed above that key technical level, offering some hope to traders looking for a rebound on Tuesday.

Many of the stocks that were hit the hardest on Monday were bouncing in the premarket Tuesday. Shares of United Airlines bounced up 2% in early trading after losing 5% on Monday. American Airlines and Delta Air Lines were also bouncing.

Royal Caribbean jumped 2% in pre-market trading after falling 4% on Monday. Carnival was also bouncing.

Bank shares were slightly bouncing as investors were still eyeing bond yields under pressure. JPMorgan was up 0.6% in pre-market trading after losing 3% in the prior session. Bank of America added 0.8% in pre-market trading.

IBM shares jumped 3% in extended trading Monday after the enterprise technology and services provider reported second-quarter results that topped expectations and showed its strongest revenue growth in three years.

Netflix shares were about 0.5% higher in the pre-market ahead of the company's second-quarter earnings after the bell Tuesday.

Overseas, in Japan, the Nikkei 225 sank 1% Tuesday, while in Hong Kong, the Hang Seng index descended 0.8%.

Oil prices regained 28 cents to $66.70 U.S. a barrel.

Gold prices moved higher $8.30 to $1,817.50 U.S. a pound.

comtex tracking

COMTEX_390108631/2559/2021-07-20T08:57:21

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