TSX Headed for Moderate Opening After Record Three-Day Run; gold and oil stocks limit declines -April 2, 2024 at 1:41 PM

TSX Headed for Moderate Opening After Record Three-Day Run; gold and oil stocks limit declines -April 2, 2024 at 1:41 PM
TSX Headed for Moderate Opening After Record Three-Day Run; gold and oil stocks limit declines -April 2, 2024 at 1:41 PM
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Futures for Canada’s main stock index were subdued on Tuesday as investors took a breather after the index hit record highs in the past three sessions, while an upward trend in commodity prices kept declines in check.

June futures on the S&P/TSX index were trading flat at 7:01 am ET (11:01 GMT).

Across the border, U.S. stock futures fell, hurt by steep losses in health insurer stocks, as investors waited for economic data and commentary from Federal Reserve officials for hints on the timing of rate cuts. [.N]

Monthly U.S. factory orders and job vacancy data are due at 10 a.m. ET and could provide some insight into the health of the U.S. economy and guide expectations for rate cuts later this year.

Investors will also pay attention to comments from Fed speakers later in the day.

In commodities news, spot gold prices hit a new all-time high on demand from momentum-tracking funds, while copper ticked higher on concerns about tighter commodity supply, a production cut and positive demand prospects in China. [GOL/] [MET/L]

Global oil benchmark Brent rose above $88 a barrel for the first time since October, as oil supplies were once again threatened by rising global geopolitical tensions. [O/R]

Materials-related stocks and the energy sector are poised to extend their rallies into a fourth session.

The Toronto Stock Exchange’s S&P/TSX composite index finished 0.1% higher at 22,185.25 on Monday, surpassing Friday’s record high, boosted by commodity stocks. [TO]

In business news, cannabis companies are on the radar after the Florida Supreme Court let voters decide the fate of recreational marijuana use in the US state through a referendum in November.

U.S. shares of Canopy Growth Corp and Aurora Cannabis rose about 6% in pre-market trading.

commodities at 7:01 am ET

Gold futures: $2,272.1; +1.2% [GOL/]

US crude oil: $85.29; +1.9% [O/R]

Brent crude: $88.92; +1.7% [O/R]

The article is in Dutch

Tags: TSX Headed Moderate Opening Record ThreeDay Run gold oil stocks limit declines April

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