Futures for Canada’s main stock index rose on Tuesday, bouncing back after the index tumbled in the previous session, boosted by gains in commodity prices.
June futures were up 1% Tuesday.
The Canadian dollar dished off 0.07 cents to 72.21 cents U.S.
The Toronto Stock Exchange fell on Monday, snapping its five-day winning streak, as investors were jittery after U.S. President Donald Trump’s scathing attack on Federal Reserve Chair Jerome Powell for not cutting interest rates.
The president called Powell a “major loser” in a social media post on Monday, which raised concerns about the independence of the central bank.
In corporate news, a U.S. appeals court on Monday revived a proposed data privacy class action against Shopify.
Economically speaking, Statistics Canada was scheduled to reveal its March Industrial Product Price Index and Raw Materials Price Index. Those reports were unavailable at publishing time.
ON BAYSTREET
The TSX Venture Exchange popped 8.83 points, or 1.4%, Wednesday to 638.87.
ON WALLSTREET
Stock futures rose Tuesday as traders looked to recover following a rough day on Wall Street, as President Donald Trump’s latest criticism of Federal Reserve Chair Jerome Powell hurt sentiment.
Futures for the Dow Jones Industrials jumped 296 points, or 0.8% to 38,624.
Futures for the S&P 500 index gained 37.75 points to 5,222.50
Futures for the NASDAQ Composite hiked 145.75 points, or 0.8%, to 18,068.
Deutsche Bank trimmed its price target on Nvidia, citing the new restrictions on chip shipments to China that led to a $5.5 billion charge for the company.
Analyst Ross Seymore lowered his price target to $125 per share from $135, saying in a note to clients that the restrictions could have meaningful impact on earnings.
Tuesday’s action comes on the heels of a sharp sell-off. The Dow dropped more than 970 points in the regular session, while the S&P 500 and NASDAQ Composite both slid more than 2%. Monday marked the fourth straight losing session for the Dow and NASDAQ.
Investors grew increasingly uncertain after Trump posted on Truth Social that the economy would slow if the Fed did not cut interest rates. In the latest of multiple recent posts calling out Powell by name, he called the Fed chief “Mr. Too Late” and a “major loser.”
Trump hinted at Powell’s “termination” last week, an unprecedented action that White House economic advisor Kevin Hassett said the president’s team was currently studying. Powell has said he cannot be fired under law and intends to serve through the end of his term in May 2026.
Monday’s steep selloff comes amid a turbulent period for stocks since Trump’s initial announcement of “reciprocal” tariffs rocked financial markets. The three major indexes have all tumbled more than 9% since Trump first unveiled his plan for levies on April 2.
In Japan, the Nikkei 225 index fell 0.2% Tuesday, while in Hong Kong, the Hang Seng gained 0.8%.
Oil prices rallied 84 cents to $63.92 U.S. a barrel.
Gold prices shone brighter $43.30 to $3,468.60 U.S. an ounce.