Global markets were mostly higher on Tuesday, with Asian and European stocks rallying on an overnight boost for Wall Street tech stocks.

Wall Street futures were mixed after Monday’s rally, while TSX futures were in the green.

In Canada, investors are getting results from the first of the big banks with the Bank of Nova Scotia reporting earnings. Results are also expected from technology firm Descartes Systems Group Inc.

On Wall Street, markets are watching earnings from Salesforce Inc. and Marvell Technology Inc.

Both the S&P 500 and Nasdaq futures had hit new record peaks on Monday, helped by strong gains for most of the so-called Magnificent 7 high-tech stocks, including a 3-per-cent rally in both Facebook parent Meta Platforms and Tesla.

“Equity hedges have been unwound, which speaks to a market confident of a grind higher into year-end,” said Chris Weston, head of research at Pepperstone, referring to the bull run for U.S. equities, and particularly the “MAG7.”

“Microsoft and Meta would be my picks that lead us higher from here.”

Investors were also watching for JOLTS job openings data – a preferred gauge of U.S. Fed officials – expected later on Tuesday, ahead of monthly payrolls figures on Friday.

Overseas, the pan-European STOXX 600 was up 0.36 per cent in morning trading. Britain’s FTSE 100 rose 0.64 per cent, Germany’s DAX gained 0.13 per cent. France’s CAC 40 also rose 0.27 per cent, despite political turmoil in the country with the government on the brink of collapse.

In Asia, Japan’s Nikkei gained 1.91 per cent, while Hong Kong’s Hang Seng gained 1 per cent.

Oil prices climbed nearly 1 per cent on Tuesday as traders awaited the outcome of an OPEC+ meeting on Dec. 5.

Brent crude futures rose 0.92 per cent to US$72.49 a barrel while West Texas Intermediate crude climbed 0.93 per cent US$68.73.

OPEC+ is likely to extend its latest round of output cuts until the end of the first quarter, according to sources.

“Given a rise in compliance with production cuts from Russia, Kazakhstan, and Iraq, the lower Brent price level, and indications in press reports, we assume an extension of OPEC+ production cuts till April,” Goldman Sachs analysts said in a note.

OPEC+, which accounts for about half of the world’s oil production, has been looking to gradually unwind production cuts through 2025.

However, the prospect of an oil market surplus has exerted downward pressure on prices, with Brent trading nearly 6 per cent below its average for December 2023.

Gold ticked up to US$2,643, following its retreat from an all-time high of US$2,790.15 on Oct. 1.

The Canadian dollar strengthened against its U.S. counterpart.

The day range on the loonie was 71.10 US cents to 71.38 US cents in the early premarket period. The Canadian dollar was down about 1.51 per cent against the greenback over the past month.

The U.S. dollar index, which weighs the greenback against a group of currencies, was down 0.13 per cent to 106.31.

The euro gained 0.25 per cent to US$1.0526. The British pound increased 0.07 per cent to US$1.2665.

In bonds, the yield on the U.S. 10-year note was up slightly at 4.214 per cent ahead of the North American opening bell.

(10 a.m. ET) U.S. Job Openings & Labor Turnover Survey for October.

With Reuters and The Canadian Press