July 9 (Reuters) - Futures linked to Canada's main stock index rose on the back of metal prices on Tuesday, while investors awaited U.S. Federal Reserve Chair Jerome Powell's congressional testimony on monetary policy later in the day. The S&P/TSX 60 futures were up 0.25% by 06:28 a.m. ET (1028 GMT). The Toronto Stock Exchange's materials sector was set to re Oil futures , dipped as fears over supply disruption eased after Hurricane Beryl, which hit major refineries along with the U.S. Gulf Coast, caused minimal impact. Markets will be heavily focussed on Powell's two-day monetary policy testimony before the Senate Banking Committee, starting at 10 a.m. ET (1400 GMT), which can help investors gauge the Fed's rate-cut path. Following last week's softer jobs data, market participants are now pricing in a 77% chance of a rate cut by the U.S. central bank in September. The main macro event for the markets this week will be the U.S. consumer prices data due on Thursday, which can help assess the trajectory of inflation in the world' biggest economy. Wall Street futures were also up on Tuesday after the S&P 500 (.SPX), opens new tab and Nasdaq (.IXIC), opens new tab touched record closing highs in the previous session. In Canada, fears of the economy slipping into recession advanced after the latest data showed that the unemployment rate rose to a 29-month high in June. Traders are now pricing in a 65% chance of another cut by the Bank of Canada, which already trimmed interest rates last month. In corporate news, Cenovus Energy (CVE.TO), opens new tab said it is demobilizing some staff at its Sunrise oil sands project in northern Alberta as a precaution due to the evolving wildfire situation in the area.

Iran's President-elect Masoud Pezeshkian reiterated Iran's anti-Israel stance on Monday, saying resistance movements across the region will not allow Israel's "criminal policies" against Palestinians to continue. Pezeshkian told Hassan Nasrallah, the leader of Iran-backed Lebanese Hezbollah, that "the Islamic Republic will always support the people of the region in their resistance against the illegal Zionist regime." This suggests that the incoming government will not change its regional policy under the relatively moderate Pezeshkian, who defeated his hard-line opponent in a runoff election last week. Pezeshkian was quoted as saying by Iranian media, "I am sure that the regional resistance movement will not allow this regime to continue its militant and criminal policies against the oppressed people of Palestine and other countries in the region." The Shiite Muslim Hezbollah and the Palestinian Sunni Muslim Hamas are both part of the local "resistance axis" faction organization supported by Iran. Israel did not immediately comment on Pezeshkian's speech. Hamas led an attack on southern Israel on October 7. According to Israeli statistics, Hamas killed 1,200 people and kidnapped about 250 hostages, triggering the Israeli-Palestinian war. The Gaza Health Ministry said that the Israeli military attack killed more than 38,000 Palestinians and injured nearly 88,000 people.

CAIRO/GAZA, July 6 (Reuters) - At least 16 people were killed in an Israeli strike on a school sheltering displaced Palestinian families in central Gaza on Saturday, the Palestinian health ministry said, in an attack Israel said had targeted militants. The health ministry said the attack on the school in Al-Nuseirat killed at least 16 people and wounded more than 50. The Israeli military said it took precautions to minimize risk to civilians before it targeted the gunmen who were using the area as a hideout to plan and carry out attacks against soldiers. Hamas denied its fighters were there. At the scene, Ayman al-Atouneh said he saw children among the dead. "We came here running to see the targeted area, we saw bodies of children, in pieces, this is a playground, there was a trampoline here, there were swing-sets, and vendors," he said. Mahmoud Basal, spokesman of the Gaza Civil Emergency Service, said in a statement that the number of dead could rise because many of the wounded were in critical condition. The attack meant no place in the enclave was safe for families who leave their houses to seek shelters, he said. Al-Nuseirat, one of Gaza Strip's eight historic refugee camps, was the site of stepped-up Israeli bombardment on Saturday. An air strike earlier on a house in the camp killed at least 10 people and wounded many others, according to medics. In its daily update of people killed in the nearly nine-month-old war, the Gaza health ministry said Israeli military strikes across the enclave killed at least 29 Palestinians in the past 24 hours and wounded 100 others.

Apple could be on track to reach a $4 trillion market capitalization with the artificial intelligence (AI) iPhone 16 upgrade cycle coming, Wedbush analysts said. The analysts said the iPhone 16 supercharged with AI could bring a "golden upgrade cycle" for Apple. Apple's recently announced iOS 18 with Apple Intelligence and OpenAI partnership are also expected to create monetization opportunities and increase share value. Apple (AAPL) could be on the path to a $4 trillion market capitalization as an iPhone upgrade cycle approaches, driven by the iPhone 16 supercharged with artificial intelligence (AI) capabilities, according to Wedbush analysts. 1 Apple's recently announced iOS 18 with Apple Intelligence and OpenAI partnership are also expected to create monetization opportunities and increase share value. AI iPhone 16 Upgrade Cycle Coming Soon Wedbush analyst said that an AI iPhone 16 could bring "a golden upgrade cycle for Cupertino looking ahead with pent-up demand building globally." "The Street is now starting to slowly recognize that with Apple Intelligence on the doorstep in essence Cupertino will be the gatekeepers of the consumer AI Revolution," they said, with 2.2 billion iOS devices globally and 1.5 billion iPhones. Wedbush suggested a "consumer AI tidal wave" could start with the iPhone 16 in mid-September, adding that estimates indicate 270 million iPhones users have not upgraded in over four years. Recovery in China To Support Upgrade Cycle The analysts indicated that iPhone supply stabilization in Asia is also "a very good sign heading into a monumental iPhone 16 upgrade cycle." Wedbush's projections come amid ongoing concerns for the iPhone maker in the China region amid increased competition, though there have been recent signs of improving shipments. They projected that June "will be the last negative growth quarter for China with a growth turnaround beginning in the September quarter," when the iPhone 16 is expected to be released. AI and iOS 18 Could Also Boost Share Value Apple unveiled iOS 18 supercharged by Apple Intelligence and an AI partnership with OpenAI at its developers' conference in June. Wedbush analysts said the partnership with the Chat-GPT maker "creates the highway for developers around the globe to focus on iOS 18 and this in turn will create a myriad of monetization opportunities for Cook & Co. over the coming years." The analysts estimated that "this could result in incremental Services high margin growth annually of $10 billion for Apple" driven by hardware and software. They added they believe "AI technology being introduced into the Apple ecosystem will bring monetization opportunities on both the services as well as iPhone/hardware front and adds $30 to $40 per share." Apple shares were little changed in early trading Monday, though they have gained more than 17% since the start of the year. Do you have a news tip for Investopedia reporters? Please email us at tips@investopedia.com SPONSORED Trade on the Go. Anywhere, Anytime One of the world's largest crypto-asset exchanges is ready for you. Enjoy competitive fees and dedicated customer support while trading securely. You'll also have access to Binance tools that make it easier than ever to view your trade history, manage auto-investments, view price charts, and make conversions with zero fees. Make an account for free and join millions of traders and investors on the global crypto market.

n a recent interview with ABC, US President Joe Biden said he had no intention of dropping out of the race, blaming his poor debate performance on a cold. He also insisted he was "still in good shape" and would remain in the race, saying only "Almighty God" could pull him out. An insider who has worked with Mr. Biden for a long time said that signs of aging had become apparent over the past year, but that Mr. Biden's team had failed to address it. Biden's televised debate performance heightened concerns about an already slow-moving issue. Mr. Biden's advisers have long dodged questions about his age. But now they acknowledge that Biden's aging is an undeniable fact. The debate forced the president to more openly acknowledge the limitations of his age, which he had previously largely dismissed. But they have only taken superficial measures and have not fundamentally solved the problem. They replaced the long staircase that Mr. Biden used to board Air Force One with a shorter one; Assistants often accompanied him in public to make his stiff gait less noticeable; While he has a busy schedule, aides have arranged for buffer time, such as long weekends at his homes in Wilmington and Rehoboth Beach, Delaware, or extended stays at Camp David, a Maryland resort, to rest after a "grueling" stretch of travel. Under the authority of one of his top advisers, Anita Dunn, Mr. Biden's public interactions -- especially with reporters -- were severely limited. Even at major events with Democrats or other supporters, the White House sometimes limits the amount of time Biden can spend with the audience, two people familiar with the matter said. As a protective response, designed to protect their longtime boss.