Brand New State Ok promo

Futures Point Down to Start the Week



Futures tied to Canada’s resources-heavy main stock index fell on Monday, tracking lower crude oil prices, while investors braced for a barrage of global economic data and domestic big bank earnings later this week.

The TSX Composite sank into the red 13.55 points to finish Friday at 20,103.11, for a loss of 72.7 points, or 0.36%, on the week.
December futures skidded 0.2% early Friday.

The Canadian dollar edged up 0.2 cents to 73.38 cents U.S.

Despite the recent weakness, the benchmark index is eyeing sharp monthly gains on the back of rallying technology stocks as hopes grow that global interest rates have peaked.

On the company front, First Quantum Minerals said Sunday the miner intends to start an arbitration process with Panama, the Central American nation’s trade ministry.

ON BAYSTREET

The TSX Venture Exchange picked up 2.27 points to 532.33 Friday, for a weekly gain of 1.8 points, or 0.34%.

ON WALLSTREET

Stock futures dipped Monday as Wall Street looks to build on four straight positive weeks for the equity market.

Futures for the Dow Jones Industrials dropped 52 points, or 0.2%, to 35,378.

Futures for the S&P 500 fell 6.5 points, or 0.1%, at 4,561.75.

Futures for the NASDAQ dipped 14 points, or 0.1%, to 16,007.

Wall Street is coming off the fourth straight winning week for all three major averages, as stocks have rallied since the 10-year Treasury yield retreated from the 5% mark it briefly topped in late October.

The rally has come despite warnings from some U.S. retailers that consumer spending is weakening. Traders will be looking for updates about the start of the holiday shopping season after Black Friday.

Weak spending data could suggest that the Federal Reserve’s rate hikes are finally starting to weigh on the broader economy.

The week ahead is also a busy one for economic indicators and Fed commentary. On Monday, new home sales and the latest Dallas Fed Manufacturing Survey are due out. Readings for consumer confidence and inflation follow later in the week.

In Japan, the Nikkei 225 sank 0.5%, while in Hong Kong, the Hang Seng Index doffed 0.2%.

Oil prices let go of 93 cents to $74.61 U.S. a barrel.

Gold prices gained 10 dollars to $2,013 U.S. an ounce.



Source link

About The Author

Scroll to Top