Baystreet.ca - Futures tied to Canada's main stock index dipped on Monday after last week's gains as cautious investors awaited domestic and U.S. economic data this week that could drive monetary policy decisions in the two countries.
The TSX Composite Index moved doggedly higher 1.28 points, to end Friday and the week at 23,867.55, for a gain on the week of 1,086 points, or 4.77%.
Futures were down 0.1% Monday.
The Canadian dollar eked higher 0.09 cents to 73.81 cents U.S.
In corporate news, Canada-based investment issuer Alset AI Ventures said Morgan Good resigned as the company's CEO and director.
ON BAYSTREET
The TSX Venture Exchange nicked ahead 2.19 points to 584.91 Friday, gaining over the last five sessions 39.7 points, or 7.28%.
ON WALLSTREET
Stock futures rose slightly Monday after excitement over last week’s interest rate cut propelled the Dow Jones Industrial Average to a record closing level.
Futures for the blue-chip index gained 23 points to 42,469.
Futures for the S&P 500 picked up 9.5 points, or 0.2%, at 5,771.50.
Futures for the NASDAQ moved ahead 53 points, or 0.3%, to 20,081.25.
Intel (NASDAQ:INTC) rose 4% on news that asset management company Apollo Global Management offered to make an equity-like investment of as much as $5 billion in Intel, according to a Bloomberg News report on Sunday.
Pinterest (NYSE:PINS) advanced more than 2% after Deutsche Bank (ETR:DBKGn) initiated research coverage with a buy rating.
The moves come after a winning week on Wall Street that centered around the Federal Reserve’s decision to lower interest rates by 50 basis points, its first cut in four years. Despite some choppiness following the initial announcement, stocks rallied in the days following.
The Dow ended Friday at an all-time high close, which was notably above 42,000. All three of the major indexes added more than 1% for the week, during which the S&P 500 also reached new records.
Investors will be watching Monday for economic data on the service and manufacturing sectors. They’ll also be following speeches from Atlanta Fed President Raphael Bostic, Chicago Fed President Austan Goolsbee and Minneapolis Fed President Neel Kashkari for insights into what the central bank will do next.
In Japan, markets were closed for holiday Monday, while in Hong Kong doffed 0.1%
Oil prices added 20 cents to $71.20 U.S. a barrel.
Gold prices climbed $3.10 to $2,649.30