Baystreet.ca - Futures linked to Canadian stocks rose on Monday, lifted by inclines in oil and gold prices, while investors awaited key inflation data in the U.S. and at home, alongside the U.S. Federal Reserve officials' comments throughout the week.
The TSX Composite Index dropped 26.49 points to close Friday and the week at 21,554.86, for a decline of 84 points, or 0.39%. The Canadian dollar gained 0.11 cents to 73.10 cents U.S. September futures gained 0.3% Monday. In corporate news, Australian miner Paladin Energy said it had entered into an agreement to buy Canada's Fission Uranium Corp (TSX:FCU) for $833 million.
Traders are pricing in a 71.4% chance of another cut by the central bank at its next meeting scheduled on July 24, after it commenced its trimming cycle earlier this month.
ON BAYSTREET
The TSX Venture Exchange handed back 1.72 points, or 1.2%, to 570.71 Friday, for a dip on the week of 3.4 points, or 0.59%.
ON WALLSTREET
Stock futures inched higher on Monday as the market is set to enter the last week of June and the first half of 2024 near record highs.
Futures for the Dow Jones Industrials advanced 93 points, or 0.2%, to 39,675. Futures for the S&P 500 picked up four points, or 0.1%, at 5,537.25.Futures for the NASDAQ Composite settled 17.25 points to 17,689.36The S&P 500 scored an intraday record of 5,505.53 on Thursday and posted another winning week. The equity benchmark gained 0.6% last week, notching its eighth positive week in nine. However, signs of exhaustion have started to emerge recently particularly with market heavyweight Nvidia’s back-to-back sell-off.
The chipmaker fell 4% last week after two consecutive declines of more than 3%. The pullback occurred after Nvidia (NASDAQ:NVDA) briefly dethroned Microsoft (NASDAQ:MSFT) as the most valuable company in the U.S. Chart analysts also pointed to bearish patterns in Nvidia’s recent trading.
There are also a number of key companies reporting earnings this week, including FedEx (NYSE:FDX), Micron (NASDAQ:MU), Walgreens Boots Alliance (NASDAQ:WBA) and Nike (NYSE:NKE).
In Japan, the Nikkei 225 jumped 0.5% Monday, while the Hang Seng in Hong Kong inched back less a point. Oil prices gained 24 cents to $80.97 U.S. a barrel. Gold prices improved $6.90 to $2,338.10 U.S. an ounce.