Baystreet.ca - Futures for Canada's main stock index fell slightly on Monday as losses in crude prices were limited by Wall Street futures, while investors awaited major corporate earnings and economic data later this week.
The TSX lost 87.88 points to end Friday at 24,463.67. On the week, the index subtracted nearly 360 points or 1.45%.
December futures gave back 0.07% Monday.
The Canadian dollar nicked ahead 0.02 cents to 71.98cents U.S.
Quarterly earnings from megacaps such as Alphabet (NASDAQ:GOOGL), Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT) will steal the spotlight south of the border, while domestic investors will also monitor results from Canadian Natural Resources (TSX:CNQ) and Enbridge (TSX:ENB).
October U.S. nonfarm payrolls and Canada's August gross domestic product reports could also affect the markets.
The U.S. presidential election has entered its final stretch and market bets have been favoring a second Donald Trump administration in recent weeks.
In corporate news, forest products company Canfor (TSX:CFP) reported its third-quarter results on Friday.
ON BAYSTREET
The TSX Venture Exchange was down 1.16 points, or 1.4%, Friday to 619.91. The index gave up 1.76 points on the week, or 0.28%.
ON WALLSTREET
U.S. equity futures jumped on Monday as investors looked for a batch of megacap technology earnings to keep driving the NASDAQ Composite to new heights this week. A cooling geopolitical situation also aided risk sentiment.
Futures for the Dow Jones Industrials jumped 184 points, or 0.4%, to 42.505.
Futures for the S&P 500 gained 29.25 points, or 0.5% to 5,875.25.
Futures for the NASDAQ Composite Index powered ahead 129.50 points, or 0.6%, to 20,628.25.
The market was split at the end of last week. On Friday, the tech-heavy NASDAQ jumped to a new intraday all-time high. On the flip side, the Dow shed more than 200 points. The broad-market S&P 500 inched lower in the previous session.
Both the Dow and S&P snapped a six-week winning streak, but the Nasdaq eked out its seventh positive week in a row.
Weekend airstrikes by Israel against Iran did not target oil or nuclear facilities as was feared and oil futures were lower in early trading.Wall Street is bracing for a big week in markets that will mark the busiest week of third-quarter earnings reporting season and the final week before the Nov. 5 U.S. Presidential election. Five of the Magnificent Seven companies – Alphabet, Microsoft, Meta (NASDAQ:META) Platforms, Amazon (NASDAQ:AMZN) and Apple – are scheduled to report third-quarter earnings.
Traders are also watching for a slew of key economic data this week, including the September jobs report due Friday; the September personal consumption expenditures, or PCE, price index, expected Thursday; and a preliminary reading on third-quarter gross domestic product out on Wednesday.
In Japan, the Nikkei 225 hiked 1.8% Monday, while in Hong Kong, the Hang Seng cleared breakeven 0.04%.
Oil prices slumped $4.16 to $67.62 U.S. a barrel.
Gold prices fell $10.60 to $2,744.