Futures for Canada’s main stock index edged lower on Tuesday as global equities reeled on worries that surging energy prices would fuel inflation and force the U.S. Federal Reserve to raise rates.
The TSX Composite squeezed out a gain of 0.1 points Friday to 20,416.31, a gain on the week of 265 points, or 1.32%.
The Canadian dollar added 0.18 cents to 80.30 cents U.S.
December futures were down 0.1% Tuesday.
Stock markets in Canada were closed Monday for Thanksgiving.
The Dutch owner of bike brands including Gazelle, Santa Cruz and Urban Arrow said on Monday it has agreed to buy brands including Cannondale, Schwinn and Mongoose from owner Dorel Industries Inc. for $810 million, creating one of the largest bike makers globally with $2.5 billion in estimated annual sales.
Rock Tech Lithium plans to build a converter plant in Brandenburg, the German state surrounding Berlin, to make battery-grade lithium hydroxide for electric vehicles, the state’s energy ministry and the company said on
Monday.
Raymond James cut the target price on Air Canada to $30.00 from $35.00
Canaccord Genuity cut the target price on Dye & Durham to $55.00 from $60.00
ATB Capital Markets cut the rating on Shawcor to sector perform from outperform
ON BAYSTREET
The TSX Venture Exchange eked up 2.98 points Friday to 877.48, to pick up more than 11.6 points on the week, or 1.34%.
ON WALLSTREET
Stock futures were little changed on Tuesday as the market tried to get out of its recent funk driven by concerns about the economy and inflation.
Futures for the Dow Jones Industrials leaped 28 points, or 0.1%, to 34,404.
Futures for the S&P 500 gained 7.25 points, or 0.2%, to 4,358.25.
Futures for the NASDAQ Composite Index perked 51.5 points, or 0.4%, to 14,752.
Tech stocks such as Tesla, Alphabet, Netflix, Nvidia and AMD were slightly higher in pre-market trading.1Shares of MGMG Resorts rose in early morning trading after Credit Suisse upgraded the casino stock to outperform.
The market suffered losses to start the week with the blue-chip Dow shedding 250 points. The S&P 500 fell 0.7% Monday with nine of the 11 sectors registering losses, while the tech-heavy NASDAQ dipped 0.6%. It was the second negative session in a row for the Dow, S&P 500 and the NASDAQ,
JPMorgan Chase and other big banks are about to kick off the third-quarter earnings season later this week. Earnings growth is expected to grow about 30% year over year this quarter following a 96.3% expansion in the second quarter, according to Refinitiv.
Investors will monitor the latest employment data on Tuesday as the U.S. Labor Department releases its Job Openings and Labor Turnover Survey. Economists polled by Dow Jones expect 10.9 million job openings in August, unchanged from the total in July. Stocks fell on Friday after a disappointing jobs report.
The stock market went through a bumpy ride in September, with the S&P 500 falling 4.8% for its worst month since March 2020 and breaking a seven-month winning streak. The benchmark has recovered somewhat in October, up about 1.3% for the month.
But the rebound has stalled out a bit in recent days. Wall Street major strategists are seeing muted returns for the rest of 2021 as the average year-end S&P 500 target stands at 4,433, less than 2% from Monday’s close.
Overseas, in Japan, the Nikkei 225 dove 0.9% Tuesday, while in Hong Kong, the Hang Seng lost 1.4%.
Oil prices moved higher 56 cents to $81.08 U.S. a barrel.
Gold prices jumped $8.60 to $1,764.30 U.S. a pound.