Futures tracking Canada’s main stock index inched lower on Monday, hurt by a decline in metals prices as the U.S. dollar strengthened on growing bets of interest rates staying higher for longer.
The TSX Composite Index skidded 11.65 points Friday to conclude a very rough week at 19,779.97. On the week, the index took a pasting of 842 points, or 4.1%.
September futures were down 0.1% Monday.
The Canadian dollar nicked ahead 0.12 cents to 74.31 cents U.S.
ON BAYSTREET
The TSX Venture Exchange picked up 1.5 points to close Friday and the week at 570.09, but lost 20.7 points on the week. or 3.5%.
ON WALLSTREET
Stock futures were little changed Monday as the market is set to enter the last week of trading in September with big losses.
Futures for the Dow Jones Industrials settled 22 points, or 0.1%, to 34,210.
Futures for the S&P 500 stepped back four points, or 0.1%, at 4,357.
Futures for the NASDAQ slumped 15 points, or 0.1%, to 14,854.50.
Shares of Disney, Paramount and Warner Bros. Discovery were higher in the pre-market after Hollywood writers and studios reached a tentative deal that would end the Writers Guild of America’s strike.
Disney rose 1.2%, while Paramount advanced 3.5%, and Warner Bros. Discovery picked up 4.1%.
The S&P 500 has fallen 4.2% in September, on pace for its second straight losing month and its worst month since December. The tech-heavy NASDAQ Composite is down 5.9% in September as growth stocks bore the brunt of the selloff, also headed for its biggest monthly loss since December. The blue-chip Dow is off by a more modest 2.2%. this month.
Investors are also closely monitoring progress on a budget resolution in Washington. Lawmakers over the weekend expressed few signs of movement on a deal that would keep the U.S. government funded for the remainder of the fiscal year.
In Japan, the Nikkei 225 gained 0.9% Monday, while in Hong Kong, the Hang Seng backtracked 1.8%
Oil prices inched up 15 cents to $90.18 U.S. a barrel.
Gold prices lost $1.90 to $1,943.70.