Futures tied to Canada’s main stock index fell slightly on Monday as investors remained on the sidelines ahead of Federal Reserve Chair Jerome Powell’s comments.
December futures were up 0.1% Monday.
The Canadian dollar inched downward 0.01 to 73.97 cents U.S.
The TSX Composite Index fell 77.01 points to close Friday at 23,956.82. On the week, however, the index advanced 186 points, or 0.8%.
In corporate news, the Toronto-Dominion Bank nears a possible guilty plea on criminal charges that its U.S. unit failed to curb money laundering, the Wall Street Journal reported on Friday.
ON BAYSTREET
The TSX Venture Exchange slid 6.22 points, or 1.1%, to 588.11. Over the last five sessions, the index added three points, or 0.5%.
ON WALLSTREET
U.S. stock futures ticked down leading up to the final trading session of what’s shaping up to be a winning month and quarter.
Futures for the Dow Jones Industrials shed 56 points, or 0.1%, to 42,600.
Futures for the S&P dropped 15.75 points, or 0.3%, at 5,775.50.
Futures for the NASDAQ surrendered 89.25 points, or 0.4%, to 20,129.25.
Those moves come after the major averages notched their third consecutive week of gains. Monday marks to final trading day for September and the third quarter, which are both on track to conclude with gains despite some pain points.
Markets had a rough start to what is historically the weakest month for the stock market, but rebounded as September went on with the Federal Reserve cutting interest rates by a super-sized half point. Month to date, the Dow is now up 1.8% and the S&P 500 has improved 1.6%. The tech-heavy NASDAQ has advanced 2.3% in September.
Those moves come after the major averages notched their third consecutive week of gains. Monday marks to final trading day for September and the third quarter, which are both on track to conclude with gains despite some pain points.
Looking ahead, October has a troubling history as well for markets. It’s known as a time of extreme volatility with some of the more notable Wall Street drawdowns occurring during the month.
Stellantis shares dropped more than 12% in the premarket after the Jeep parent warned of lower-than-expected sales “across most regions” for the second half. General Motors dropped 3.3%, and Ford fell 2.9%, in sympathy.
In Japan, the Nikkei 225 plummeted 4.8%, while in Hong Kong, the Hang Seng hiked 2.4%
Oil prices dipped 36 cents to $67.82 U.S. a barrel.
Gold prices slumped $4.10 to $2,664