Stock futures pointed to a lower opening for equity markets in Canada on Monday as oil prices fell on rising U.S. production and higher bond yields continued to pressure global stock markets.
The S&P/TSX Composite Index plummeted 254.89 points, or 1.6%, to close Friday and the week at 15,606.03, a four-month low.
The Canadian dollar demurred 0.05 cents to 80.43 cents U.S. Monday morning.
March futures slipped 0.7% Monday.
RBC cut the target price on Aimia Inc. to $3.00 from $4.00
Barclays raised the price target on Canada Goose Holdings to $49.00 from $36.00
The TSX Venture Exchange dipped 32.03 points, or 3.8%, Friday to 811.68
U.S. stock futures fell sharply on Monday morning as Wall Street added to the large losses suffered last week.
Futures for the Dow Jones Industrials tumbled 229 points, or 0.9%, to 25,199
S&P 500 futures docked 13 points, or 0.5%, to 2,743.75, while futures on the NASDAQ Composite faded 43.5 points, or 0.6%, at 6,712.25
The Dow fell 665.75 points on Friday — or 2.5%— notching its biggest one-day sell-off since June 2016. The S&P 500 had its worst one-day performance since Sept. 2016 and the NASDAQ posted its worst session since August 2017.
Equities benefited from strong economic data and solid corporate earnings growth at the start of the year. But increasing inflation concerns have sent interest rates higher recently, rattling Wall Street.
Overseas, Japan’s Nikkei 225 index shed 2.6%, and in Hong Kong, the Hang Seng Index fell 1.1%.
Oil prices let go of 44 cents to $65.01 U.S. per barrel.
Gold prices added two dollars to $1,339.90 U.S. an ounce.