Stock futures pointed to a lower opening for issues in Toronto on Monday as global markets faced a slow start to the week.
The S&P/TSX Composite Index hung onto 50.12 points worth of gains to close Friday and the week at 15,473.21. June futures sagged 0.1% early Monday.
The Canadian dollar bounced 0.39 cents to 74.4 cents U.S. early Monday.
TD Securities raised the rating on Hudbay Minerals to action list buy from buy
TD Securities raises the rating on Russel Metals to buy from hold
CIBC cut the target price on Hudson's Bay Co. to $10.50 from $13.00
ON BAYSTREET
The TSX Venture Exchange dipped 0.11 points Friday to 791.20
ON WALLSTREET
NASDAQ futures fell sharply on Monday as technology stocks resumed their downward trajectory from the previous session.
Ahead of the opening bell, futures for the Dow Jones Industrials caved 21 points, or 0.1%, to 21,186. Futures for the S&P 500 fell back 4.5 points, or 0.2%, to 2,423.75. NASDAQ futures plummeted 54.75 points, or 1%, to 5,693.50
Shares of Apple dropped nearly 2.5% in the pre-market after Mizuho Securities downgraded the stock to neutral from buy, noting the best-case scenario is priced into the shares. Amazon and Google-parent Alphabet were also under pressure, declining 1.2% and 0.8%, respectively.
The technology sector dropped 2.7% on Friday, marking its worst daily performance since May 17, when it fell 2.8%
Traders also kept an eye on the latest political elections in Europe and looked ahead to the Federal Reserve's latest meeting later this week.
The U.S. central bank is set to announce on Wednesday whether, as widely anticipated, it is to raise interest rates.
On the data front, Monday afternoon will see the latest federal budget announcement. There are no significant earnings expected on Monday.
The future of the U.K. government faced further uncertainty following an inconclusive general election last week, meaning that the incumbent Conservative government plans to strike an alliance with the small Northern Irish Democratic Unionist Party in order to secure a parliamentary majority.
European markets had plunged as of noon on the continent, while, in Asia, the Nikkei 225 in Japan lost 0.5%, while Shanghai’s CSI 300 stepped back 0.1%
Oil prices gained 70 cents to $46.53 U.S. per barrel.
Gold prices slid $1.80 to $1,269.60 U.S. an ounce.
