Stocks Set to Plunge Monday

First Quantum, Kinaxis in Focus


Futures for equities in Canada’s largest market were set to open lower on Monday as commodity prices retreated on economic growth worries fueled by lockdowns in China and rising interest rates globally.

The S&P/TSX Composite finished lower on Friday 62.89 points to 20,633.28, the decline on the week being 129 points, or 0.62%.

June futures stumbled 1.4% Monday

The Canadian dollar let go of 011 cents to 77.29 cents U.S.

First Quantum Minerals said on Sunday its board has approved plans for a $1.25-billion expansion of the company's Kansanshi copper mine in Zambia, first floated in January 2020, a decision the miner said was prompted by "renewed confidence" in Zambia's investment climate.

The federal Commissioner of Competition intends to oppose Rogers Communications Inc's proposed $20-billion merger with Shaw Communications.

Credit Suisse raised the target price on Canadian Natural Resources to $93.00 from $85.00

Veritas Research raised the rating on Fortis Inc. to buy from reduce

ATB Capital Markets raised the target price on Kinaxis to $210.00 from $200.00

In things macroeconomic, building permits were down in March decreased 9.3% to $11.7 billion, mainly due to the non-residential sector (-29.5% to $3.7 billion). Two large hospital permits issued in February pushed that month's total to a record high.

ON BAYSTREET

The TSX Venture Exchange handed over 13.72 points, or 1.8%, Friday to 769.97, for a weekly loss of almost 44 points, or 5.4%.

ON WALLSTREET

Stock futures fell sharply early Monday, as U.S. rates continued to rise and traders struggled to find their footing after big market swings last week.

Futures for the Dow Jones Industrials faltered 359 points, or 1.1%, to 32,450.

Futures for the S&P 500 plummeted 59.75 points, or 1.5%, to 4,059.75.

Futures for the NASDAQ Composite Index fell 257.75 points, or 2%, to 12,442.

That rate increase put pressure on Big Tech names such as Meta Platforms and Alphabet. Shares of Meta were down 2.5% in the premarket, and Alphabet lost 2.7%. Amazon, Apple and Netflix were all down more than 2% as well.

Energy stocks fell broadly as U.S. oil futures slid more than 2% to $107.14 per barrel. Occidental Petroleum shares dipped 2.8% before the bell, and Schlumberger slipped 2.4%.

First-quarter earnings season is slowing down, but there are several notable reports before the opening bell on Monday, including Palantir and vaccine-makers BioNTech and Novavax.

In other corporate news, Ford was looking to sell eight million shares in Rivian Automotive over the weekend.

Investors will also be keeping an eye on the war in Ukraine. U.S. first lady Jill Biden made a surprise visit to the country on Sunday. The
U.S. and Group of Seven countries announced that they would increase short-term financial support for Ukraine as the war with Russia nears the three-month mark.

Markets in Hong Kong were shuttered for holiday, while Japan. the Nikkei 225 cratered 2.5% Monday.

Oil prices $2.58 to $107.19 U.S. a barrel.

Gold prices plunged $20.20 to $1,862.60 U.S. an ounce.