Futures for Canada's main stock index fell on Monday, as investors worried that a string of strong economic data will keep interest rates higher for longer.
The TSX ended Friday up 17.9 points, to 20,758.34, a gain of 44 points, or 0.2%, on the week.
March futures on the S&P/TSX index were down 0.5% Monday morning.
The Canadian dollar dipped 0.08 cents to 74.53 cents U.S.
In company news, Scotiabank downgraded Brookfield Corp to "neutral" from "outperform".
Focus will be on Newmont Corp after the gold miner made a $16.9-billion offer for Australian peer Newcrest Mining. U.S.-listed shares of the company fell 5.84%.
On the economic calendar, IVEY Purchasing Managers Index is due at 10 a.m. EST.
ON BAYSTREET
The TSX Venture Exchange slipped 10.59 points Friday to 620.09, for a loss on the week of just under two points.
ON WALLSTREET
U.S. stock futures fell Monday as investors awaited more earnings and an important speech from Federal Reserve Chairman Jerome Powell.
Futures for the Dow Jones Industrials tumbled 154 points, or 0.5%, early Monday to 33,809.
Futures for the S&P 500 lost 24 points, or 0.6%, to 4,123.75.
Futures for the NASDAQ Composite doffed 89.5 points, or 0.7%, to 12,534.50.
Investors were also taking some profits after the stock market’s hot start to the year. The S&P 500 is up more than 7% for 2023. The NASDAQ is up the last five weeks in a row.
Disney, Chipotle, Dupont and PepsiCo are among the major companies reporting earnings this week. About halfway through earnings season, profits for S&P 500 companies are on pace to be 2.7% lower for the fourth quarter, according to Refinitiv.
Markets will likely be on edge ahead of a speech by Federal Reserve Chairman Jerome Powell Tuesday before the Economic Club of Washington.
Powell’s comments on disinflation caused investors to bid shares higher last week and overlook another rate hike out of the central bank. There is very little economic data due Monday.
In Japan, the Nikkei 225 index took on 0.7%, while in Hong Kong, the Hang Seng faltered 2%.
Oil prices strengthened 50 cents to $73.89 U.S. a barrel.
Gold prices hoisted $9.10 to $1,885.70 U.S. an ounce.
