Stock futures pointed to a flat opening for Canada's main stock index on Monday as investors assessed hawkish comments from senior U.S. Federal Reserve officials that indicated a U.S. interest rate hike was on the cards in the near term.
The S&P/TSX Composite was up 9.16 points to end Friday and week at 14,639.88, with September ailing 0.06% Monday morning.
The Canadian dollar inched up 0.01 cents to 76.9 cents U.S. early Monday.
A report in Barron’s Sunday said Goldcorp’s stock could rise 40% even without support from rising precious-metals prices, as the miner's cost-cutting efforts begin to show.
JP Morgan raised the target price on Blackberry to $8.00 from $7.00 with a neutral rating
CIBC raised the rating on Cascades to outperform from underperform; target price to $12.00 from $8.00
ON BAYSTREET
The TSX Venture Exchange added 3.6 points Friday to 805.53
ON WALLSTREET
U.S. stock futures are sinking as the U.S. dollar strengthens.
Ahead of the opening bell, futures for the Dow Jones Industrials poked up one point to 18,381, while futures for the S&P 500 sank 0.75 points at 2,169.25. NASDAQ futures were unchanged at 4,785.75.
Shares in Herbalife look set to jump after a stock market filing on Friday revealed that famed investor Carl Icahn had purchased another 2.6 million shares in the controversial nutritional supplements company.
Icahn now owns nearly 21% of Herbalife through Icahn Associates.
Herbalife has been under fire from activist hedge fund manager Bill Ackman since December 2012 when he accused the company of being a scam. The U.S. Federal Trade Commission subsequently opened a probe into Herbalife, which just wrapped up last month. Herbalife agreed to a $200 million settlement with the FTC.
The U.S. Bureau of Economic Analysis is releasing consumer income and spending data this morning. The July data also includes some insight into inflation trends.
European markets are declining in early trading. Markets in Italy are leading the way lower with a 1% drop. U.K. markets are closed for a holiday.
Most Asian markets are closing the day with losses, though the moves are relatively small. However, the Nikkei in Japan got a 2.3% boost thanks to a weaker yen.
Oil prices dropped 66 cents to $46.98 U.S. a barrel
Gold prices faded three dollars to $1,322.90 U.S. an ounce.
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