Futures for Canada's main stock index rose on Monday, supported by firmer gold prices as worsening ties between China and the United States sent investors scurrying to safe havens.
The S&P/TSX Composite Index dropped 21.59 points to end the day and the week at 15,997.06. The loss on the week was 126 points, or nearly 0.8%.
September futures were up 0.5% Monday.
The Canadian dollar acquired 0.21 cents Monday to 74.73 cents U.S.
National Bank of Canada raised the rating on Alaris Royalty to outperform from sector perform.
RBC raised the target price on Canfor Corp. to $22.00 from $18.00
National Bank of Canada resumes consideration on Premium Brands Holdings with an outperform rating.
ON BAYSTREET
The TSX Venture Exchange advanced 11.21 points, or 1.7%, to 691.41. The gain on the week was 16.46 points, or 2.44%.
ON WALLSTREET
U.S. stock futures rose early Monday as investors braced for a big week of corporate earnings and lawmakers continued coronavirus stimulus negotiations.
Futures for Dow Jones Industrials jumped 120 points, or 0.5%, early Monday, to 26,442.
Futures for the S&P 500 moved upward 17 points, or 0.5%, at 3,221.
Futures for the NASDAQ hiked 102 points, or 1%, to 10,561.
The moves in the futures market came as gold prices soared to a new record high. Spot gold traded as high as $1,943.93 U.S. before paring gains to change hands at around $1,930.91. Those levels eclipsed the previous record high price set in September 2011.
McDonald’s, Pfizer, Alphabet, Apple and AMD are among the companies slated to release their latest quarterly figures this week.
Through Friday’s close, 128 S&P 500 companies had reported earnings, with 81% beating analyst expectations. However, overall S&P 500 earnings have fallen more than 40% from the year-earlier period as the coronavirus pandemic takes a big bite out of corporate profits.
Traders also turned their eyes to Washington as lawmakers tried to push forward on another coronavirus stimulus package.
On Sunday, Treasury Secretary Steven Mnuchin said Republicans had finalized a bill for about $1 trillion in coronavirus relief funds. Mnuchin added he hopes the proposal can find bipartisan support.
Overseas, in Japan, the Nikkei 225 returned to trading after an extended holiday, losing 0.2% while in Hong Kong, the Hang Seng index brushed off 0.4%.
Oil prices added 31 cents to $41.60 U.S. a barrel.
Gold prices leaped $35.60 to $1,933.10.
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