Futures for Canada's main stock index was muted on Monday as investors exercised caution ahead of rate hike decisions by major central banks later in the week.
The TSX advanced 113.9 points to conclude Friday at 20,636.54. On the week, however, the index lost 56 points, or 0.27%.
June futures on the S&P/TSX index were up less than 0.1% Monday morning.
The Canadian dollar doffed 0.07 cents to 73.66 cents U.S.
Among company news, TC Energy Corp said it has completed repairs on a portion of its Columbia Gulf Transmission gas transmission line in Mississippi that was halted earlier.
Enbridge Inc said it would acquire Aitken Creek natural gas storage facility in British Columbia (B.C.) from FortisBC Holdings Inc for $400 million.
Cargojet Inc reported disappointing results for the first quarter.
On the economic slate, the S&P Global Canada Manufacturing PMI for April is due out at 9:30 a.m. EDT.
ON BAYSTREET
The TSX Venture Exchange shot higher 7.1 points, or 1.2%, to 613.38, to within 0.82 points of the breakeven level for the week, down 0.13%.
ON WALLSTREET
U.S. stock futures hovered around the flatline Monday, the first day of the month, as traders assessed the takeover of failed bank First Republic.
Futures for the Dow Jones Industrials inched up six points at 34,206.
Futures for the S&P 500 dipped 0.75 points to 4,187.75.
Futures for the NASDAQ Composite handed back 6.25 points to 13,314.
JPMorgan Chase has acquired all of troubled lender First Republic’s deposits and a “substantial majority of assets,” according to a release. JPMorgan’s shares rose 3% in premarket trading on the news.
First Republic reported last week that deposits tumbled more than 40% in the first quarter, triggering further declines in the already struggling stock. Shares have cratered 97% since the start of the year.
Stocks are coming off a winning week and month. For April, the Dow gained 2.5% to notch its best monthly stretch since January, while the benchmark index gained 1.5%. The tech-heavy index posted marginal gains. Earnings reports from major tech companies dominated much of last week’s market debate, fueling the narrative that earnings are faring better-than-feared, despite many widespread macroeconomic concerns.
So far, a little over half of S&P 500 companies have reported earnings, with more than 79% and about 72% surpassing earnings and sales expectations, respectively. First-quarter earnings are currently on track to fall 3.7% for the period, a smaller drop than the 6.7% decline projected on March 31, according to FactSet.
Monday kicks off another busy week for earnings, with results from Norwegian Cruise Line and MGM Resorts. Reports from Pfizer, Starbucks, Advanced Micro Devices and CVS Health are due out later in the week.
Wall Street also awaits ISM manufacturing data, construction spending and S&P Global manufacturing PMI on Monday. April’s nonfarm payrolls report is on deck Friday.
In Japan, the Nikkei 225 took on 0.9% Monday, while in Hong Kong, markets were closed for May Day.
Oil prices lost $1.53 to $75.25 U.S. a barrel.
Gold prices slipped $1.20 to $1,997.50 U.S. an ounce.
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