Futures tied to Canada's resources-heavy stock index rose on Monday as oil prices gained, while investors looked forward to an earnings-heavy week and interest rate decisions from major central banks, including the U.S. Federal Reserve.
The TSX hurtled higher 110.64 points to close Friday and week at 20,547.51. Over the last five sessions, the index gained 285 points, or 1.4%.
September futures were up 0.2% Monday.
The Canadian dollar prospered 0.03 cents to 75.85 cents U.S.
Canadian earnings season will pick up pace this week, with railroad operator Canadian National Railway, telecoms major Rogers Communications and mining firm Teck Resources being some of the major companies reporting their quarterly results.
Among individual stocks, brokerage Moffettnathanson upgraded rating on e-commerce company Shopify to "outperform" from "market perform".
Canaccord Genuity raised its price targets on several Canadian banks, including National Bank of Canada, Bank of Montreal and Toronto-Dominion Bank, citing positive U.S. banks earnings last week.
ON BAYSTREET
The TSX Venture Exchange dipped 0.97 points Friday to 616.66, for a loss on the week of 11.8 points, or 1.87%.
ON WALLSTREET
U.S. stock futures edged higher Monday as investors awaited a batch of key earnings reports and a major policy decision from the Federal Reserve.
Futures for the Dow Jones Industrial gathered 22 points, or 0.1% to 35,420.
Futures for the S&P 500 gained 7.25 points to 4,572.00.
Futures for the NASDAQ tacked on 39.75 points, or 0.3%, to 15,578.75.
Investors anticipate the Fed will increase rates by a quarter percentage point at the conclusion of its meeting on Wednesday. They will be listening to comments by Chair Jerome Powell to get a sense of the central bank’s position on what happens next as it tries to navigate a soft landing for the economy.
Earnings results will also shift into high gear in the week ahead, with Thursday being the most intense day. About 40% of the Dow and 30% of the S&P 500 will give their financial updates during the week, including Alphabet, Microsoft and Meta. Several big pharma companies are getting ready to report and it’s a big week for industrial companies and big oil as well.
In Japan, the Nikkei 225 gained 1.2%. while in Hong Kong, the Hang Seng fell 2.1%.
Oil prices headed higher 40 cents to $77.47 U.S. a barrel.
Gold prices picked up $2.70 to $1,969.30. U.S. an ounce.
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