Canada's main stock index futures fell on Monday, after the index posted its best weekly gain in 11 years, as growing concerns over the extent of the economic hit from the coronavirus pandemic weighed on sentiment.
The TSX Composite Index triumphed 240.92 points, or 1.7%, to end Thursday and a short week at 14,166.63. The index improved on the week 1,228.33 points, or 9.5%.
Markets in North America were closed Friday for Good Friday.
The Canadian dollar inched ahead 0.08 cents early Monday to 71.59 cents U.S.
June futures faded 0.6% early Monday.
Bombardier is taking early steps to revive the assembly of its most lucrative business jets after production was halted for weeks because of the coronavirus outbreak, even as the pandemic risks sapping demand for corporate aircraft. CIBC cut the rating on Bombardier to 70 cents from two dollars.
CIBC also cut the rating on AutoCanada to underperform from neutral
ON BAYSTREET
The TSX Venture Exchange gained 13.08 points, or 3.2%, Thursday to 421.97, a hike on the week of 38 points, or 9.1%.
ON WALLSTREET
U.S. stock futures were lower on Monday morning after the Organization of the Petroleum Exporting Countries and other oil-producers reached a deal on a massive production cut, even as investors continued to digest the impact of the coronavirus.
Futures for Dow Jones Industrials cut loose 63 points, or 0.3%, early Monday to 23,555.
Futures for the S&P 500 fell 7.75 points, or 0.3%, at 2,772.
Futures for the NASDAQ Composite slid 13 points, on 0.2%, to 8,214.50.
The group of countries known as OPEC+ agreed to cut production by 9.7 million barrels per day, making it the single-largest output reduction on record. President Donald Trump tweeted the accord will “will save hundreds of thousands of energy jobs in the United States,” adding it will be “great for all.”
Oil prices had fallen more than 40% since early March after Saudi Arabia-led OPEC and Russia failed to reach a deal as the coronavirus pandemic dampened global economic prospects.
Sunday’s moves come after the U.S. stock market enjoyed one of its best weeks ever. The Dow posted its seventh-best weekly performance, rallying 12.7%. The S&P 500 had its biggest one-week gain since 1974, jumping 12.1%.
Johnson & Johnson, JPMorgan Chase, and Bank of America are among the companies scheduled to report earnings this week. Several companies have removed their earnings guidance, citing the coronavirus outbreak, while others have slashed their profit forecasts.
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said on Sunday he was cautiously optimistic that the outbreak was slowing down in the U.S. He also said parts of the country may start to reopen next month.
However, Fauci added this does not mean the entire country would flip a "light switch" and go back to normal.
Confirmed cases in the U.S. now total nearly 550,000, more than any other country in the world, according to Johns Hopkins University. New York State accounts for more than 189,000 of those cases. The death count in the U.S. from the virus is more than 21,000.
Overseas, in Japan, the Nikkei 225 lost 2.3% Monday, while markets in Hong Kong were closed for Easter Monday.
Oil prices acquired 16 cents to $22.92 U.S. a barrel.
Gold prices retreated $6.50 to $1,746.30 U.S. an ounce.
