Futures for Canada's main stock index rose on Monday, tracking stronger crude prices as concerns around the Omicron coronavirus variant eased, although gains were limited by weakness in bullion.
The S&P/TSX Composite came off its lows of the day, but still lost 128.76 points to end Friday at 20,633.27. The loss on the week was 607 points, or 2.86%
Futures were up 0.4% Monday.
The Canadian dollar nicked up 0.15 cents to 78.16 cents U.S. Monday.
Canadian National Railway said on Sunday it resumed operations in the crucial Kamloops-to-Vancouver corridor in the flood-hit province of British Columbia.
The Trans Mountain pipeline will restart operations on Sunday, weeks after shutting down during a record-breaking rainstorm in British Columbia that washed out road and railways, Trans Mountain Corp said in a statement on Saturday.
RBC raised the target price on Bank of Montreal to $154.00 from $146.00
CIBC cut the target price on First Quantum Minerals to $37 from $38.50
CIBC raised target price to $42.00 from $40.00
ON BAYSTREET
The TSX Venture Exchange flopped 13.09 points, or 1.4%, to 897.13 Friday, for a drop on the week of nearly 53 points, or 5.57%.
ON WALLSTREET
Dow Jones Industrial average futures jumped and NASDAQ-100 futures lagged as investors looked past the emerging threat from the omicron COVID-19 variant, rotating out of high-priced technology shares and into names linked to the recovering economy.
Futures for the Dow Jones Industrials leaped 238 points or 0.7%, to 34,804.
Futures for the S&P 500 acquired 16 points to 4,553.50.
Futures for the NASDAQ faded 40.25 points, or 0.3%, to 15,674.25.
Shares linked to the economic reopening gained in Monday pre-market trading like energy, industrials and airlines.
Investors continued to sell tech stocks with relatively high valuations. Those shares seemed to drag the market down to a losing week on Wall Street last week.
The 10-year Treasury yield rebounded after falling last week amid the omicron threat.
There’s a major shift underway at the Federal Reserve to bring about a faster end to its pandemic easing policies.
High-priced tech shares were lower in premarket trading, continuing a de-risking theme in markets. Nvidia was off by 4% in premarket trading. Tesla was also in the red.
Ark Innovation was down another 2% in pre-market trading Monday.
Stocks linked to the reopening of the economy gained on Monday, boosting sentiment on Dow futures. Boeing and Chevron shares were in the green.
American Airlines shares gained nearly 2% in pre-market trading. Carnival and Wynn Resorts shares were about about 1%.
Bitcoin traded around $57,000 on Friday morning, but by Saturday had plunged to around $43,000. By Monday the world’s largest cryptocurrency had clawed back some of its losses, last trading at around $47,377.
Shares of Coinbase lost 6% in pre-market trading, while Square declined by nearly 3%.
Overseas, markets in Japan handed over 0.4% Monday, while the Hang Seng in Hong Kong stumbled 1.8%.
Oil prices gained $2.10 to $68.36 U.S. a barrel.
Gold prices dropped $4.60 to $1,779.30 U.S. an ounce.
