Futures for Canada's main stock index fell on Monday, dragged down by weakness in commodity prices and fears of aggressive policy tightening by the Federal Reserve
The S&P/TSX collapsed 289.07 points, or 1.4%, to conclude Friday and the week at 20,274.82. On the week, the index stumbled 516 points, or 2.48%.
June futures had stumbled 1.5% Monday.
Rogers Communications’ Loretta Rogers who
served as a corporate director for over 50 years and the wife of company's late founder Ted Rogers, died on Saturday at the age of 83.
The Rogers couple helped build the communications company into the behemoth it became.
Canada will announce a multi-million-dollar investment on Monday to make the Jansen potash mine run by the globe's largest listed miner, BHP Group, "the cleanest and most sustainable in the world," a government source said.
ON BAYSTREET
The TSX Venture Exchange let go of 7.18 points, or 1%, to 704.70. Over the last five sessions, the index unloaded 15.4 points, or 2.14%,
ON WALLSTREET
U.S. stock futures dropped on Monday morning, putting the S&P 500 on track to fall back into bear market territory and possibly to a new low for 2022.
A jump in short-term rates drove the negative sentiment as investors still reeling from a hotter-than-expected inflation report on Friday braced for the Federal Reserve to raise rates later in the week.
Futures for the Dow Jones Industrials shed 603 points, or 1.9%, early Monday to 30,758.
Futures for the S&P 500 lost 94.5 points, or 2.4%, to 3,806. The S&P 500 briefly traded in a bear market — down 20% from its high — about three weeks ago but failed to close in that territory. The stock market then
Futures for the NASDAQ Composite index thundered lower 369.75 points, or 3.1%, to 11,498.
Stocks have had a tough year as recession fears rise along with consumer prices. The S&P 500 is down 18.2% year to date through Friday’s close. It’s also 19.1% below an intraday record set in January.
The Dow has fallen 13.6% in 2022, and the NASDAQ Composite is deep in bear market territory, down 27.5% this year and trading 30% below an all-time high set in November.
Shares that would be hurt the most in a recession led the losses in premarket trading Monday with shares of Marriott, Hilton and Delta Air Lines down at least 3%.
Tech shares were also taking hits with Amazon.com, Nvidia and Netflix also down at least 3%.
In Japan, the Nikkei 225 stumbled 3% Monday. In Hong Kong, the Hang Seng lost 3.4%
Oil prices fell $1.92 to $118.75 U.S. a barrel.
Gold prices withered $17.00 to $1,858.50 U.S. an ounce.
