Futures for stocks in Canada’s largest centre edged up on Monday as prices of oil and gold rose, with focus on an impending interest rate hike by the U.S. Federal Reserve this week.
The TSX let go of 79.93 points to conclude Friday and the week at 18,982.92, but gained on the week by 588 points, or 3.2%.
Futures for the TSX gained 0.3% Monday.
The Canadian dollar took on 0.34 cents to 77.70 cents U.S.
Rogers Communications said on Sunday it would invest $10 billion over the next three years in Artificial Intelligence (AI), and more testing and oversight, just weeks after the company reported network issues that caused widespread disruptions across the country.
Meantime, JP Morgan cut the target price on Rogers’ shares to $80.00 from $90.00
Canada's antitrust agency said on Friday it needed more time to investigate the concession offered by Rogers to allay competition concerns over its proposed $20-billion takeover of Shaw Communications, a move Rogers swiftly opposed.
Scotiabank cuts price target on Toromont Industries to $120.00 from $126.00.
ON BAYSTREET
The TSX Venture Exchange tumbled 8.28 points, or 1.3%, Friday to 607.97. Even so, the index gained 23 points on the week, or just over 4%.
ON WALLSTREET
U.S. stock futures rose on Monday morning, coming off a positive week for the major averages, as traders brace for the busiest week of corporate earnings, as well as insights into further interest rate hikes from the Federal Reserve.
Futures for the Dow Jones Industrials jumped 143 points, or 0.4%, early Monday to 32,016.
Futures for the S&P 500 grabbed 16.5 points, or 0.4%, to 3,981.50.
Futures for the NASDAQ Composite jumped 48.25 points, or 0.4%, to 12,471.75.
On Friday, the major averages fell on the back of weaker-than-expected earnings from Snap that sent tech shares tumbling. Still, all three benchmarks closed the week higher, with the Dow up 2%. The S&P 500 advanced about 2.6%, and the NASDAQ capped the week up 3.3%.
It was the second positive week in the last three for the major averages. The S&P 500 has been attempting a comeback after falling into a bear market earlier this year. The index is currently up more than 8% from its 2022 and trading near the highest levels since early June.
As of Friday, about 21% of companies in the S&P 500 reported earnings. Of those, nearly 70% beat analysts’ expectations.
Investors will face a stacked week of earnings ahead that will include reports from major tech giants Alphabet, Amazon, Apple and Microsoft.
The Fed on Wednesday will also conclude its two-day policy meeting. Economists are widely expecting a three-quarter-point hike.
In Japan, the Nikkei 225 decreased 0.8% Monday. In Hong Kong, the Hang Seng fell 0.2%
Oil prices regained 96 cents to $95.66 U.S. a barrel.
Gold prices settled $1.70 to $1,725.70 U.S. an ounce.
