Nvidia in Focus
Futures for Canada's main index edged higher on Monday, setting stocks for a rebound after a sharp selloff last week, driven by a rise in oil and precious metal prices, while investors await Federal Reserve Chair Jerome Powell's Jackson Hole speech.
The TSX recovered 6.16 points to close Friday and the week at 19,818.39. Over the last five sessions, the index gave up 589 points, or 2.9%.
September futures rallied 0.6% Monday.
The Canadian dollar added 0.14 cents to 73.98 cents U.S.
Investors will keep a close eye on the retail sales data for June on Wednesday to assess the strength of Canadian consumer spending against the backdrop of high interest rates.
Prime Minister Justin Trudeau said on Sunday that Canada is sending the military to tackle fast-spreading wildfires in British Columbia as the western province deals with flames that have led to evacuation orders for more than 35,000 people.
ON BAYSTREET
The TSX Venture Exchange inched upward 0.39 points Friday to 586.11, a loss on the week of more than 21 points, or 3.46%.
ON WALLSTREET
Stock futures were higher Monday as Wall Street tried to recover from another weekly decline.
Futures for the Dow Jones Industrials jumped 104 points, or 0.3%, to 34,669.
Futures for the S&P 500 hiked 19.5 points, or 0.4%, to 4,402.25.
Futures for the NASDAQ advanced 89.5 points, or 0.6%, to 14,833.50.
Palo Alto Networks jumped 12% in premarket trading after reporting earnings results late Friday that topped analysts’ estimates. As of Friday’s close, the stock was down by 16% this month.
Investors are coming off a weekly decline as the market struggles through the summer doldrums. The NASDAQ closed the week lower about 2.6%, down for a third straight week for the first time since December. Meanwhile, the Dow closed the week lower by 2.2%, its worst streak since March. The S&P 500 dropped 2.1% and posted its third consecutive losing week, which hadn’t happened since February.
Investors digested rising bond yields and weakness out of China that put a damper on markets during a typically lackluster season.
Now, investors are awaiting the latest quarterly results from key artificial intelligence beneficiary Nvidia on Wednesday. They’re also anticipating an address Friday morning from Federal Reserve Chair Jerome Powell at the central bank’s annual symposium at Jackson Hole, Wyoming.
In Japan, the Nikkei 225 index poked ahead 0.4%, while in Hong Kong, the Hang Seng was down 1.8%.
Oil prices grabbed 95 cents to $82.20 U.S. a barrel.
Gold prices gained $1.50 to $1,918 U.S. an ounce.
