Futures tied to Canada's main stock index fell on Tuesday as the benchmark readies for a dull start to the New Year after logging a more than 8% gain in 2023.
The TSX Composite gained 29.06 points, to conclude Friday and 2023 at 20,958.44.
March futures stepped back 0.3%.
The Canadian dollar fell 0.3 cents to 75.20 cents U.S.
Money market participants are pricing in a more than 37% chance of the Bank of Canada to reduce borrowing costs by at least 25 basis points in March.
U.S.-based activist fund Browning West said on Friday it was seeking five seats on Canadian apparel maker Gildan Activewear's board.
On the economic calendar, the Markit Manufacturing PMI in Canada for December was due out at 9:30 a.m. EST.
ON BAYSTREET
The TSX Venture Exchange sifted off 3.47 points Friday to 552.90.
ON WALLSTREET
Stock futures were lower Tuesday, the first trading day of the year, as interest rates rebounded slightly and investors took some money off the table following a surprisingly strong 2023 that saw the S&P 500 rally 24%.
Futures for the Dow Jones Industrials tumbled 242 points, or 0.6%, to 37,770.
Futures for the S&P 500 sank 40.75 points, or 0.9%, at 4,779.25.
Futures for the NASDAQ swooned 200 points, or 1.2%, to 16,823.50.
Apple shares led the pullback after Barclays downgraded the member of the Magnificent 7 market leaders basket to an underweight rating.
The stock market finished 2023 with a bang, as the S&P 500 climbed for nine weeks in a row to end the year, notching its best weekly win streak since 2004. Risk assets enjoyed a big relief rally as the economy remained resilient and inflation cooled, while the Federal Reserve signaled an end to rate hikes and forecast rate cuts later this year. The market also endured a regional banking crisis as well as wars in Ukraine and the Middle East.
The Dow logged a 13.7% gain and notched a new record during 2023. Part of that rally was helped by a turn in interest rates.
In Japan, markets were closed Tuesday, while in Hong Kong, the Hang Seng Index faltered 1.5%.
Oil prices climbed $1.56 to $73.21 U.S. a barrel.
Gold prices added three dollars to $2,074.70 U.S. an ounce.
