Futures for Canada's main stock index edged lower on Monday as uncertainty over U.S. tariffs weighed on sentiment, while gains in gold prices offered limited support against weakness in oil prices.
The TSX gained 222.53 points, to close Friday at 33,817.51, for a gain on the week of 743.8 points, or 2.25%.
March futures slipped 0.2% Monday.
ON BAYSTREET
The TSX Venture Exchange spiked 25.2 points, or 2.5%, to 1,042.56, for a gain on the week of 50.57 points, or 5.1%.
ON WALLSTREET
U.S. stock futures fell on Monday after President Donald Trump said he’s raising his global tariffs to 15% from 10% after the Supreme Court struck down the president’s “reciprocal” tariffs. The new tariffs heightened market uncertainty about the outlook for inflation and global growth.
Futures for the Dow Jones Industrials handed over 219 points, or 0.4%, to 49,460.
Futures for the S&P 500 doffed 30.5 points, or 0.4% to 6,892.75.
Futures for the NASDAQ dropped 155.25 points, or 0.6%, to 24,912.25.
Those moves come after Trump on Saturday said he would increase global tariffs to 15%, up from the 10% he announced on Friday. Trump said the duties would go into effect immediately, though it was unclear whether any official documents had been signed regarding the timing.
“I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries, many of which have been ‘ripping’ the U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15% level,” Trump wrote.
Meanwhile, Iran remains a focal point for investors. This past week, Trump encouraged Iran to reach a deal over its nuclear program, warning that otherwise “bad things” might happen.
Trump is scheduled to deliver his State of the Union address to Congress on Tuesday.
Nvidia earnings will be a key focus this week. The chipmaking giant is set to release results on Wednesday. It’s one of only two Magnificent Seven stocks to have eked out a gain this year.
The company will have to reassure investors that its artificial intelligence investment strategy remains intact.
On the economic front, durable goods orders and factory orders data are set to be released on Monday morning.
Japanese markets were closed Monday, while in Hong Kong, the Hang Seng rocketed 668.56 points, or 2.5%, to 27,081.91.
Oil prices gained 11 cents to $66.59 U.S. a barrel.
Gold prices sprang back up $89.80 to $5,017.70 U.S an ounce.
