Trading in the first full week of 2014 will likely be cautious as investors hope that fourth-quarter earnings will justify last year's big run-up in U.S. markets.
The S&P/TSX composite index stumbled 45.33 points to finish Friday at 13,458.86.
The Canadian dollar hesitated 0.15 cents to 93.87cents U.S. early Monday
Quarterly earnings in Canada lag the U.S. by a few weeks. The major TSX-listed report next week comes from Quebec-based drugstore chain Jean Coutu. Analysts expect adjusted earnings of 28 cents a share.
Elsewhere on the corporate front, Valeant Pharmaceuticals International Inc. one of Canada's largest life sciences companies, will provide its financial guidance for 2014 on Tuesday. The company, which has its headquarters in Laval near Montreal, has been growing rapidly through numerous acquisitions in recent years.
Economically speaking this morning, Statistics Canada reported this morning that its industrial product price index edged up 0.1% in November, compared to a market call for a figure that was 0.1% lower, mainly because of higher prices for motorized and recreational vehicles.
The agency’s raw materials price index dropped 4.1% in the same month, compared to a market call for a loss of 1.5%, weighed mostly by by crude energy products.
Canadian job numbers for December also come out on Friday. At least one expert said he expects job creation to come in at about 10,000 for the month, below market consensus of 13,000 jobs.
ON BAYSTREET
The TSX Venture Exchange gained 5.50 points Friday to 944.71
ON WALLSTREET
Monday should be the first big trading day of the year as investors and traders return to work in numbers, but there's a wary mood in the markets.
Ahead of the opening bell, futures for the Dow Jones Industrials gained 33 points, or 0.2%, to 16,440. Futures for the S&P 500 took on 4.3 points, or 0.2%, to 1,829.80, and futures for the NASDAQ added four points, or 0.1%, to 3,535.50.
U.S. investors and traders will likely be cautious Monday as they await Friday's jobs report and other economic news later this week.
Coming up Wednesday will be the release of minutes from the Federal Reserve's December meeting, when it announced plans to trim its monthly bond purchases by $10 billion to $75 billion U.S. beginning this month.
Later Monday, the U.S. Senate is expected to confirm Janet Yellen to serve as the next chair of the Federal Reserve, after Ben Bernanke's second term ends in January.
European markets were slightly higher in midday trading after the latest purchasing managers' survey showed the euro-zone services sector lost some momentum in December.
Many Asian markets reopened after an extended holiday break Monday and pushed lower. Japan's Nikkei 225 fell 2.4% over the course of the day, playing catch-up with other international markets that declined last week.
Chinese stocks also dropped. The latest report from HSBC on China's services sectors showed a slower rate of growth in December.
Oil prices gained 30 cents to $94.26 U.S. a barrel
Gold prices fell $2.80 at $1,235.80 U.S. an ounce.
