Stock futures pointed to a lower opening for Canada's main stock index on Monday, with investors assessing the reworked deal that the United States and Canada clinched at the last minute to save NAFTA as a trilateral pact with Mexico.
The S&P/TSX Composite Index fell earthward 131.48 points to close Friday and the week at 16,073.14
The Canadian dollar climbed 1.36 cents to 78.10 cents U.S. early Monday
December futures slipped 0.3% Monday
The deal, announced on Sunday, helped preserve the nearly quarter-century old, $1.2-trillion open-trade zone among the United States, Canada and Mexico.
Husky Energy Inc said it has made an unsolicited bid to acquire rival MEG Energy Corp in a deal valued at $6.4 billion, including debt.
CIBC cut the price target on First Quantum Minerals to $17.00 from $18.00
ON BAYSTREET
The TSX Venture Exchange gained 10.74 points, or 1.5%, Friday to 709.16
ON WALLSTREET
U.S. stock index futures skyrocketed ahead of Monday's open as investors cheered news of Canada joining a trade deal with the United States and Mexico.
Futures for the Dow Jones Industrials jumped 182 points, or 0.7%, to 26,658
S&P 500 futures improved 16.25 points, or 0.6%, to 2,935.25, while futures for the NASDAQ composite sprang up 52 points, or 0.7%, to 7,707.25
Shares of Ford and General Motors both jumped more than 1 percent in the pre-market following the news. Boeing took on 1.1%, and Caterpillar, another stock sensitive to trade news, rose 0.9%.
Investors are also keeping a close eye on Tesla, after news emerged that CEO Elon Musk had settled charges with the Securities and Exchange Commission over his recent aborted bid to take the firm private.
Over the weekend, news emerged that Musk would relinquish his position as chairman of the board at Tesla for at least three years and that, as part of the settlement, Tesla and Musk would pay $20 million each. Tesla shares jumped more than 15% on the news.
Meanwhile, General Electric surged 16% after the company abruptly removed CEO John Flannery from his post and named Lawrence Culp as his successor.
Data due Monday include manufacturing purchasing managers' index figures at 9:45 a.m. ET, followed by Institute for Supply Management manufacturing data and construction spending, both due at 10 a.m. ET.
Overseas, in Japan, the Nikkei 225 gained 0.5% Monday, while in Hong Kong, markets were shuttered for holiday
Oil prices picked up 12 cents to $73.37 U.S. a barrel.
Gold prices dipped $7.10 to $1,189.10 U.S. an ounce.
