Futures for stocks in Canada’s largest centre fell on Monday, as oil prices slumped on concerns over a second wave of COVID-19 infections.
The S&P/TSX Composite Index gained 205.65 points or 1.4%, to end Friday at 15,256.57, but was still in the red 597.5 points, or 3.77% on the week.
The Canadian dollar dipped 0.02 cents early Monday to 73.38 U.S.
June futures plunged 1.5% Monday.
Britain's Cineworld Group said on Friday it abandoned its $1.65-billion deal to buy Cineplex, citing what it termed the Canadian company's breaches in the merger agreement between the cinema operators.
First Majestic Silver’s CEO said Friday the company has asked Canada's ambassador to Mexico to intervene in an escalating tax dispute with President Andres Manuel Lopez Obrador's government.
Canaccord Genuity raised the price target on Docebo to $32.00 from $28.00
RBC raised the rating on Major Drilling Group International to outperform from sector perform
CIBC raises rating on TFI International to neutral from underperform
On the economic beat, Statistics Canada said manufacturing sales fell by a record 28.5% to $36.4 billion in April, following a 9.8% decline in March.
The Canadian Real Estate Association was to report MLS Home sales for May.
ON BAYSTREET
The TSX Venture Exchange gained 10.71 points, or 2%, to 554.91, even so, falling back two points, or 0.36%, on the week.
ON WALLSTREET
Stock futures dropped in early trading on Monday, pointing to more losses ahead as investors grapple with signs of a second wave of coronavirus cases as the U.S. economy reopens.
Futures for Dow Jones Industrials plunged 582 points, or 2.3%, early Monday, to 24,816.
Futures for the S&P 500 backed off 61 points, or 2%, to 2,962.75.
Futures for the NASDAQ Composite Index lost 133.75 points, or 1.4%, to 9,498.50.
Stocks which stand to benefit the most from a successful reopening led the losses in pre-market trading. Carnival and Royal Caribbean cruise lines each lost more than 5%. United Airlines lost 6%. Retailers Kohl’s and Gap declined. These types of stocks surged in May as investors bet that the worst of the virus was over.
The early action in futures markets followed a big pullback last week triggered by rising fears of a resurgence in the virus as well as investors’ profit-taking after the massive comeback.
The Dow tumbled 5.5% and S&P 500 lost 4.7% last week, while the NASDAQ shed 2.3%. All three major equity benchmarks suffered their worst weeks since March 20.
States in the reopening process including Alabama, California, Florida and North Carolina are reporting a rise in daily new coronavirus cases. Texas and North Carolina reported a record number of virus-related hospitalizations Saturday.
Meanwhile, Governor Andrew Cuomo warned New Yorkers against triggering a second wave of the coronavirus. He said on Sunday the state has received 25,000 complaints about businesses violating rules of the phased reopening, threatening to take liquor licenses from bars and restaurants.
Overseas, in Tokyo, the Nikkei 225 dropped 3.5%, Monday, while in Hong Kong, the Hang Sang index gave back 2.2%.
Oil prices fell back 90 cents at $35.36 U.S. a barrel.
Gold prices slid $21.90 to $1,715.40.
