Futures tracking Canada's commodity-heavy stock index were subdued on Monday as investors took stock of new U.S. tariffs on Canadian goods and awaited details on United States' threat to impose sanctions against Iran.
The TSX jumped 254.81 points to close Friday at 36,620.23. On the week, the index remained behind the week before by 110 points, or 0.3%.
September futures rose 0.1% Monday.
The Canadian dollar stumbled 0.2 cents to 72.30 cents U.S.
The U.S. imposed 50% tariffs on some Canadian goods on Saturday after the two longstanding allies failed to secure a trade agreement, with both sides blaming each other for the collapse of talks.
The new duties add to existing U.S. tariffs on steel, lumber and autos which have taken major hit in the last 18 months. According to trade experts, the tariffs open up some already vulnerable sectors to potential severe damage and could lead to job losses and business closures.
Prime Minister Mark Carney said he had suspended trade negotiations and Canada would retaliate "dollar for dollar" on the new tariffs.
ON BAYSTREET
The TSX Venture Exchange acquired 15.28 points, or 1.6%, Friday to 988.37. The index popped 18.2 points, or 1.8%, on the week.
ON WALLSTREET
Stock futures fell slightly early Monday, weighed by declines in tech following a losing week as markets remain pressured by elevated Treasury yields.
Futures for the Dow Jones Industrials slid 26 points, or 0.1%, to 53,327.
Futures for the S&P 500 gave back 13 points, or 0.2%, to 7,678.25.
Futures for the NASDAQ Composite capsized 165.75 points, or 0.6%, to 29,222.
The Dow last week fell 0.8%, marking its second consecutive weekly pullback. The S&P 500 dropped 1.4%, and NASDAQ shed 2%, snapping their three-week winning streaks.
Coherent and Lumentum fell 5% and 4.5%, respectively, to lead the losses. Sandisk also shed 4%, while Corning and Seagate each pulled back by 3%.
Artificial intelligence will be in focus, with Nvidia and Marvell Technology set to report earnings Wednesday and Thursday, respectively.
Those figures will come after Bloomberg News reported over the weekend, citing sources, that Nvidia has notified clients that servers with Vera Rubin and Blackwell chips will see price hikes of more than 15%.
Investors grew fearful that the U.S.-Iran war would continue for longer, keeping oil prices elevated and driving inflation higher. Treasury Secretary Scott Bessent did announce measures to help stabilize the long-end of the U.S. yield curve, but that reprieve was short lived.
In Japan, the Nikkei 225 index ditched 0.7% Monday, while in Hong Kong, the Hang Seng decreased 1.9%.
Oil prices waved off $1.96 to $85.10 U.S. a barrel.
Gold prices shone brighter $21.40 to $4,701.20 U.S an ounce.
Tech Losses Weigh on U.S. Markets
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