Futures Fall on Rate Hike Uncertainty

Cineplex, Agnico Eagle at Centre-Stage

Futures for Canada's main stock index sank on Friday as the prospect of faster rate hikes by the Bank of Canada and the U.S. Federal Reserve weighed on gold and technology stocks.

The S&P/TSX Composite ended Thursday down 51.78 points to 20,544.11.

The Canadian dollar dipped 0.27 cents to 78.18 cents U.S.

March futures slumped 0.8% Friday.

Cineworld Group said on Friday Cineplex filed an appeal against its plea challenging an order the British cinema operator pay $1.23 billion Canadian in damages to Cineplex for abandoning a planned takeover.

National Bank raised the rating on Agnico Eagle Mines to outperform from sector perform

RBC raised the target price on Cenovus Energy to $24.00 from $20.00

RBC cut the target price on Stelco Holdings to $53.00 from $64.00


The TSX Venture Exchange dumped 15.88 points, or 1.9%, Thursday to 830.41.


Stock futures dropped Friday as the market looks to wrap up a roller-coaster week with the S&P 500 headed for its worst month since March 2020.

Futures for the Dow Jones Industrials tumbled 295 points, or 0.9%, to 33,748.

Futures for the S&P 500 slipped 35.75 points, or 0.8%, to 4,282.

Futures for the NASDAQ toppled 104.5 points, or 0.8%, to 13,882.25.

The major averages have experienced outsized swings each day this week — including the Dow making up a more than 1,000-point intraday deficit to close higher on Monday for the first time ever.

The Dow is down 0.3% on the week. The S&P 500 is down 1.6% week to date. Both indexes are headed for a fourth consecutive losing week. The NASDAQ has dropped 3% this week, on track for its straight fifth negative week.

On Thursday, shares of Apple rose about 3% in pre-market trading after the company reported its largest single quarter in terms of revenue ever even amid supply challenges and the lingering effects of the pandemic. Apple beat analyst estimates for sales in every product category except iPads.

Chevron shares fell roughly 3% in early morning trading after missing Wall Street earnings expectations. Dow component Caterpillar dipped 2% in the pre-market even after it topped profit estimates.

Investors will get an important economic snapshot this morning as the Commerce Department reports December’s personal consumption expenditures price index, which is the Fed’s preferred inflation gauge.

Economists surveyed by Dow Jones expect the PCE measure to show a 4.8% year-over-year gain excluding food and energy, which would be the highest reading since September 1983.

The report is due out at 8:30 a.m., the same time the U.S. Labor Department releases the employment cost index for the fourth quarter of 2021. The Fed also watches that gauge closely for inflation pressure, and it is expected to show a 1.2% quarterly gain.

Overseas, in Japan, the Nikkei 225 rocketed 2.1% Friday, while the Hang Seng in Hong Kong slid 1.1%.

Oil prices climbed $1.17 to $87.78 U.S. a barrel.

Gold prices doffed five dollars to $1,806.10 U.S. an ounce.