Futures for Canada's main stock index inched higher on Monday tracking a recovery in global markets as they recouped some losses from the previous week on easing Middle East tensions, while a fall in commodity prices capped gains.
The TSX Composite leaped 102.9 points to close Friday at 21,811.34. On the week, the index was punished 88.9 points, or 0.4%.
June futures gained 0.3% Monday.
The Canadian dollar gained 0.1 cents to 72.88 cents U.S.
Companies are set to report quarterly earnings Monday. Miners like First Quantum and Teck Resources, among others, are set to report their figures in Canada.
In company news, Gildan Activewear recommended the election of two Browning West nominees to its board on Monday, ahead of its annual and special shareholder meeting on May 28.
On the economic calendar, Statistics Canada’s industrial product price index increased 0.8% month over month in March and fell 0.5% on a yearly basis, while the raw material price index rose 4.7% from February to March and was up 0.8% year over year in March.
ON BAYSTREET
The TSX Venture Exchange dropped 4.55 points to 566.34 Friday, for a loss on the week of 21.4 points, or 3.6%.
ON WALLSTREET
Stock futures pushed higher Monday as Wall Street looks to find its footing following a steep sell off for tech companies, which face a key test this week.
Futures for the Dow Jones Industrials hiked 196 points, or 0.5%, to 38,404.
Futures for the S&P 500 added 25.75 points, or 0.5%, to 5,029.5.
Futures for the NASDAQ Composite leaped 95 points, or 0.6%, to 17,275.75.
The S&P 500 fell 3.05% and NASDAQ lost 5.52% last week, and are each on six-day losing streaks. The NASDAQ fell 2% on Friday alone, with chip giant Nvidia sinking 10%, leading a slew of losses for Big Tech names.
The Dow, which has less tech exposure than the other two benchmark averages, was little changed on the week.
The moves higher in futures comes ahead a potentially big week for earnings, with the focus on Magnificent Seven tech companies.
Companies including Tesla, Meta Platforms, American Airlines, Microsoft and Alphabet all set to report in the week ahead. Tesla reports after the bell Tuesday, Facebook-parent Meta is on deck Wednesday, while Apple, Intel and Microsoft all report Thursday.
There is some potentially bigger news in the back part of this this week, with GDP due out on Thursday and a key inflation reading on Friday, when the Commerce Department reports personal consumption expenditures price index data for March. The PCE deflator is the Fed’s preferred inflation gauge.
In Japan, the Nikkei 225 was up 1% Monday, while in Hong Kong, the Hang Seng leaped 1.8%.
Oil prices inched up one cent to $83.15 U.S. a barrel.
Gold prices fell $57.50 to $2,356.30 U.S. an ounce.
