Futures linked to Canada's main stock index rose on Monday, buoyed by optimism around interest-rate cuts in the United States, while lower crude prices kept the gains in check.
September futures on the S&P/TSX index grabbed 0.1% Monday.
The TSX Composite Index was up 21.89 points, to close out Friday at 23,054.61. On the week, the index 743 points, or 3.33%.
The Canadian dollar erased 0.01 cents to 73.09 cents U.S.
In corporate news, Japanese operator of 7-Eleven, Seven & i, said it had received a preliminary takeover offer from Canadian convenience store operator Alimentation Couche-Tard.
ON BAYSTREET
The TSX Venture Exchange triumphed 8.09 points, or 1.5%, Friday to 566.41, for a gain of nearly 29 points, or 5.4% over the last five sessions.
ON WALLSTREET
Stock futures were little changed Monday after the S&P 500 registered its best week of 2024.
Futures for the Dow Jones Industrials gave up four points to 40,790.
Futures for the S&P 500 index picked up 1.5 points at 5,579.75.
Futures for the NASDAQ inched up three points to 19,535.
Stocks are coming off a winning week amid a volatile stretch for equities. The broad S&P 500 rallied 3.9% for its best week since 2023. The NASDAQ Composite and Dow added 5.2% and 2.9%, respectively.
Now, Wall Street is looking ahead to Federal Reserve Chair Jerome Powell’s speech in Jackson Hole, Wyoming, on Friday for more clarity on the outlook for rate cuts. Before then, traders will parse minutes from the Federal Reserve’s most recent meeting due on Wednesday.
The Democratic National Convention also kicks off Monday.
In Japan, the Nikkei 225 retreated 1.8%, while in Hong Kong, the Hang Seng index gained 0.8%.
Oil prices slid 54 cents to $76.11 U.S. a barrel.
Gold prices faded $6.60 to $2,531.20
