Futures tied to Canada's commodity-heavy main stock index rose on Monday, led by gains in gold prices, as investors awaited remarks from a slate of Federal Reserve policymakers and weighed concerns over a possible U.S. government shutdown.
The TSX Composite Index came off its highs of the day but still posted gains of 29.3 points to Friday at 29,761.28. But on the week, the index lost seven points.
Futures gained 0.6% early Monday morning.
Investors were focused on the rising risk of a partial U.S. government shutdown as congressional Democrats and Republicans reached an impasse over how to continue funding the federal government.
A shutdown could affect financial markets by limiting the operations of financial regulators and delaying the publication of key economic data.
ON BAYSTREET
The TSX Venture Exchange added 13.77 points, or 1.5%, Friday to 933.95.
ON WALLSTREET
Stock futures rose on Monday as Wall Street tried to regain its footing after a week in which the artificial intelligence trade lost some steam.
Futures for the Dow Jones Industrials popped 153 points, or 0.3%, to 46,709
Futures for the S&P 500 gained 2.8 points, or 0.4%, at 6,724.50
Futures for the NASDAQ vaulted 131.25 points, or 0.5%, to 24,858.
In Japan, the Nikkei 225 scaled back 0.7% Monday, while in Hong Kong, the Hang Seng surged 1.9%.
Oracle and Nvidia shares each climbed almost 1% in the premarket.
U.S. stocks slipped last week as cracks appeared in a key pillar of the bull market rally — enthusiasm surrounding artificial intelligence buildout. Nvidia’s eye-popping $100-billion partnership with OpenAI drew investor skepticism towards the sustainability of the business.
The S&P 500 fell 0.3% last week, its worst weekly performance since Aug. 1, and now sits 0.8% off its record high. The NASDAQ dropped 0.7%, also its weakest since early August. The Dow edged down 0.2%, its first loss in three weeks.
The market is still poised for modest gains for the month of September. The S&P 500 is up 2.8% this month, while the Dow has gained 1.5%.
The tech-heavy NASDAQ has been the outperformer with a 2.9% rally.
Oil prices sank $1.24 to $64.48 U.S. a barrel.
Gold prices climbed $45.00 to $3,854.00 U.S. per ounce.
