Futures tracking Canada's blue-chip stocks inched up on Monday, as oil prices gained on renewed U.S.-Iran hostilities in the Strait of Hormuz, while the index was on track for a fifth straight monthly gain.
The TSX tumbled 280.33 points Friday to 36,663.92. On the week, however, the index hung onto gains of 43.69 points, or 0.12%.
The Canadian dollar was up 0.03 cents Monday to 71.97 cents U.S.
Futures nicked up 0.12% Monday morning.
The TSX is set for its fifth month of gains, lifted by a stellar rally in miners, on the back of gains in metal prices. The sector has gained over 27% in August.
In Canada, the central bank will announce its next policy decision on Wednesday and is widely expected to keep interest rates on hold at 2.25%.
ON BAYSTREET
The TSX Venture Exchange swooned 14.93 points Friday, or 1.5%, to 989.16. On the week, the index managed to salvage 0.79 points worth of gains or 0.8%.
ON WALLSTREET
Stock futures fell early Monday after combat resumed between the U.S. and Iran for the first time in a month.
Futures for the Dow Jones Industrials sank 60 points, or 0.1%, to 53,524.
Futures for the S&P 500 lost 12.25 points, or 0.2%, to 7,709.25.
Futures for the NASDAQ Composite fell 33.75 points, or 0.1%, to 29,458.
The Dow is up 2.1% month-to-date, putting the index on track for its fifth consecutive monthly advance. The S&P 500 and NASDAQ Composite were headed for their first one-month increases since May, up 3% and 4%, respectively. Both the S&P 500 and Dow also reached all-time highs earlier in August.
Tech led the charge this month, with artificial intelligence-linked stocks outperforming. The S&P 500 tech sector is up nearly 6% for the month. Nvidia has climbed more than 8%, while Microsoft and Micron Technology advanced 11% and 13%, respectively.
Investors will get more insight into the state of the economy this week, with the August jobs report due Friday morning. Monthly manufacturing and services sector data is also on deck.
On Sunday, U.S. Central Command confirmed to MS NOW that the U.S. struck two rocket launchers on Iran’s Larak Island.
Sunday’s attack was the first publicly acknowledged U.S. strike on Iranian positions since late July, with Iranian state media reporting that Tehran had attacked U.S. bases in Jordan in retaliation.
In Japan, the Nikkei 225 index dipped 0.1% Monday, while in Hong Kong, the Hang Seng also stepped back 0.1%.
Oil prices zoomed $2.97 to $86.37 U.S. a barrel.
Gold prices faded $22.40 to $4,507.70 U.S an ounce.
