Futures for equities in Canada’s largest index inched down on Monday as uncertainty over a U.S.-Iran peace deal fueled fears that oil prices could remain elevated for an extended period and stoke inflation.
The TSX Composite Index dropped 73.15 points to close Friday at 33,891.18. On the week, the index settled 12.93 points, or 0.4%.
June futures hesitated 0.1% Monday.
The Canadian dollar stepped back 0.09 cents to 73.5 cents U.S.
Iran warned U.S. forces on Monday not to enter the Strait of Hormuz after President Donald Trump said the United States would "guide out" ships stranded in the Gulf by the U.S.-Israeli war on Iran.
ON BAYSTREET
The TSX Venture Exchange tailed off 0.4 points, to 994.44. On the week, the exchanged lost 16.6 points, or 1.6%.
ON WALLSTREET
U.S. stock futures slipped early Monday as the latest developments in the Middle East sent oil prices higher, sparking further worries about instability in the region.
Futures for the Dow Jones Industrials declined 204 points, or 0.4%, to 49,442.
Futures for the S&P 500 sank 9.75 points, or 0.1%, to 7,249.25
Futures for the NASDAQ dropped 16.25 points to 27,819.50.
Iranian media reported that ships following reports of an Iranian attack on a U.S. warship and as Iranian media was reporting that a ship was turned back from the Strait of Hormuz. Iran’s Navy said it blocked “American-Zionist” warships from entering the zone, according to state TV reports cited by Reuters.
A separate dispatch from the Fars new agency said two misses hit a U.S. warship near Jask island after it ignored warnings, though neither report was independently confirmed.
However, a senior U.S. official quoted by Axios denied the U.S. ship had been hit.
In a Sunday Truth Social post, President Donald Trump announced “Project Freedom,” which he said entails the U.S. helping to “free” cargo ships of nations that aren’t involved in the Middle East conflict and that have been stranded by the Strait of Hormuz closure. The initiative is slated to start Monday, Trump wrote.
Major premarket movers include Blackberry, which added 12.4%, while news of GameStop’s takeover bid for eBay pushed the pair as much as 5% and 10.5% higher, respectively.
Traders will also look ahead to reports from Loews, Norwegian Cruise Line and Tyson Foods before Monday’s opening bell.
In Japan, markets were closed for holiday, while the Hang Seng index in Hong Kong rose 1.2 %
Oil prices ballooned $3.54 to $105.48 U.S. a barrel.
Gold prices slid $69.60 to $4,574.90.20 U.S an ounce.
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