Futures tracking Canada's blue-chip stocks rose on Monday as weaker oil prices eased inflation concerns, while investors turned their focus to the upcoming U.S. midterm elections.
The TSX shed 629 points, or 1.7%, to conclude Friday at 35,620.03. The index plunged 168 points, or 0.47%, on a weekly basis
The Canadian dollar stepped back 0.02 cents to 71.56 cents U.S.
Futures progressed 0.2% to begin Monday.
Markets are pricing in a 72.8% chance that the Fed will raise interest rates at its December policy meeting.
Attention is also turned towards earnings from companies, with Toromont Industries and Topaz Energy set to report after market close
Separately, U.S. President Donald Trump said on Sunday his administration has a framework for a new trade deal with Canada, while Prime Minister Mark Carney said the leaders held constructive talks on the future of bilateral trade
Canada is making rapid progress in diversifying its trade and security ties around the world with a goal of doubling its non-U.S. trade in the next decade, Foreign Minister Anita Anand said on Saturday
Economically speaking, the S&P Global Canada Manufacturing PMI is due for October (about 9:30 a.m. EST).
ON BAYSTREET
The TSX Venture Exchange stepped back 22.86 points, or 2.8%, to 803.78. On the week, the index lost 17.17 points, or 2.1%.
ON WALLSTREET
Stock futures moved higher Monday as oil prices fell sharply and tech names rebounded, while investors braced for a packed week of earnings results, jobs reports and the upcoming midterm elections.
Futures for the Dow Jones Industrials gathered 190 points, or 0.4%, Monday to 52,108.
Futures for the S&P 500 hiked 30.25 points, or 0.4%, to 7,644.25
Futures for the NASDAQ Composite picked up 211.75 points, or 0.8%, at 28,745.75.
Micron, Sandisk and Western Digital rose more than 2% each. Nvidia and Microsoft also ticked higher in early trading.
The moves come after the major U.S. stock benchmarks suffered a losing week, bogged down by selling pressure in tech as investors continued to scrutinize names related to the artificial intelligence buildout.
The tech-heavy NASDAQ and the S&P 500 logged a losing October amid AI spending concerns, with the Nasdaq suffering its worst losses since March 2025. The Dow, however, rose almost 2% as investors rotated into defensive areas like healthcare.
In addition to the closely watched monthly jobs report, a fresh round of earnings releases is also due this week. “Magnificent Seven” member Apple is scheduled to report after the bell on Monday. McDonald’s and Qualcomm are slated to report later in the week.
In Japan, the Nikkei 225 stumbled 0.3% Monday, while in Hong Kong, the Hang Seng gained 0.4%.
Oil prices subsided $4.33 to $99.79 U.S. a barrel.
Gold prices added $16.30 to $3,915.20 U.S an ounce.
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