Futures for Canada’s main stock index rose on Monday, buoyed by higher gold prices, after a major selloff in the previous session.
The TSX Composite Index sank 367.05 points, or 1.4%, to close Friday at 25,147.03. On the week, the index tumbled 296 points or 1.16%.
Futures were ahead 0.5% Monday.
The Canadian dollar dished off 0.02 cents to 70.34 cents U.S. early Monday.
Gold prices edged up to trade near its record peak, helped by a weaker U.S. dollar.
This week, Canada and Mexico are expected to intensify discussions to avoid 25% tariffs on their exports to the U.S., aiming to convince President Donald Trump’s administration that their efforts to enhance border security and curb fentanyl trafficking are effective, ahead of a March 4 deadline.
The U.S. Federal Reserve’s favored measure of core inflation is due on Friday and is expected to slow to 2.6% in January from 2.8% in December.
In corporate news, Britain’s National Grid has reached a deal to sell its U.S. onshore renewables business to investment firm Brookfield Asset Management for $1.74 billion including debt.
ON BAYSTREET
The TSX Venture Exchange hurtled lower 9.4 points, or 1.5%, to 634.69, for a loss on the week of 4.6 points, or 0.7%.
ON WALLSTREET
Stock market futures moved higher early Monday as Wall Street looked to bounce back from a slide late last week.
Futures for the Dow Jones Industrials hiked 289 points, or 0.7%, to 43,775
Futures for the S&P 500 index advanced 31.5 points or 0.5%, to 6,060.50.
Futures for the tech-heavy NASDAQ jumped 90 points, or 0.4%, to 21,769.25.
The move follows the stock market’s fall on Thursday and Friday to end the week in the red. The Dow finished down 2.51% for its worst weekly performance since October. The S&P 500 toppled 1.7%, and NASDAQ slipped 2.5% for the week. On Friday alone, the Dow dropped more than 700 points, while the S&P 500 tailed off 1.7% and NASDAQ shed 2.2%.
Those declines came after February data raised concern over the state of the U.S. economy. Purchasing managers’ index numbers showed the U.S. services sector contracted for the month, while the widely followed University of Michigan’s consumer sentiment index came in weaker than expected.
The week ahead includes key readings on corporate earnings and the economy. Earnings reports from Home Depot and Lowe’s on Tuesday and Wednesday, respectively, will give investors a better sense of how U.S. consumers are faring. Nvidia’s earnings report on Wednesday evening could be even more impactful, as the artificial intelligence-linked chipmaker is still one of the biggest stocks by market cap.
This will be Nvidia’s first earnings report since the emergence of the DeepSeek large language model from China that cast doubt on the sustainability of the AI trade.
Then Friday will deliver the January reading of the personal consumption expenditures index, which is the Federal Reserve’s preferred measure of inflation.
In Hong Kong, the Hang Seng retreated 0.6%, while in Japan, markets were closed for holiday.
Oil prices retreated eight cents to $70.32 U.S. a barrel.
Gold prices moved ahead $13.20 to $2,966.40 U.S. an ounce.
