Futures Track Fall in Oil Prices

Futures for equities in Canada’s largest market fell on Monday as oil prices dropped, with U.S. crude futures hitting their lowest level since 1999 on concerns that the country's crude storage will soon be full.

The S&P/TSX Composite Index leaped 460.56 points, or 3.3%, to close Friday and the week at 14,359.88. On the week, the index gained 193 points, or 1.36%.

The Canadian dollar slipped 0.39 cents early Monday to 70.82 cents U.S.

June futures hurtled lower 1.7% Monday.

Economically speaking, Statistics Canada said wholesale trade rose 0.7% to $67.5 billion in February, a third consecutive monthly gain. The agency went on to say three of seven sub-sectors recorded higher sales, accounting for 51% of total wholesale sales.

Alimentation Couche-Tard's buyout of petrol station operator Caltex Australia Ltd has become the latest victim of the coronavirus outbreak, as fuel demand plunges and as companies look inward to get through the crisis.

CAE said it would recall 1,500 of its employees in Canada, furloughed in response to the coronavirus pandemic as a government wage subsidy program helps put workers back on payroll.

Berenberg raised the target price on Asanko Gold to $1.80 from $1.70

RBC initiates coverage on Lightspeed POS with a sector perform rating and target price of $25

TD Securities raised the rating on Tervita Corp. to buy from hold

ON BAYSTREET

The TSX Venture Exchange dropped 2.53 points to 444.87 Friday, but gained 22.9 points, or 5.43% on the week.

ON WALLSTREET

U.S. stock futures traded lower early Monday morning as investors weighed the latest coronavirus news along with a sharp decline in U.S. crude prices. The market was coming off its first back-to-back weekly gains in more than two months.

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Futures for Dow Jones Industrials plunged 498 points, or 2.1%, early Monday to 23,661.

Futures for the S&P 500 dumped 55.25 points, or 1.9%, at 2,814.75.

Futures for the NASDAQ Composite stumbled 78.25 points, on 0.9%, to 8,730.75.

Stock futures were following a decline in U.S. oil prices, which raise concerns about how deep the economic slowdown will be this quarter and also hit the prices of energy stocks.

The May contract for West Texas Intermediate, which expires on Tuesday, plunged more than 28% to $13.02 per barrel on weak demand outlook and storage capacity issues.

New York Gov. Andrew Cuomo said Sunday the state is "past the high point" of new cases, noting the infection rate has fallen along with coronavirus-related hospitalizations. Cuomo added New York will roll out antibody testing this week. In New Jersey, Gov. Phil Murphy said Saturday: “We’re flattening the curve.”

In Washington, Treasury Secretary Steven Mnuchin said the administration and Congress were close to striking a deal on a second round of loans for small businesses. A $349-billion rescue loan program ran out of money on Thursday.

The number of coronavirus related deaths have also risen to more than 165,000 globally, according to Johns Hopkins University. In the U.S., the death toll has risen to over 41,000.

Overseas, in Japan, the Nikkei 225 backpedaled 1.2% Monday, while in Hong Kong, the Hang Seng Index was off 0.2%.

Oil prices plummeted $6.15 to $12.12 U.S. a barrel.

Gold prices gained 50 cents to $1,699.30 U.S. an ounce.