Futures Find Way Upward

Futures for Canada's main stock index rose on Monday as crude prices steadied after a slump, although a COVID-19 surge in Europe and supply disruptions due to floods in British Columbia kept sentiment in check.

The S&P/TSX Composite waned 82.51 points to finish Friday at 21,555.03, a drop of 213 points, or nearly 1% on the week.

Futures increased 0.2% Monday

The Canadian dollar acquired 0.11 cents to 79.12 cents U.S.

Canaccord Genuity cut the rating on EQ Inc. to speculative buy from buy.

CIBC raised the target price on Bank of Montreal to $157.00 from $148.00.

CIBC raised the target price to $10.00 from $99.00.

Canadians crossing into the United States for fuel and other essential supplies will be exempt from having to show a negative COVID-19 test result on their return, as Ottawa seeks to help flood-hit residents in British Columbia, a federal official said on Sunday.

ON BAYSTREET

The TSX Venture Exchange gained 11.85 points Friday, or 1.2%, to 993.33, but for the week, it amounted to a loss of 30 points, or nearly 3%.

ON WALLSTREET

Stock futures rose in early trading Monday ahead of the holiday-shortened week, a historically strong period for Wall Street.

Futures for the Dow Jones Industrials gained 50 points, or 0.1%, to 35,599, after Germany Chancellor Angela Merkel warned that tighter restrictions would be put in place for the unvaccinated.

Futures for the S&P 500 took on 10.75 points, or 0.2%, to 4,705.25.

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Futures for the NASDAQ increased 62.25 points, or 0.4%, to 16,637.25.

Stocks have a track record of posting gains in Thanksgiving week, which will potentially set the stage for a year-end Santa rally.

Tesla shares rallied, gaining more than 2% after CEO Elon Musk said the electric vehicle maker’s Model S Plaid could be launched in China by the spring of 2022.

In other early action, Moderna shares continued their upward momentum, rising 1.8% in pre-market trading after the Food and Drug Administration last week cleared the company’s booster shot for all U.S. adults. The stock is up 14.1% over the past five sessions.

On the downside, Activision Blizzard dropped 1.4% following reports that CEO Bobby Kotick said he would consider resigning if he can’t fix the company’s culture. That news came following reports that Kotick was aware of sexual misconduct within the organization.

One big market-moving event this week will involve President Joe Biden’s nomination for the next Federal Reserve chief.

Biden is expected to announce his pick in the coming days, with current chairman Jerome Powell and Governor Lael Brainard considered the most likely candidates. Many expect a more dovish central bank if Brainard prevails, meaning it would take longer to tighten policies including raising interest rates.

U.S. markets will be closed Thursday on Thanksgiving Day. The stock market closes early at 1 p.m. ET on Friday.

Overseas, the Nikkei 225 nosed up 0.1% Monday, while the Hang Seng in Hong Kong lost 0.4%.

Oil prices dropped 18 cents to $75.76.

Gold prices fell $9.30 to $1,842.30 U.S. an ounce.