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Stocks Set to Slip at Open
Stock futures pointed to a lower opening for equities in Canada on Monday, as investors scaled back expectations for a hefty rate cut by the U.S. Federal Reserve.
The S&P/TSX Composite Index dropped 99.45 points to close Friday and the week at 16,489.40, but sustained a weekly gain of nearly 1%.
The Canadian dollar gained 0.08 cents to 76.55 cents U.S. early Monday
September futures slid 0.3% Monday.
J.P. Morgan raised the target price on Agnico Eagle Mines to $68.00 from $65.00
J.P. Morgan raised the target price on Franco-Nevada Corp. to $110 from $97.50
J.P. Morgan cut the rating on Rogers Communications to underweight from neutral
ON BAYSTREET
The TSX Venture Exchange lost 1.26 points Friday to 586.57, reducing a weekly gain to less than one point.
ON WALLSTREET
U.S. stock futures are trading lower Monday morning as strong jobs data dampened expectations that the Federal Reserve will cut interest rates anytime soon.
Futures for the Dow Jones Industrials dropped 71 points, or 0.3%, to 26,814.
Futures for the S&P 500 lost 6.25 points, or 0.2%, at 2,984.25.
NASDAQ futures fell 29.75 points, or 0.4%, to 7,821.75
AZZ Inc. is one of a few companies reporting earnings Monday.
Market participants were reacting to a solid jobs report from Friday. The U.S. economy added 224,000 jobs in June, official payrolls data showed, way above an expected increase of 165,000.
Traders had been betting heavily on the prospect of a Federal Reserve interest rate cut at the central bank’s next policy meeting, amid fears of a slowdown in global economic growth. At its last meeting, the Fed said it would “act as appropriate” to maintain the current U.S. economic expansion, which is the longest in history.
In terms of data, consumer credit figures are due at 3 p.m. ET.
Overseas, the Nikkei 225 tumbled 1% Monday, while in Hong Kong, the Hang Seng index slumped 1.5%
Oil prices hesitated 14 cents to $57.37 U.S. a barrel.
Gold prices rocketed $7.30 to $1,407.40 U.S. an ounce.
