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Stocks to Stumble to Start Week

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Futures for Canada's main stock index fell on Monday tracking global sentiment, as subdued data from China fueled fears of a recession, while weaker commodities added to the gloom.

The S&P/TSX popped 400.76 points, or 2%, to end the week on an up note, at 20,099.81. Even so, on the week, the index was bruised 533 points, or 2.59%.

June futures pointed lower 0.2% Monday.

The Canadian dollar doffed 0.1 cents to 77.38 cents U.S.

National Bank of Canada ups the rating on Canadian Western Bank to outperform from sector perform.

National Bank of Canada raised the target price to $60.00 from $59.00

RBC raises target price to $110.00 from $108.00

On the economic slate, Statistics Canada reported manufacturing sales rose 2.5% in March, mainly on higher sales of petroleum and coal product, primary metals, and paper products.

Wholesale sales rose 0.3%, also in March, to $79.8 billion, with the largest increases coming in the building material and supplies, and motor vehicle and motor vehicle accessories and parts subsectors.

Foreign Minister Melanie Joly said on Saturday that
there should be consensus at NATO for Sweden and Finland to join the alliance, but that their accession should be quick.

ON BAYSTREET

The TSX Venture Exchange leaped 29.4 points, or 4.4%, to 696.65, but with a weekly loss of 73 points, or 9.5%.

ON WALLSTREET

Stock futures fell on Monday as the market attempted to rebound from a relentless selloff that’s punished tech stocks and pushed the S&P 500 to the brink of a bear market.

Futures for the Dow Jones Industrials dipped 39 points, or 0.1%, to 32,081, following seven straight weeks of losses for the average

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Futures for the S&P 500 fell 11.5 points, or 0.3%, to 4,008.25.

Futures for the NASDAQ Composite Index settled 38 points, or 0.3%, to 12,344.75.

The S&P 500 sits 16% off its record high, while the NASDAQ Composite is down more than 27% as investors hit growth stocks trading with lofty valuations the hardest as interest rates spiked.

Retail earnings season kicks off this week with several big-box retailers set to report results for the first quarter, including Walmart, Target and Home Depot. Elsewhere, Deere is also on deck, along with a handful of technology companies.
Spirit Airlines shares surged by 20% in premarket trading after JetBlue announced a tender offer to acquire the airline for $30 a share.

Carvana’s stock price jumped 12% in Monday premarket trading after the used car company issued strong core earnings expectations for 2023, and outlined a plan to cut costs.

In Japan, the Nikkei 225 gained 0.5% Monday. In Hong Kong, the Hang Seng nicked ahead 0.3%.

Oil prices slid 84 cents to $109.65 U.S. a barrel.

Gold prices dumped $11.60 to $1,796.60 U.S. an ounce.


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