Strong Opening Foreseen for TSX

Futures for Canada's main stock index were set to open higher on Monday as investors clung to hopes of lower rate hikes from the world's largest economy, while strong commodity prices further lifted sentiment.

The TSX zoomed 265.1 points, or 1.4%, to finish out the week at 19,771.94. Over the last four sessions of an abbreviated week (markets were closed Monday) the gain amounted to 429 points, or 2.2%.

Futures on the S&P/TSX index advanced 0.2% Monday morning.

The Canadian dollar hiked 0.37 cents to 74.79 cents U.S.

Among stock news, First Quantum said that it would suspend many jobs at its operations in Panama if the government forces the metal miner to halt operations during a contract dispute.

Nuvei Corp agreed to buy U.S. payments technology platform Paya Holdings for $1.3 billion, as the fintech firm seeks to expand its footprint in the U.S.

Tilray Brands reported a second-quarter loss, which was at par with analyst expectations.

On the economic slate, the seasonally adjusted IVEY PMI fell to 33.4 last month from 51.4 in November, its lowest level since April 2020 and well below the 50 threshold that indicates a decrease in activity, while building permits jumped in number 14.1% in November to $11.0 billion, rebounding after two consecutive monthly losses. during November, that word from Statistics Canada.

ON BAYSTREET

The TSX Venture Exchange improved 10.77 points, or 1.9%, Friday to 581.89, for a weekly surge of 11 points, or 1.94%.

ON WALLSTREET

Stock futures rose Monday after the major averages notched their first big rally of the new trading year.

Futures for the Dow Jones Industrials sprinted 80 points, or 0.2%, early Monday to 33,852.

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Futures for the S&P 500 jumped 13.5 points, or 0.3%, to 3,929.25.

Futures for the NASDAQ Composite advanced 47.5 points, or 0.4%, to 11,961.

All the major averages advanced last week, with the Dow and S&P posting their best week since November. The Dow on Friday surged 700 points, or 2.1%, while the S&P 500 added 2.3%, and NASDAQ Composite picked up 2.6%, after the December jobs report signaled that inflation may be easing.

Duck Creek Partners has agreed to a takeover deal with Vista Equity Partners. The deal is for $19 per share, or about $2.6 billion.

Uber was upgraded to overweight from neutral by Piper Sandler, which said that higher car prices will push more consumers to use ride-sharing services — especially Uber.

The New York Fed Survey of Consumer Expectations and consumer credit data are due out Monday. Later in the week, investors will look for December’s consumer price index report Thursday and big bank earnings Friday.

In Japan, markets were closed for holiday, while in Hong Kong, the Hang Seng Index climbed 1.9%.

Oil prices galloped $2.44 to $76.21 U.S. a barrel.

Gold prices brightened $10.60 to $1,880.30 U.S. an ounce.