Canadian Stock Market Update

(Reuters) – Futures for Canada's main stock index fell slightly on Monday as losses in crude prices were limited by Wall Street futures. Investors are awaiting major corporate earnings and economic data later this week.

December futures on the S&P/TSX index were down 0.07% at 6:22 a.m. ET (10:22 GMT).

Market Impact

Canada's energy sector may face a dramatic fall as oil prices plunged more than 6% after Israel's limited retaliatory strike against Iran did not disrupt energy supplies.

The materials sector could take its cues from gold prices, which edged lower due to a firmer dollar and Treasury yields, alongside slipping copper prices from demand worries in China.

Wall Street Behavior

Wall Street futures surged, with S&P 500 E-minis and Nasdaq 100 E-minis rising 0.6% and 0.8%, respectively.

Recent Trends

The TSX composite index ended lower on Friday for a fifth consecutive session, impacted by losses in the real estate and consumer discretionary sectors, posting a 1.45% weekly decline.

Upcoming Events

Bank of Canada Governor Tiff Macklem is scheduled to speak at The Logic Summit conference at 1:30 p.m. ET on Monday.

Investors are looking forward to major North American corporate earnings and economic data later this week, with quarterly earnings from significant companies like Alphabet (NASDAQ:GOOGL), Apple (NASDAQ:AAPL), and Microsoft (NASDAQ:MSFT) taking center stage. Domestic investors will also watch results from Canadian Natural (NYSE:CNQ) Resources and Enbridge (NYSE:ENB).

October U.S. nonfarm payrolls and Canada’s August GDP reports may influence the markets.

Political Context

The U.S. presidential election is entering its final stretch, with market bets favoring a second Donald Trump administration in recent weeks.

Corporate News

Forest products company Canfor (TSX:CFP) reported its third-quarter results on Friday.

COMMODITIES

• Gold: $2,720.00; -0.7%
• US Crude: $67.21; -6.4%
• Brent Crude: $71.37; -6.2%

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– Canadian markets directory

($1 = 1.3894 Canadian dollars)