Monday Features Lower Futures| MENAFN.COM

Thursday, 19 May 2022 04:11 GMT

Monday Features Lower Futures


(MENAFN- Baystreet.ca) Monday Features Lower Futures
Boralex, Richelieu in Focus








Futures for Canada's main stock index fell on Monday, tracking losses in global equities on growing tensions between Russia and Ukraine and ahead of major central bank meetings later this week.
The S&P/TSX Composite fell sharply by Friday's closing bell, 436.79 points, or 2.1%, to 20,621.39, for a loss on the week of 736 points, or 3.45%.
The Canadian dollar fell 0.37 cents to 79.23 cents U.S.
March futures handed back 0.2% Monday.
Credit Suisse raised the rating on Boralex to outperform from neutral
CIBC raised the target price on Richelieu Hardware to $55.00 from $49.00
Canaccord Genuity initiated coverage on Vext Science with s speculative buy rating
A convoy of truckers started their march from Vancouver on Sunday to Ottawa protesting the government's COVID-19 vaccine mandate for truckers, which the industry says would create driver shortages and fuel inflation.
ON BAYSTREET
The TSX Venture Exchange cratered 33.73 points, or 3.8%, Friday to 872.18, for a weekly bleeding of 46 points, or 5.12%.
ON WALLSTREET
Stock futures fell Monday following the S&P 500's worst week since March 2020, as investors awaited more corporate earnings results and a key policy decision from the Federal Reserve.
Futures for the Dow Jones Industrials declined 137 points, or 0.4%, to 34,020.
Futures for the S&P 500 ditched 26 points, or 0.6%, to 4,364.
Futures for the NASDAQ tumbled 139 points, or 1%, to 14,287.50.
The early Monday action followed a brutal week on Wall Street in the face of mixed company earnings and worries about rising interest rates.
The S&P 500 lost 5.7% last week and closed below its 200-day moving average, a key technical level, for the first time since June 2020. The blue-chip Dow fell 4.6% for its worst week since October 2020.
The selloff in the tech-heavy NASDAQ was even more severe with the benchmark dropping 7.6% last week, notching its fourth straight weekly loss. The index now sits more than 14% below its November record close, falling deeper into correction territory.
Investors are anticipating a slew of high-stakes earnings reports from mega-cap tech companies this week, including Microsoft, Tesla and Apple. Tesla fell 3.6% and Apple lost 1.3% in the premarket ahead of the quarterly reports.
Peloton shares fell about 1.3% in pre-market trading following news that activist investor Blackwells is calling for the interactive fitness company to fire CEO John Foley and to seek a buyer.
Another crucial market driver will be the Fed's policy meeting, which wraps up on Wednesday. Investors are anxious to find out any signals on how much the central bank will raise interest rates this year and when it will start.
The Federal Open Market Committee, which sets interest rates, meets with expectations that it won't act at this meeting but will tee up the first of multiple rate hikes starting in March. In addition, the Fed is expected to wrap up its monthly asset purchase program that same month.
Overseas, in Japan, the Nikkei 225 made its way up 0.2% Monday while the Hang Seng in Hong Kong tumbled 1.2%.
Oil prices fell 26 cents to $84.88 U.S. a barrel.
Gold prices hiked $6.40 to $1,838.20 U.S. an ounce.










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