Down Open Foreseen for TSX
The TSX Composite vaulted 216.58 points, or 1.1%, to end Friday at 20,452.87. On the week, the gain was nearly 350 points, or 1.74%.
December futures plummeted 0.4% early Monday.
ON BAYSTREET
The TSX Venture Exchange hiked 9.88 points, or 1.8%, Friday to 546.26.
ON WALLSTREET
Stock futures were lower after the S&P 500 closed at a new 2023 high following a five-week win streak.
Futures for the Dow Jones Industrials dropped 97 points, or 0.3%, to 36,206.
Futures for the S&P 500 hesitated 18.25 points, or 0.4%, at 4,582.50.
Futures for the NASDAQ fell 84.5 points, or 0.5%, to 15,939.25.
The broad S&P 500 posted its highest close since March 2022 on Friday, bringing its year-to-date gains to almost 20%. The blue-chip Dow has also advanced for five weeks straight and is up 9.4% for the year. The tech-heavy NASDAQ Composite has popped 37% in 2023.
The rebound in stocks since October came as investors increasingly bet that the Federal Reserve will start cutting interest rates next year. Investors maintained this belief last week even as Fed Chairman Jerome Powell’s tried to tamp down rate-cut expectations, saying it’s “premature” to anticipate easing in policy.
Some investors see the rally as unsustainable.
November was the best month for the 30-stock Dow since October 2022. The S&P 500 and Nasdaq Composite both enjoyed their biggest monthly gains since July 2022.
Investors are awaiting the November jobs report, scheduled for release on Friday, for confirmation the Fed is done hiking rates. Economists polled by Dow Jones expect the economy to have added 190,000 payrolls.
Shares of Alaska Airlines declined more than 9% in premarket trading after news that it agreed to acquire rival Hawaiian Airlines in a $1.9 billion deal. The move marks an effort for both carriers to expand along the West Coast.
In Japan, the Nikkei 225 sank 0.6%, while in Hong Kong, the Hang Seng Index retreated 1.1%.
Oil prices sank 41 cents to $73.66 U.S. a barrel.
Gold prices folded 30 cents to $2,089.40 U.S. an ounce.
Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.
