Stocks to Stumble Monday

·2 min read

Futures signaled a sour start to the week for Canada's resource-heavy stock index as oil prices tumbled after weaker-than-expected Chinese economic data clouded the outlook for the global economy.

The TSX jumped 187.93 points to conclude Friday at 20,179.81, for an increase on the week of 559 points, or 2.85%.

September futures for the TSX retreated 0.5% on Monday.

The Canadian dollar faded 0.76 cents to 77.47 cents U.S.

Turquoise Hill Resources rejected an offer by majority shareholder Rio Tinto to buy the 49% stake it doesn't already own for $2.7 billion.

On the economic calendar, June wholesale sales rose 0.1% to $80.7 billion. This growth was attributable to increases in the miscellaneous goods and motor vehicle and motor vehicle and motor vehicle parts and accessories subsectors.

Elsewhere, Statistics Canada said manufacturing sales fell 0.8% in June, mainly on lower sales of petroleum and coal products and of wood products. Excluding the petroleum and coal product industry, sales rose 0.5% in June.

The Canadian Real Estate Association was due Monday morning with July MLS numbers for home sales across the country.


The TSX Venture Exchange spiked 7.49 points, or 1.1%, to 680.51 Friday, picking up 16 points, or 2.46, on the week.


U.S. equity futures were lower Monday, putting Wall Street on track to take a breather after another positive week, as traders braced for big retail earnings.

Futures for the Dow Jones Industrials capsized 181 points, or 0.5%, early Monday to 33,537.


Futures for the S&P 500 moved lower 24.25 points, or 0.6%, to 4,256.75

Futures for the NASDAQ Composite swooned 56 points, or 0.4% at 13,521.75.

Monday’s moves come after disappointing economic data out of China overnight. The country’s central bank also cut rates unexpectedly, raising concern over China’s economic recovery.

Last week the S&P 500 advanced 3.3% to notch its fourth positive week in a row and its longest winning streak since 2021. The NASDAQ ended the week 3.1% higher, also for its fourth straight week. The Dow added 2.9%.

Investors are looking ahead to a week of earnings from big retailers including Home Depot, Walmart and Target, and listening for clues on how their businesses have been affected by inflation and other macro challenges in the most recent quarter.

In Japan, the Nikkei 225 index gained 1.1%, while in Hong Kong, the Hang Seng index slipped 0.7%,

Oil prices dipped $4.79 to $87.30 U.S. a barrel.

Gold prices fell $26.10 to $1,789.40 U.S. an ounce.