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Futures and Commodity Market News

Futures Point to Stocks Opening Down

Nov 13, 2017 (Baystreet.ca via COMTEX) --

Stock futures pointed to a lower opening for Canada's main stock index on Monday as investors turned risk averse amid mounting concerns over a possible U.S. tax reform deal.

The S&P/TSX Composite Index dropped 42.83 points Friday to close the week at 16,039.20

The Canadian dollar fell 0.07 cents at 78.71 cents U.S. Monday morning.

December futures slipped 0.3% Monday.

Stelco Holdings's chief executive says the company is banking on growth from ramped-up production and acquisitions, as the 107-year-old company completed its initial public offering.

Canaccord Genuity downgraded Alterra Power to hold from buy

Desjardins cut the rating on Dream Global REIT to hold from buy

The federal government proposed on Friday that it split equally the income from excise taxes on recreational marijuana with the provinces where it will be sold when it is legalized next year, drawing criticism from Ontario

ON BAYSTREET

The TSX Venture Exchange regained 3.28 points Friday to 796.48

ON WALLSTREET

U.S. stock index futures pointed to a weak open Monday, as investors continued to wade through another batch of earnings, while keeping an eye on news surrounding the tax situation in the U.S.

Futures for the Dow Jones Industrials faded 70 points, or 0.3%, to 23,312

S&P 500 futures shed six points, or 0.2%, to 2,573.50, while futures on the NASDAQ Composite index dipped 17.75 points, or 0.3%, to 6,291.50

Earnings rolled again Monday, with Tyson Foods and JD.com reporting quarterly results before the open. Switch is set to report after the bell.

On the data front, the monthly treasury statement is due to be released at 2 p.m. ET.

Elsewhere, the future of a tax reform deal in the U.S. continues to add uncertainty to markets. Market sentiment has been on edge as of late, after news emerged that a corporate tax cut from 35% to 20% could be delayed until 2019.

Overseas, European stocks were relatively mixed, approaching noon on the continent, while Japan's Nikkei 225 thundered 1.3% lower, while in Hong Kong, the Hang Seng Index gained 0.4%.

Oil prices eked up nine cents to $56.83 U.S. per barrel.

Gold prices picked up $4.10 to $1,278.30 U.S. an ounce.

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