May 05, 2025 (Baystreet.ca via COMTEX) --
Futures for Canadian stocks fell on Monday, mirroring Wall Street's losses after U.S. President Donald Trump reignited new tariff concerns, while investors awaited the Federal Reserve's monetary policy decision this week.
The TSX Composite Index pushed higher 235.96 points, or 1%, to end Friday and the week at 25,031.51, a one-month high. On the week, the index added 321 points, or 1.3%.
June futures were down 0.4% Monday.
The Canadian dollar nosed ahead 0.11 cents to 72.45 cents U.S.
Trump announced on Sunday a 100% tariff on movies produced outside the U.S., saying the American film industry was dying a "very fast death" due to the incentives offered by other countries to lure filmmakers.
Shares of U.S. film and television production firms were down before the bell.
While the U.S. and China's talks provided a brief respite on Friday, after Beijing said it was considering Washington's offer to discuss Trump's 145% tariffs, the uncertainty around the outcome continues to loom over the markets.
Separately, Prime Minister Mark Carney said on Friday he will be in Washington on Tuesday for what he expects to be "difficult but constructive" talks with Trump.
Investors will also focus on the Fed's meeting, where the rates are expected to be kept steady.
Meantime, in Canada, Skeena Resources was in the news, on new developments regarding its Eskey Creek Gold-Silver Project.
ON BAYSTREET
The TSX Venture Exchange regained 10.25 points, or 1.6%, to 656.40. On the week, the gain was 2.58 points, or 0.4%.
ON WALLSTREET
U.S. stock futures dropped Monday as Wall Street comes off a winning week, with the S&P 500 logging its longest positive streak in two decades.
Futures for the Dow Jones Industrials lost 279 points, or 0.7% to 41,148.
Futures for the S&P 500 index dipped 51 points, or 0.9%, to 5,658.
Futures for the NASDAQ fell 221.5 points, or 1.1%, to 19,973.75.
Shares of Walt Disney and Netflix -- all companies that film abroad -- traded 2.5% and 5% lower in early morning trading, respectively. Warner Bros Discovery also shed more than 2%.
Trump also told reporters on Sunday that "we're negotiating with many countries, but at the end of this, I'll set my own deals -- because I set the deal, they don't set the deal."
He added that has no current plans to speak with Chinese President Xi Jinping, dashing investors' hopes that progress is being made to ease U.S.-China trade tensions.
Fed funds futures trading points to just a 3.2% chance of a rate cut. Still, traders are keeping a close eye on any commentary from the central bank or Fed Chair Jerome Powell on the outlook for the economy amid heightened uncertainty stemming from the trade war.
Markets in Japan and Hong Kong were closed Monday for holiday.
Oil prices sank 93 cents to $57.30 U.S. a barrel.
Gold prices captured $78.70 to $3,322 U.S. an ounce.
COMTEX_465232530/2559/2025-05-05T08:27:19
