Investing.com – Futures linked to Canada’s main stock index ticked higher on Monday, as gold prices gained and oil prices fell amid hopes for easing tensions in the Middle East.
By 07:41 ET (11:41 GMT), the S&P/TSX 60 index standard futures contract had risen by 6 points, or 0.3%.
The S&P/TSX composite index finished down by 0.5% at 35,788.18 on Friday, sliding to its lowest closing level since October 14. The index dropped 1.1% for the week.
Along with movements in gold and oil markets, analysts are awaiting a fresh interest rate decision from the Bank of Canada on Wednesday. Most economists anticipate that the central bank will lift its benchmark interest rate by a quarter of a percentage point and then hike once again by next March, according to a Reuters poll.
U.S. futures point higher
U.S. stock index futures gained after technology-driven losses battered Wall Street, with investors turning their focus to a key Federal Reserve policy announcement and a host of major earnings this week.
By 07:42 ET, the S&P 500 futures contract had risen by 17 points, or 0.2%, Nasdaq 100 futures had gained 95 points, or 0.3%, and Dow futures had climbed by 190 points, or 0.4%.
The benchmark S&P 500 and tech-heavy Nasdaq Composite logged two straight weeks of losses, hurt chiefly by a wipeout in tech- and artificial intelligence-exposed names. The blue-chip Dow Jones Industrial Average, however, was buoyed by buying into defensive sectors like healthcare, utilities, and industrials.
The Federal Reserve is scheduled to kick off a two-day meeting on Tuesday, with the central bank widely expected to leave interest rates unchanged a day later. In September, policymakers lifted rates for the first time since 2023.
Although Fed officials have stressed a need to cool inflation to their 2% target level, some have played down the urgency of an imminent increase. As a result, much of the interest will be on Fed Chair Kevin Warsh’s post-decision press conference, analysts at Deutsche Bank said.
According to CME’s FedWatch Tool, there is around a 73% chance that the rate-setting Federal Open Market Committee hikes once again at its final gathering of the year in December.
An advance reading of third-quarter U.S. gross domestic product and September’s personal consumption expenditures price index — the Fed’s preferred inflation gauge — may also provide more cues on rates this week.
