September 17, 2021

Futures tracking Canada’s energy-heavy main stock index fell on Tuesday weighed by a slump in oil prices, while investors awaited growth data for cues on the country’s economic health.

The TSX Composite Index finished lower by 49.67 points Monday to 20,594.97.

The Canadian dollar gained 0.16 cents to 79.47 cents U.S.

September futures backed off 0.2% Tuesday.

Australian mining billionaire Andrew Forrest’s Wyloo Metals made a revised bid for Canadian nickel miner Noront Resources that was 27% more than BHP Group, Wyloo said on Monday.

RBC raised the price target on Automotive Properties REIT to $14.00 from $13.00

Canaccord Genuity cut the price target on Emerge Commerce to $1.30 from $1.60

On the economic slate, Statistics Canada says real gross domestic product rose 0.7% in June, offsetting some of the declines in April and May, as 15 of 20 industrial sectors were up.

ON BAYSTREET

The TSX Venture Exchange regained 3.23 points Monday to 894.68.

ON WALLSTREET

Stock futures were flat on Tuesday as the S&P 500 looks to wrap up its seventh straight month of gains at a record high.

Futures for the Dow Jones Industrials dropped nine points to 35,343.

Futures for the S&P 500 dipped 1.5 points to 4,523.75.

Futures for the NASDAQ Composite Index inched up 1.5 points to 15,596.

Tuesday marks the last trading day of August, and major averages are poised to post solid gains for the period. The S&P 500 is up 3% this month, while the tech-heavy NASDAQ has climbed 4%, on pace to post its third winning month in a row. The blue-chip Dow is up a more modest 1.3%.

For the S&P 500, it will be its longest winning streak since a 10-month run ending in December 2017. This is also the benchmark’s ninth positive month in the last 10.

Zoom shares fell about 10% in pre-market trading on Monday after the video-conferencing software company showed slowing revenue growth in the second quarter. The drop in shares came even as Zoom’s earnings beat estimates and the company raised full-year guidance as the pandemic took a turn for the worse.

On the political front, the Pentagon said the U.S. has finished its evacuation efforts from Kabul’s airport, effectively ending America’s longest war.

Overseas, in Japan, the Nikkei 225 index leaped 1.1% Tuesday, while in Hong Kong, the Hang Seng index popped 1.3%.

Oil prices let go of 82 cents to $68.39 U.S. a barrel.

Gold prices gained $3.10 to $1,815.30 U.S. a pound.

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