Canadian stock futures dipped slightly on Monday as oil prices retreated from last week’s surge. Investors are now focusing on upcoming domestic inflation data to gauge potential interest rate adjustments. The TSX Composite Index closed Friday at 36,176.55, marking a weekly gain of 512 points or 1.44%. Meanwhile, the Canadian dollar strengthened to 71.03 cents U.S., up 21 cents from the previous week.
On the corporate front, Reliance Worldwide confirmed that no rival bidders emerged during the 'go shop' period for its proposed acquisition by Brookfield. Economic data from Statistics Canada revealed that the Consumer Price Index rose 3.1% year over year in September, up from 3.0% in August. On a seasonally adjusted monthly basis, the CPI increased 0.4%. The TSX Venture Exchange ended the week lower, shedding 32.6 points or 3.7%.
Across the border, U.S. stock futures showed mixed movements. The Dow Jones Industrials futures fell 74 points or 0.1%, while the S&P 500 futures climbed 35.75 points or 0.5%. The NASDAQ Composite futures surged 312.75 points or 1.1%. Tech stocks led the rebound, with Intel rising over 4% in premarket trading after an upgrade from JPMorgan analysts. CoreWeave, which had plunged more than 25% last week, gained 3%, while AMD and Micron each rose over 2%.
Concerns about the AI sector’s growth pace emerged after reports that Anthropic’s third-quarter revenue hit $16.8 billion, up from $11.6 billion in the second quarter. Investors in the corporate bond market have started avoiding CoreWeave, with its credit default swaps reaching distress levels. In Asia, Japan’s Nikkei 225 dropped 0.6%, while Hong Kong markets were closed. Oil prices slipped 21 cents to $101.20 U.S. a barrel, and gold prices rose $14.90 to $4,196.00 U.S. an ounce.