Futures are barely moved after Trump shooting

Futures on Canada’s main stock index were weak on Monday as a stronger dollar lifted oil and metals prices after bets on Donald Trump winning the U.S. presidential election in November surged following a failed assassination attempt on his life.

The TSX Composite Index rose 129.39 points to close Friday at 22,673.57. For the week, it gained 613 points, or 2.8%.

The Canadian dollar rose 0.03 cents to 73.30 US cents

The US dollar gained following the failed assassination attempt on Donald Trump on Saturday, which increased markets’ chances of the former US president winning the November election.

September futures fell 0.1% on Monday.

In corporate news, iron ore mine operator Cleveland-Cliffs plans to acquire Stelco Holdings for $70 per share in a deal valued at $3.4 billion.

In economic data on Monday, Statistics Canada said wholesale trade fell 0.8% in May to $82.2 billion, while manufacturing sales rose 0.4% in May, driven by higher production of aerospace products and parts and sales of food products. The gains were partially offset by lower motor vehicle sales.

ON BAYSTREET

The TSX Venture Exchange rose 7.15 points to 593.70, bringing the index up 7.94 points or 1.36% for the week.

ON WALLSTREET

Stock futures rose as investors assessed the impact of the assassination attempt on former President Donald Trump and braced for a big week for earnings at key companies.

Dow Jones industrial average futures rose 209 points, or 0.5%, to 40,510.

Futures on the much broader index gained 24.75 points, or 0.4%, to 5,689.50.

NASDAQ Composite futures rose 102.5 points, or 0.5%, to 20,626.50.

Traders were following the latest developments surrounding the assassination attempt on Trump, the Republican presidential candidate. While the attempt could lead to more political conflict in the country, investors also speculated that it could lead to further gains.

The Republican National Convention begins Monday in Milwaukee, with Trump ahead of President Joe Biden in national polls.

Shares of insurers Humana and UnitedHealth Group, which could benefit from less cost pressure from a Republican administration, rose in premarket trading

Elsewhere, investors are turning their attention to second-quarter earnings reports, which could be the catalyst for extending the market’s rally to new records this year. More than 40 S&P 500 companies are reporting second-quarter earnings this week, including household names like Bank of America, United Airlines and Netflix.

Results were mixed for some of the big U.S. banks that began the reporting season on Friday. JPMorgan and Citigroup beat Wall Street expectations for earnings and revenue, while a drop in net interest income from Wells Fargo disappointed investors.

Investors will also be able to hear Federal Reserve Chairman Jerome Powell speak at the Economic Club of Washington, DC at 12:30 p.m. ET.

In Hong Kong, the Hang Seng fell 1.5%. Japanese markets were closed for a public holiday.

Oil prices fell 23 cents to $81.98 a barrel.

Gold prices rose $3.70 to $2,424.40

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