Canadian stocks are predicted to start the week with little to no change, possibly even a slight dip, due to the faltering prices of crude oil. Investors may be treading carefully due to the upcoming release of U.S. inflation data on Tuesday, which could possibly influence stock-specific activities.
This information will likely offer further insights into the Federal Reserve's strategy for interest rates. Other significant events that investors will monitor this week include several speeches from Federal Reserve officials.
In corporate news, Perpetua Resources Corp.'s subsidiary, Perpetua Resources Idaho, has conditionally received up to $34.6 million in additional funding. This financial boost comes through the existing Technology Investment Agreement under Title III of the Defense Production Act.
On Friday, the Canadian market ended on a high note, thanks to advancements in the technology and financial sectors. Factors like robust job data and a rally in the U.S. technology sector contributed to the positive sentiment.
According to Statistics Canada, employment rose by 37,300 in January, compared to an adjusted addition of 12,300 jobs in December. The rate of unemployment also dropped to 5.7% in January, easing off from the 22-month peak of 5.8% seen in December.
The key S&P/TSX Composite Index finished up by 89.96 points or 0.43% at 21,009.60, managing to recover from its early low of 20,891.13. Throughout the week, the Index saw a slight increase of 0.2%.
Asian stocks mostly fell in a quiet holiday trading session on Monday, despite the S&P 500's record-high close on Friday. Notably, markets in China, Hong Kong, South Korea, and Singapore were closed in observance of the Lunar New Year, mirrored by Japan's closure for its National Day.
European markets saw an uptick on Monday morning, as investors geared up for a week full of earnings reports, economic data releases, and speeches from Fed officials.
On the commodities front, West Texas Intermediate crude oil futures fell by $0.74 or 0.97%, trading at $76.10 a barrel. Gold futures also dipped by $2.10 or 0.1%, setting at $2,036.70 an ounce. However, silver futures rose by $0.486 or 2.15%, trading at $23.085 an ounce.
