Oil heads for biggest drop in weeks: What you need to know before markets open

Credit: financialpost.com

North American stocks are headed for a lower to flat open as investors react to falling oil prices and await the first round of the French election that is too close to call.



  • Oil prices edged lower, on course for the biggest weekly drop in a month, over doubts that an OPEC-led production cut will restore balance to an oversupplied market.

  • Major U.S. indexes have fallen for two straight weeks as worries about President Donald Trump’s ability to deliver on his pro-growth promises raised some concern about stretched stock valuations. However, treasury Secretary Steven Mnuchin said an overhaul of the tax code will be unveiled very soon.

     Mounting tensions between North Korea and the United States have also kept investors cautious.

  • On the economic front, Canada will release inflation data at 8:30 a.m.

    U.S. data is expected to show March existing home sales expanded slightly to 5.6 million from 5.48 million in February. The data is expected at 10 a.m. ET.

     Markit’s PMI flash data for April is expected to show a slightly higher reading.

  • Shares of Dow component Visa were up 2.6 per cent at $93.50 in premarket trading after the payments network operator’s quarterly results beat expectations.

  • Mattel fell 4.8 per cent to US$23.99 after the toymaker reported a far bigger-than-expected quarterly loss and drop in sales.

  • General Electric was little changed at US$30.25 after the company reported a 1 per cent decline in quarterly revenue.

    © Thomson Reuters 2017


Top Stories

TradeStation works on AI project EVA

FinanceFeeds - EVA is the newest project on the list of TradeStation SandBox, a fintech accelerator and think-tank program. The post TradeStation works on AI project EVA appeared first on FinanceFeeds.
  • 1 day ago
  • 31

The World’s Most Powerful Women: April 25

A must-read for every global businesswoman.
  • 4 days ago
  • 17

Shanghai stocks up today but still lose for the week

SHANGHAI stocks eked out small gains today as market sentiment improved with positive policy stimuli. The Shanghai Composite Index edged up 0.08 percent to 3,154.66 points. For the week, the gauge lost
  • 12 hours ago
  • 16

Eighty per cent of small businesses try to go green, without government urging: CFIB study

Tax hikes only make it harder to be eco-friendly: Comment
  • 3 days ago
  • 11

Lord Sharkey withdraws proposed law amendment set to change FCA financial penalties policy

FinanceFeeds - “Amendment 13” sought to deprive financial companies of discounts to FCA fines until they complete internal disciplinary actions agreed with the regulator. The post Lord Sharkey withdraws proposed law amendment set to change FCA financial penalties policy appeared first on FinanceFeeds.
  • 1 day ago
  • 11
farawayyachtingcharters - Easy Branches
botoxfillerveintheraphyinphuket - Easy Branches

Latest in Financial

Huawei P10 Owners Accuse Company of “Cutting Corners” on Its Flagship Phone

The company said it used a mix of less advanced and powerful chips in its flagship model.
  • 32 minutes ago

Imperial Oil worries about competitiveness as it weighs next phase of oilsands growth

Canada’s longest-established oil company isn’t in a rush to expand either as it weighs whether to embark on a new phase of oilsands’ growth
  • 42 minutes ago

‘Better not to sit in two places’: HOOPP board overlaps raise concerns

The institutional investor behind a $2 billion line of credit extended this week to struggling Home Capital say they were approached by the mortgage lender seeking funding
  • 42 minutes ago

Shaw Communications is reportedly looking for a buyer for its U.S. datacentre ViaWest

The sale of ViaWest would be Shaw's latest step to streamline its operations. Last year it sold its media assets to Corus Entertainment and purchased Wind Mobile
  • 42 minutes ago

Elon Musk Just Released a Boring Video

The Boring Company aims to dig tunnels beneath Los Angeles
  • 2 hours ago

How Trump’s New Tax Plan Could Actually Relieve Parents’ Child Care Costs

His latest reported proposal is promising.
  • 2 hours ago

If TV Writers Strike, the Winners Will Be Netflix and Trump

A strike by some 9,000 TV and movie writers could make more viewers cut the cord with cable.
  • 2 hours ago

How Apple Became the Biggest Winner of Donald Trump’s First 100 Days

The stock crushed the Dow Jones industrial average--with some help from retirement savers.
  • 2 hours ago

Taboola and Outbrain Said to be Discussing a Merger

The two companies both supply the sometimes clickbait links at the bottom of news articles.
  • 2 hours ago

Twitter CEO Jack Dorsey Recently Bought $9.5 million in Company Stock

That adds to the roughly $7 million worth of Twitter stock the CEO bought earlier this year.
  • 2 hours ago

Toronto home prices headed for a tumble? Ratings service considers the possibility

Fitch Ratings thinks changes brought in by the Ontario provincial government to cool housing will dampen prices and maybe even result in a price correction
  • 2 hours ago

TSX bounces on broad rally led by gold miners and financials as Wall St slips on weak GDP

The Toronto Stock Exchange's S&P/TSX composite index rose 79.66 points, or 0.51 per cent, to 15,586.13
  • 2 hours ago