September futures on the S&P/TSX index were down -0.1% at 7:13 a.m. ET (1113 GMT).
Material stocks are expected to take a hit after a fall in copper and gold prices as the dollar stood strong after U.S. Federal Reserve officials flagged that interest rates would remain elevated for longer. [GOL/] [MET/L]
Prices of industrial metals have also come under pressure this year from slow demand in China, where the property market has stalled, and manufacturing has contracted.
The Toronto Stock Exchange's S&P/TSX composite index ended down 11.65 points, or 0.1%, at 19,779.97, on Friday, its lowest closing level since Aug. 24. For the week, it lost 4.1%, its biggest weekly decline since September 2022 as investors worried that borrowing costs would remain high for an extended period. [.TO]
Investors are awaiting Canada's GDP estimates for July later in the week. The report is likely to show an uptick of 0.1% in economic growth, as per a Reuters poll of economists.
Traders are also awaiting a bunch of U.S. data scheduled for this week - durable goods data, the Personal Consumption Expenditures (PCE) price index for August, second-quarter GDP and remarks by Fed policymakers, including Chair Jerome Powell.
Dow e-minis were down 27 points, or 0.08% at 12:13 a.m. ET, while S&P 500 e-minis were down 4.5 points, or 0.1% and Nasdaq 100 e-minis were down 19 points, or 0.13%. [.N]
COMMODITIES AT 7:13 a.m. ET
Gold futures: $1,925.7; -+-0.1% [GOL/]
US crude: $90.02; -+0.0% [O/R]
Brent crude: $93.37; -+0.1% [O/R]
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report [.TO]
Canadian dollar and bonds report [CAD/] [CA/]
Reuters global stocks poll for Canada
Canadian markets directory
($1= C$1.3456)
(Reporting by Khushi Singh in Bengaluru; Editing by Tasim Zahid)