West Texas Intermediate crude oil futures, the U.S. benchmark, gained 1.4% to $44.23 per barrel.
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BUYBACKS: Target said it plans to buy back $5 billion in company stock, and its shares gained 85 cents, or 1.2 percent, to $69.52. The yen fell 0.96 percent against the dollar and gold rose to its highest in more than two weeks.
Industrials rose 1.2 percent, including gains for railroad stocks, while financials advanced 0.6 percent.
Data expected on Monday includes a report on the US housing market that is likely to show housing starts fell to a 1.19 million-unit rate in August from a 1.21 million-unit pace in the previous month.
Canada’s main stock index lost ground on Friday as heavyweight banks, energy and mining stocks all weighed amid lower oil prices and uncertainty about when the Federal Reserve might raise US interest rates. On Wednesday, the Fed breaks from a two-day meeting and global investors will find out if the Fed again holds off on raising rates, or whether it goes off script and surprises the market with its first hike of 2016.
On Wall Street, there was little movement as the Dow Jones industrial average faded 3.63 points at 18,120.17, while the broader S&P 500 index dipped 0.04 of a point at 2,139.12.
The financials group, which accounts for 35% of the index’s weight, gained as investors brace for the outcomes of U.S. Federal Reserve and Bank of Japan policy meetings on Wednesday. That was the reverse of Monday, when major indexes fell but more stocks were up than down. Heating oil rose 1 cent to $1.41 a gallon. Other than the Federal Reserve meeting, analysts also worry about announcements to be made by Bank of Japan.
The S&P 500 energy index rose 0.69%, recouping some losses after hitting a six-week low last Wednesday. Merck fell 80 cents, or 1.3 percent, to $61.48 after rival Sanofi said it sued Merck and accused it of infringing on patents protection Sanofi’s insulin drug Lantus. The Nasdaq Composite was up 1.12 points, or 0.02 percent, at 5,242.48.
On the commodity markets, the November contract for crude oil gained a penny at US$43.87, while the October contract for natural gas climbed eight cents to US$3.014 per mmBtu. Mylan edged up 26 cents to $41.52 Wednesday, but it’s down 14 percent since August 19.
OIL: Benchmark U.S. crude added $1.02, or 2.4 percent, to $44.05 a barrel in NY. Silver lost 1 cent to $19.28 an ounce. Since they weren’t, the dollar fell to 100.75 yen from 101.84 yen.
U.S. stock futures are rallying in pre-market trading on Monday, at the start of a week that’s all about the Federal Reserve.
FLAT TIRE: CarMax lost $1.40, or 2.5 percent, to $54.36 after the used vehicle dealership reported weaker than expected sales.
OVERSEAS: France’s CAC 40 was up 0.2 percent while Germany’s DAX rose 0.6 percent. Australia’s stock market suspended trading after a couple of hours due to technical glitches.
The Dow Jones industrial average rose 82 points, or 0.5 percent, to 18,207.
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General Motors was the top percentage gainer on the S&P 500, up 2.52% at US$31.76, after Morgan Stanley upgraded the stock to “overweight”.
