Markets in Canada were set to open slightly higher on Friday ahead of a speech by U.S. Federal Reserve Chair Janet Yellen, who is expected to provide clues on the timing of the next interest rate hike.
The S&P/TSX Composite Index finished Thursday down 4.54 points at 14,049.20. June futures were ahead 0.2% Friday.
The Canadian dollar declined 0.34 cents to 76.72 cents early Friday
Sources say Valeant Pharmaceuticals International received a joint takeover offer from Japan's Takeda Pharmaceutical Co Ltd and TPG Capital Management LP this spring that the embattled Canadian drug maker rejected.
RBC cut the target price on CIBC to $106.00 from $107.00
NBF raised the target price on Royal Bank of Canada to $83.00 from $77.00
RBC cut the target price on Suncor Energy to $40.00 from $41.00, with an outperform rating
ON BAYSTREET
The TSX Venture Exchange gained 2.85 points Thursday to 679.93.
ON WALLSTREET
U.S. stock futures are barely moving, as traders may be thinking more about how to spend the upcoming Memorial Day long weekend.
Ahead of the opening bell, futures for the Dow Jones Industrials acquired 18 points, or 0.1%, to 17,835, while futures for the S&P 500 gained two points, or 0.1%, to 2,091.75. NASDAQ futures increased eight points, or 0.2%, to 4,500.25.
Investors are closely monitoring the head of the U.S. Federal Reserve on Friday. Janet Yellen is set to speak at an event at Harvard University in the early afternoon, alongside previous Fed chairman Ben Bernanke.
Traders will be hoping to learn more about her plans for interest rates, especially since expectations have been raised that a hike could happen in June
The Bureau of Economic Analysis is set to release an updated estimate of U.S. first quarter Gross Domestic Product.
The original estimate showed the U.S. economy only grew 0.5% in the first quarter of the year. Tepid consumer spending, global headwinds, a struggling manufacturing sector and weak business investment all weighed down growth.
European markets are mostly dipping in early trading while most Asian markets ended the day with gains.
Oil prices subtracted 44 cents to $49.04 U.S. a barrel
Gold prices gained $2.22 to $1,222.02 U.S. an ounce.
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