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Gains in Store for TSX Friday

Teck, Western Bank in Focus

Canada's main stock index was set to open higher on Friday, recovering from three-straight sessions of losses, as commodity prices ticked higher, while investors were hopeful of a deal concerning the U.S. debt limit.

The TSX remained in the red 153.61 points to conclude Thursday at 19,774.08.

June futures on the S&P/TSX index hiked 0.4% Friday morning.

The Canadian dollar gained 0.01 cents to 73.41 cents U.S.

Elsewhere, Nippon Steel Corp said it was still in talks with Teck Resources as Japan's top steelmaker remained eager to take a stake in Teck's high-grade coking coal asset, despite Glencore's bid for the miner.

Canadian Western Bank said it no longer expected to meet its annual pre-tax, pre-provision income and was targeting lower annual growth than it had previously expected.

Waste treatment firm Anaergia said that one of its units, Rialto Bioenergy Facility initiated restructuring proceedings, which could have a positive impact on its 2023 cash flows.

Silver miner Silvercorp Metals missed analyst expectations on quarterly earnings and sales.

ON BAYSTREET

The TSX Venture Exchange lost 3.43 points Thursday to 602.64.

ON WALLSTREET

Stock futures rose slightly Friday as investors kept an eye on Washington for signs of progress on debt ceiling negotiations.

Futures for the Dow Jones Industrials advanced 52 points, or 0.2%, at 32,858.

Futures for the S&P 500 added 7.75 points, or 0.2% to 4,167.50.

Futures for the NASDAQ Composite jumped 45.25 points, or 0.3%, to 14,021.75.

House Speaker Kevin McCarthy left the Capitol Thursday night saying a deal had not been reached yet. However, itโ€™s been reported that the White House and McCarthy are close to reaching an agreement that would raise the U.S. debt ceiling for two years.

Treasury Secretary Janet Yellen has warned that the U.S. could default on its debt as soon as June 1 if the debt ceiling is not raised.

The corporate earnings season is drawing to a close, but a handful of stocks were moving in response to their reports after the bell. Retailer Gap soared 12% and semiconductor stock Marvell Technology rose more than 15%, while Ulta Beauty tumbled 8%.

Investors will watch Friday for a crop of new economic data, with specific attention on personal consumer expenditures given its association with the path of inflation. Data on personal income, consumer spending and sentiment and durable goods is also due in the morning.

In Japan, the Nikkei 225 gained 0.4% Friday, while markets in Hong Kong were closed for holiday.

Oil prices took on 71 cents to $72.54 U.S. a barrel.

Gold prices shone brighter $9.60 to $1,953.30 U.S. an ounce.