Futures Higher, Due to Oil Losses

Hydro One in Focus

Stock futures on Friday pointed to a higher opening for Canada's main stock index that has recorded three consecutive days of losses, mainly due to drop in oil prices hurting energy shares.

The S&P/TSX Composite Index remained negative 20.18 points to conclude Thursday at 16,113.62

The Canadian dollar slid half a cent to 77.15 cents U.S. early Friday

June futures eked up 0.1% Friday

Credit Suisse raised the rating on Hydro One Ltd. to outperform from neutral.

ON BAYSTREET

The TSX Venture Exchange stepped back 0.44 points Thursday to 780.58

ON WALLSTREET

U.S. stock index futures pointed to a flat open Friday morning as solid corporate earnings offset geopolitical fears after President Donald Trump called off a key summit with North Korea.

Futures for the Dow Jones Industrials dropped 50 points, or 0.2%, to 24,753

S&P 500 futures slipped 7.5 points, or 0.3%, to 2,720, while futures for the NASDAQ composite index let go of 1.5 points to 6,955.75

Trading volume has been below its recent trend this week as traders leave Wall Street ahead of the long weekend. Markets will be closed Monday for the Memorial Day holiday.

A string of solid earnings reports has kept equities afloat this week, with Foot Locker adding to the optimism on Friday.

The athletic shoe retailer handily beat Wall Street expectations, posting adjusted earnings per share of $1.45 versus expectations of $1.24 per share. It posted revenue of $2.03 billion, also ahead of estimates.

The company's stock was up more than 13% in pre-market trading following the report.

Several other S&P 500 components also gave investors reason for optimism throughout the week, including home improvement retailer Lowe's.

Though the Mooresville, North Carolina-based company missed expectations for the first quarter on Wednesday, its stock rose more than 10% after it maintained its annual financial targets.

Shares also rallied after famed hedge fund manager Bill Ackman revealed a $1-billion stake in the company; the stock is up more than 12% since Tuesday's close.

High-end jeweler Tiffany & Co., meanwhile, is having one of its best weeks on Wall Street.

The company's stock rose more than 23% after reporting that same-store sales rose 7% in the quarter, overshooting expectations of only 2.6%. It also raised its full-year guidance in light of the solid beat.

The New York-based company suggested its comeback plan is working to retain price-conscious millennial shoppers from drifting to new competitors. Its stock is up 22.3% this week.

The moves in pre-market trade followed Trump's abrupt decision to scrap a landmark summit with North Korean leader Kim Jong Un. The meeting would have been the first face-to-face encounter between a sitting U.S. president and a North Korean premier.

In response, Pyongyang's vice foreign minister said the country still hoped for a "Trump formula," before adding the Asian state would remain open to resolving long-standing issues with the world's largest economy. This helped market sentiment to recover Friday morning with European stocks posting solid gains.

On the data front, durable goods data for April were scheduled to be released this morning, with consumer sentiment data for May expected to follow later in the session.

In Japan, the Nikkei 225 inched ahead 0.1%, while in Hong Kong, the Hang Seng Index fell back 0.6% Thursday

Oil prices lost $1.60 cents to $69.11 U.S. per barrel.

Gold prices scaled back 80 cents to $1,303.60 U.S. an ounce.