Futures linked to Canada's main stock index inched lower in low volumes on Friday as investors were cautious about developments in the Middle East that kept oil prices higher, setting the index for weekly losses.
The TSX Composite Index tumbled 42.18 points to greet the closing bell Thursday at 33,912.93.
June futures slid 0.2% Friday.
The Canadian dollar edged up 0.1 cents to 73.98 cents U.S.
The TSX was on track for declines this week, its first in four, with oil prices over $100 a barrel as little progress on the conflict front dampened investor appetite.
Israel and Lebanon extended their ceasefire for three weeks, while U.S. President Donald Trump said he was prepared to wait for "the best deal" to end his war with Iran.
In the economic world, Statistics Canada says retail sales increased 0.7% to $72.1 billion in February. Sales were up in seven of nine subsectors, led by increases at motor vehicle and parts dealers.
ON BAYSTREET
The TSX Venture Exchange swooned 30.63 points, or 2.9%, Thursday to 1,020.23.
ON WALLSTREET
S&P 500 futures rose on Friday, while oil prices declined, after investors were given a hopeful sign that peace talks between the U.S. and Iran would soon take place in Pakistan.
Futures for the Dow Jones Industrials dropped 14 points to 49,476.
Futures for the much broader market gained 27.5 points, or 0.4%, to 7,171.
Futures for the NASDAQ shot up 348,25 points, or 1.3%, to 27,282.25.
Intel shares nearly 27% after the chipmaker posted first-quarter earnings that beat Wall Street’s expectations. Intel posted adjusted earnings of 29 cents per share on revenue of $13.58 billion, while analysts polled by LSEG had expected it to earn one cent per share on $12.42 billion in revenue. Intel’s second-quarter forecast also was well above analysts’ expectations.
Procter & Gamble popped more than 3% on better-than-expected results for the fiscal third quarter. Procter earned an adjusted $1.63 per share on revenue of $21.24 billion. Analysts polled by LSEG expected a profit of $1.56 per share on revenue of $20.5 billion.
The situation in the markets comes on the heels of President Donald Trump announcing Thursday that Israel and Lebanon agreed to extend their ceasefire by three weeks. The announcement followed a meeting at the White House with top U.S. officials, Trump said.
The Middle East conflict has evolved into a naval standoff over the Strait of Hormuz as the U.S. and Iran have seized commercial ships. Trump said in a Thursday Truth Social post that he had ordered the U.S. Navy to “shoot and kill any boat” that is laying mines in the strait.
In Japan, the Nikkei 225 gained 1% Friday, while in Hong Kong, the Hang Seng squeezed ahead 0.2%
Oil prices sank $1.53 to $94.32 U.S. a barrel.
Gold prices declined $1.80 to $4,722.20 U.S an ounce.
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