Futures pointed to a lower opening for Canada's main stock index on Friday, the first day of summer, tracking declines in global equities as rising tensions between the United States and Iran kept investors on edge.
The S&P/TSX Composite Index marched ahead 63.09 points to finish Thursday’s session at 16,574.83
The Canadian dollar dipped 0.02 cents to 75.79 cents U.S. early Friday
June futures demurred 0.1% Friday.
Canopy Growth reported better-than-expected quarterly revenue on Thursday, as efforts to strengthen its retail operations paid off and increased production capacity resulted in higher sales following Canada's legalization of recreational cannabis.
Chevron Phillips Chemical Company, a joint venture between Chevron and Phillips 66, has offered to acquire Nova Chemicals for more than $15 billion including debt.
CIBC raised the price target on Kirkland Lake Gold to $58.00 from $53.00
TD Securities cut the price target on ARC Resources to $12.50 from $13.50
BMO raised the price target on Evertz Technologies to $20.00 from $19.00
On the economic front, Statistics Canada reported retail sales enjoyed a third straight month of growth, edging up 0.1% to $51.5 billion in April.
The agency adds, excluding sales at motor vehicle and parts dealers and gasoline stations, retail sales were down 0.1%
ON BAYSTREET
The TSX Venture Exchange leaped 8.65 points, or 1.5%, at 593.26
ON WALLSTREET
U.S. stock index futures fell slightly on Friday as Wall Street took a breather a day after the S&P 500 notched a record high in the previous session.
Futures for the Dow Jones Industrial Average gave back 53 points, or 0.2%, to 26,721.
Futures for the S&P 500 dipped 7.25 points, or 0.2%, at 2,952.75.
NASDAQ futures slipped 34.5 points, or 0.4%, to 7,738.25
CarMax is among the few companies declaring earnings Friday.
Stocks surged on Thursday as investors cheered the prospects of the Federal Reserve cutting interest rates as soon as July. The S&P 500 gained nearly 1% and posted a record close of 2,954.18. The broad index also reached an intraday record of 2,958.06.
Equities were also on pace to post sharp weekly gains. The Dow and S&P 500 were both up more than 2% for the week entering Friday’s session. The NASDAQ was up more than 3%.
On the data front, investors will be keeping a close eye on June manufacturing and services Purchasing Managers Index at 9:45 a.m. ET, as well as existing home sales for May due at 10 ET.
Overseas, the Nikkei 225 sank 1% Friday, while in Hong Kong, the Hang Seng index eased back 0.3%
Oil prices acquired 22 cents to $57.29 U.S. a barrel.
Gold prices gained $3.40 to $1,400.30 U.S. an ounce.
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