Canada's main stock index futures crashed on Friday, tracking losses in global markets, on fears of a global economic crisis as the number of international coronavirus cases spiraled.
The TSX Composite Index collapsed 324.48 points, or 1.9%, to finish Thursday an hour early at 16,717.44.
Trading abruptly ended around 3:15 p.m. EST on the Toronto Stock Exchange and several other TMX Group Ltd. markets after the company suspended the exchanges because of what it says were technical issues.
The Canadian dollar toppled 0.36 cents early Friday to 74.33 cents U.S.
March futures sank 2.1% early Friday.
Credit Suisse raised the target price on National Bank to $70.00 from $69.00
CIBC raised the target price on Transcontinental to $19.00 from $18.50
Scotiabank raised the price target on Trican Well Service to $1.75 from $1.30
On the economic front, Statistics Canada reported real gross domestic product increased 0.3% in December, after edging up 0.1% in November, as 15 of 20 industrial sectors grew
The agency’s industrial product price index was down 0.3% in January, driven primarily by lower prices for energy and petroleum products, while the raw materials price index fell 2.2%, during the same month, because of lower prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange lost 25.01 points, or 4.6%, Thursday to 520.59
ON WALLSTREET
U.S. stock futures pointed to more losses early Friday after the major indexes suffered a tumble that sent them more than 10% below their record highs.
Futures for the Dow Jones Industrials removed 179 points, or 0.7%, early Friday to 25,373.
Futures for the S&P 500 gained 22 points, or 0.7%, at 2,935.
Futures for the NASDAQ Composite faded 63.25 points, on 0.8%, to 8,319.50.
The Dow had closed at a record high on Feb. 12. It only took the S&P 500 six days to fall from an all-time high into correction levels, marking the broad index’s fastest drop of that magnitude outside of a one-day crash.
Thursday’s declines also put the Dow and S&P 500 down more than 10.5% each for the week, on pace for their worst weekly performance since 2008.
Norwegian Cruise Line and American Airlines are among the worst-performing S&P 500 stocks this week, dropping more than 20% in that time. Las Vegas Sands has lost more than 10% week to date.
Futures pared their initial decline after Kevin Warsh, a former Federal Reserve governor, told the media he expects global central banks to act soon in response to the coronavirus outbreak.
Caterpillar — a bellwether stock for global growth — was the worst performer among Dow stocks in the pre-market, sliding more than 3%. Apple shares slid 2.9% while Chevron and Cisco Systems dipped more than 2% each.
New Zealand and Nigeria reported overnight their first coronavirus cases. South Korea, meanwhile, confirmed more than 500 new cases. China reported 327 additional cases.
Overseas, in Japan, the Nikkei 225 got walloped 3.7%, Friday while in Hong Kong, the Hang Seng Index dropped 2.4%,
Oil prices faded $1.39 to $45.70 U.S. a barrel.
Gold prices docked $18.80 to $1,623.70 U.S. an ounce.
Related Stories
