Canada's main stock index future rose on Friday supported by firmer gold prices, as a jump in new coronavirus cases sent investors scurrying for safe havens.
Gold rose on Friday and was headed for its sixth consecutive weekly gain.
The S&P/TSX Composite Index ended Thursday down 38.83 points to 16,024.50.
September futures gained 0.2% Friday.
The Canadian dollar eked up 0.01 cents Friday to 73.65 cents U.S.
Credit Suisse raised the target price on Hydro One to $28 from $26
Eight Capital cut the price target on Valens Company to $4.50 from $6.00
TD Securities raised the price target on Cogeco Communications to $110.00 from $105.00
On the economic beat, Statistics Canada reported wholesale sales hiked 5.7% to $52.6 billion in May, following historic declines in April that saw wholesale sales plummet an unprecedented 21.4% due to the COVID-19 pandemic.
Bank of Canada Governor Tiff Macklem's reassurance that interest rates will remain low for at least two years could unleash a wave of speculative demand in the country's hottest housing markets, realtors and mortgage brokers warned.
Prime Minister Justin Trudeau says Ottawa will give the 13 provinces and territories more than $19 billion to help pay for the costs of restarting the economy after several months of COVID-19 pandemic lockdowns.
ON BAYSTREET
The TSX Venture Exchange slid 5.81 points to close Thursday at 661.58.
ON WALLSTREET
Stock futures climbed higher early Friday morning following a volatile session that snapped a four-day winning streak for one of the major averages.
Futures for Dow Jones Industrials rocketed 116 points, or 0.4%, early Friday, to 26,669.
Futures for the S&P 500 acquired 16.25 points, or 0.5%, at 3,210.75.
Futures for the NASDAQ jumped 102 points, or 1%, to 10,613.75.
Netflix reported second-quarter earnings that missed analyst expectations, pushing the stock down 10% in after-hours trading. The company’s guidance for third-quarter subscriber growth — a key metric for the streaming giant — also contributed to the steep selloff in the stock.
Netflix expects to add 2.5 million subscribers in the third quarter, well below estimates of 5.27 million.
Those results come as Netflix, along with other major tech stocks, have struggled this week. Facebook, Amazon, Alphabet and Microsoft are all down week to date.
More than 3.5 million coronavirus cases have been confirmed in the U.S., according to Johns Hopkins University. Some states, including California, Florida and Texas, have had to roll back reopening measures to curb a recent spike in cases.
Overseas, in Tokyo, the Nikkei 225 faded 0.3% Friday, while in Hong Kong, the Hang Seng index advanced 0.5%
Oil prices slipped 28 cents to $40.47 U.S. a barrel.
Gold prices piled on seven dollars to $1,807.30.
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