Futures for Canada's main stock index fell on Friday, weighed down by weakness in bullion and global stock markets, although gains in oil prices limited losses.
The TSX Composite popped 242.54 points, or 1.2%, to conclude Thursday at 21,197.53.
The Canadian dollar shed 0.05 cents to 80.94 cents U.S.
December futures dropped 0.3% Friday.
ATB Capital Markets raised the target price on Bombardier to $3.00 from $2.50
JP Morgan raised the target price on Lundin Mining to $12.20 from $11.90
National Bank of Canada raised the price target on Sun Life Financial to $78.00 from $73.00.
On the economic front, Statistics Canada reported real gross domestic product grew 0.4% in August, led by continued growth in services-producing industries.
The agency’s industrial product price index increased 1.0% month over month in September and 14.9% compared with the same month in 2020.
Its Raw Materials Price Index increased 2.5% on a monthly basis in September and 31.9% compared with September 2020.
ON BAYSTREET
The TSX Venture Exchange regained 8.42 points Thursday to 955.21
ON WALLSTREET
Stock futures slipped in early morning trading Friday as shares of major technology companies suffered following disappointing earnings reports.
Futures for the Dow Jones Industrials dipped 27 points, or 0.1%, to 35,586.
Futures for the S&P 500 lost 19.25 points, or 0.4%, to 4,568.25
Futures for the NASDAQ Composite Index slumped 119.75 points, or 0.8%, to 15,645.
Amazon shares dropped 4.9% in pre-market trading after the e-commerce giant badly missed earnings and revenue expectations for the third quarter. The company also issued disappointing guidance for the critical holiday period.
Apple stock fell more than 3.5% in pre-market trading after the tech giant’s quarterly revenue fell short of expectations amid larger-than-expected supply constraints on iPhones, iPads and Macs. It was the first time Apple’s revenues have missed Wall Street estimates since May 2017.
Investors were betting on good tech results in the prior session. The S&P 500 and the NASDAQ both closed Thursday’s session at record highs. Both Apple and Amazon gained on Thursday into the results.
Despite the recent disappointing results from Big Tech, the stock market has been raking in records amid solid earnings. About half of the S&P 500 have reported quarterly results and more than 80% of them beat earnings estimates from Wall Street analysts. S&P 500 companies are expected to grow profit by 38.6% year over year.
Shares of Exxon Mobil and Chevron rose in pre-market trading after the energy giants topped earnings expectations.
On the data front, key inflation and consumer spending data was due out at 8:30 a.m. ET, while the October consumer sentiment reading is slated for 10 a.m.
All three major averages are on track to post a winning week, their fourth positive week in a row. Month to date, the S&P 500 is up 6.7%, on pace for its best monthly performance since November 2020. The blue-chip Dow has gained 5.6% in October, while the NASDAQ has rallied 6.9%.
Overseas, in Japan, the Nikkei 225 gained 0.3% Friday, while in Hong Kong, the Hang Seng gave up 0.7%.
Oil prices sank 32 cents to $82.49 U.S. a barrel.
Gold prices fell $15.10 to $1,787.50 U.S. an ounce.
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