Futures for Canada's main stock index edged lower on Friday as investors pored over earnings from major banks in the United States, while an uptick in crude and gold prices limited losses on the commodity-heavy bourse.
The TSX jumped 186.15 points to wind up Thursday’s trading at 20,211.20
Futures on the S&P/TSX index dipped 0.1% Friday morning.
The Canadian dollar fell 0.07 cents to 74.67 cents U.S.
The benchmark index is set for its highest levels of weekly gains in four weeks with real estate, energy and health-care sectors among top gainers.
Among stocks, gold royalty firm Maverix Metals said its shareholders approved peer Triple Flag Precious Metals Corp's acquisition of the company.
ON BAYSTREET
The TSX Venture Exchange roared ahead 7.49 points, or 1.2%, to close Thursday at 609.88.
ON WALLSTREET
The stock market was set to end a winning week on a sour note as JPMorgan Chase led a decline in bank shares after it warned a recession was its base case for the year.
Futures for the Dow Jones Industrials slid 214 points, or 0.6%, early Friday to 34,105.
Futures for the S&P 500 declined 27.25 points, or 0.7%, to 3,976.25.
Futures for the NASDAQ Composite dropped 87.25 points, or 0.8%, to 11,447.
JPMorgan Chase posted revenue that beat expectations, but the bank warned it was setting aside more money to cover credit losses because a “mild recession” is its “central case.” The bank posted a $2.3-billion provision for credit losses in the quarter, a 49% increase from the third quarter. The stock fell more than 2%.
Wells Fargo shares also fell 2% after the bank reported its quarterly figures.
Meanwhile, Bank of America reported better-than-expected earnings for the fourth quarter, but the stock fell 2% in the premarket.
Delta Air Lines also reported earnings and revenue that beat estimates for the final quarter of 2022. However, the stock slid more than 5% in the premarket.
Investors have been awaiting these results to gain more insight into the health of the economy.
Stocks are headed for a winning week, with the Nasdaq and S&P on pace for their best weekly performance since November. The Nasdaq is up 4.1% through Thursday’s close. The S&P has advanced 2.3%, while the Dow has added 1.7%.
In Japan, the Nikkei 225 fell 1.3%, while in Hong Kong, the Hang Seng Index gained 1%.
Oil prices picked up 38 cents to $78.77 U.S. a barrel.
Gold prices eked up 60 cents to $1,899.40 U.S. an ounce.
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