Stocks Set to Go into Weekend on Up Note

Equinox, Granite in Focus

Futures for stocks in Canada’s largest market rose on Friday, as a rally in crude prices outweighed weakness in bullion and concerns over rising inflation and higher treasury yields.

The TSX faded 194.95 points, or 1.1%, to conclude business Thursday at 18,125.72

The Canadian dollar fell 0.15 cents at 78.72 cents U.S.

March futures took on 0.5% Friday.

TD Securities cut the price target on Equinox Gold to $20 from $22

CIBC raises price target on Granite REIT to $85.00 from $83.00

CIBC cut the price target on Kinaxis Inc. to $200.00 from $288.00

On the economic schedule, Statistics Canada reports that this country posted a trade surplus of $1.4 billion in January, the first since May 2019, owing to a sharp 8.1% increase in merchandise exports. Imports rose 0.9% in January compared with the previous month.

Later on this morning (about 10 a.m. EST) Western University’s IVEY School of Business releases its Purchasing Managers Index for February.

ON BAYSTREET

The TSX Venture Exchange tumbled 65.67 points, or 6.6%, Thursday to 926.31.

ON WALLSTREET

Stock futures rebounded slightly Friday following a tech-led rout on Wall Street amid a surge in bond yields.

Futures for the Dow Jones Industrial index surged 56 points, or 0.2%, to 30,936.

Futures for the S&P 500 gathered 9.75 points, or 0.3%, at 3,775.25.

Futures for the NASDAQ Composite picked up 34 points, or 0.3%, to 12,489.

Tesla shares were off their lows in Friday pre-market trading but still down 0.3%.

The move in futures followed a sharp selloff triggered by Federal Reserve Chair Jerome Powell’s remarks on rising bond yields. The Fed chair said the recent run-up caught his attention but he didn’t give any indication of how the central bank would rein it in.

Some investors had expected Powell to signal his willingness to adjust the Fed’s asset purchase program.

All eyes will be on the February jobs report, which is set to be released at 8:30 a.m. ET. Economists expect 210,000 payrolls were added in February, compared to just 49,000 in January, according to Dow Jones.

Overseas, In Japan, the Nikkei 225 fell back 0.2% Friday, while in Hong Kong, the Hang Seng dropped 0.5%.

Oil prices advanced $1.43 to $65.26 U.S. a barrel.

Gold prices sank five dollars to $1,695.70 U.S.