Futures for Canada's main stock index rose on Friday as prices of commodities such as gold and oil strengthened, while risk sentiment was also buoyed by U.S. President Joe Biden's bi-partisan Senate infrastructure deal.
The TSX Composite index faded 32.56 points to begin the week’s last session at 20,182.56.
The Canadian dollar sprinted 0.23 cents to 81.39 cents U.S.
Blackberry beat Wall Street estimates for quarterly revenue on Thursday, lifted by a rebound in demand for its QNX operating
software and cybersecurity products.
BlackBerry shares opened the day down $1.03, or 6.6%, to $14.62.
TD Bank Group on Thursday named Chief Financial Officer Riaz Ahmed chief executive of its securities unit and head of wholesale banking, a move some investors interpreted as a sign he will succeed CEO Bharat Masrani.
Shares in TD gained 31 cents to $87.48.
A survey by Export Development Canada showed on Thursday confidence among Canadian exporters has surged to its highest level in more than 20 years, amid mounting optimism that a sustained global economic recovery is underway.
An indigenous group in Saskatchewan on Thursday said it had found the unmarked graves of an estimated 751 people at a now-defunct Catholic residential school, just weeks after a similar, smaller discovery in B.C. rocked the country.
ON BAYSTREET
The TSX Venture Exchange edged up 1.82 points to 952.41.
All but two of the 12 TSX subgroups were lower in the first hour, as energy slid 0.7%, information technology lost 0.6%, and consumer staples fell 0.5%.
The two laggards were materials, down 0.2%, and financials, inching back 0.01%.
ON WALLSTREET
U.S. stocks rose on Friday with the S&P 500 building on its rally to records, as investors bet that higher inflation will be temporary as the economy continues to recover from the pandemic.
The Dow Jones Industrials jumped 225.46 points to 34,422.28.
The S&P 500 hiked 11.98 points to 4,278.47,
The NASDAQ dropped 4.28 points from Thursday’s all-time record, to sit at 14,365.43.
The S&P 500, which closed at a record Thursday, is up 2.6% for the week so far, which would be its best gain since early April. The Dow is up 3.2% this week and the tech-rich NASDAQ is up 2.6% since last Friday.
Nike’s stock surged 14%, helping to boost sentiment for the Dow. The company reported earnings and revenue that blew past Wall Street estimates. Digital sales also jumped 41% since last year and 147% from two years ago.
On the flipside, FedEx dipped 4% despite beating on the top and bottom lines of its earnings. FedEx also gave a strong yearly outlook.
Wall Street extended gains after a key inflation indicator that the Federal Reserve uses to set policy rose 3.4% in May, the fastest increase since the early 1990s, the Commerce Department reported Friday. The reading matched the expectation from economists polled by Dow Jones. The core index rose 0.5% for the month, which actually was below the 0.6% estimate.
President Joe Biden announced Thursday that the White House struck an infrastructure deal with a bipartisan group of senators. The lawmakers have worked for weeks to craft a roughly $1-trillion package that could get through Congress with support from both parties.
The framework will include $579 billion in new spending on transportation like roads, bridges and rail, electric vehicle infrastructure and electric transit, among other things.
Shares of Caterpillar jumped 2.6% on optimism around an infrastructure deal on Thursday. The shares were higher by another 1% Friday.
Prices for 10-Year Treasurys were lower, raising yields to 1.51% from Thursday’s 1.49%. Treasury prices and yields move in opposite directions.
Oil prices gained 26 cents to $73.56 U.S. a barrel.
Gold prices regained $10.40 to $1,787.10 U.S. an ounce.
