Futures Dive to Begin Friday

TD, Enthusiast in Focus

Weakness in oil prices weighed on Canadian stock futures on Friday, with investors digesting gross domestic product data for cues about the pace of the country's economic recovery.

The TSX Composite lost 87.98 points to finish Thursday at 20,070.25

The Canadian dollar eked up 0.11 cents to 78.94 cents U.S.

December futures slumped 0.5% Friday,

Toronto-Dominion Bank became the first major Canadian lender to raise fixed mortgage rates since March, reversing recent cuts after bond yields jumped over the past week on inflation expectations.

TD Securities raised the target price on CAPREIT to $72.00 from $70.00

RBC initiated coverage on Enthusiast Gaming Holdings with an outperform rating

CIBC initiated coverage on Guru Organic Energy with an outperform rating.

On the economic beat, Statistics Canada reported real GDP edged down 0.1% in July, as gains in services-producing industries were more than offset by declines in goods-producing industries.

ON BAYSTREET

The TSX Venture Exchange added 2.6 points Thursday to 858.87

ON WALLSTREET

Stock futures pointed to a slight rise at the open for the market to start October after the S&P 500 notched its worst month since March 2020.

Futures for the Dow Jones Industrials hiked 135 points, or 0.4%, to 34,858.

Futures for the S&P 500 picked up 13 points, or 0.3%, to 4,310.75.

Futures for the NASDAQ Composite Index increased 28 points, or 0.2%, to 14,710.50.

The market just capped a tumultuous September as inflation fears, slowing growth and rising rates kept investors on edge. The S&P 500 finished the month down 4.8%, breaking a seven-month winning streak. The Dow sank 4.3% and the NASDAQ fell 5.3%, suffering their worst months of the year.

Shares of Dow member Merck jumped 7% after the drug maker and Ridgeback Biotherapeutics said their oral antiviral treatment for COVID-19 reduced the risk of hospitalization or death by 50% for patients with mild or moderate cases. The companies plan to seek emergency authorization for the treatment.

Shares of Royal Caribbean and Las Vegas Sands added more than 1% in pre-market trading. Southwest Airlines led a gain in airline stocks after JPMorgan upgraded the stock and said most of the group was worth buying for a trade.

Congress was poised to prevent a government shutdown Thursday. The Senate and House of Representatives both passed a short-term appropriations bill that would keep the government running through Dec. 3 and sent it to President Joe Biden to sign.

Overseas, in Japan, the Nikkei 225 skidded 2.3% Friday, while markets in Hong Kong were closed for holiday.

Oil prices hesitated 59 cents to $74.44 U.S. a barrel.

Gold prices dipped $4.60 to $1,752.40 U.S. a pound.