Futures for Canada's main stock index fell on Friday, dragged down by weakness in commodity prices, while investors awaited a U.S. job report that could influence the path of Federal Reserve policy tightening.
The S&P/TSX popped 318.09 points, or 1.5%. to close Thursday at 21.031.81.
June futures were down 0.4% Friday.
The Canadian dollar dipped 0.03 cents to 79.51 cents U.S.
CIBC raises the rating on Canadian National Railway to outperform from neutral
National Bank of Canada starts coverage on Dentalcorp Holdings with an outperform rating
CIBC cut the rating on Martinrea International to neutral from outperform
Ontario Premier Doug Ford claimed a sweeping election victory in Canada's most populous province on Thursday, as media projected a second term for his right-leaning Progressive Conservative party with an enhanced majority.
ON BAYSTREET
The TSX Venture Exchange hiked 16.67 points, or 2.3%, Thursday to 728.47.
ON WALLSTREET
Stock futures were lower early Friday morning as investors focus their attention on key employment data due out later in the day.
Futures for the Dow Jones Industrials slumped 151 points, or 0.5%, Friday to 33,072.
Futures for the S&P 500 dipped 29 points, or 0.7%, to 4,146.25.
Futures for the NASDAQ Composite index slid 144 points, or 1.1%, to 12,748.75.
Tesla shares fell 4% in the premarket after Reuters reported, citing an internal email, that CEO Elon Musk wants to cut 10% of jobs at the car maker. According to Reuters’ report, Musk also said in the email that he has a “super bad” feeling about the economy.
Traders are looking ahead to the May jobs report due out at 8:30 a.m. ET. Though the pace of job growth is expected to have slowed for the month of May, economists say the labour market remains strong, even as parts of the economy have weakened.
Economists see 328,000 jobs added in May, down 100,000 from April, according to a Dow Jones survey. Consensus estimates call for wages to rise by 0.4%, a faster pace than April’s 0.3% increase.
In addition to the nonfarm payrolls, traders will be watching new purchasing managers’ index data from Markit and the Institute for Supply Management, due out later in the morning.
In Japan, the Nikkei 225 vaulted 1.3% Friday. In Hong Kong, markets were closed for holiday.
Oil prices skidded 32 cents to $116.55 U.S. a barrel.
Gold prices removed $3.40 to $1,868 U.S. an ounce.
