Futures Gain to End Month, Quarter

RBC in Focus

Futures for Canada's resource-heavy main stock index tracked gains in energy and precious metals on the last day of the quarter that has been plagued with worries over economic growth and hawkish central bank policy actions.

The TSX Composite lost 207.08 points, or 1.1%, to end Thursday to 18,398.41.

Futures for Friday gained 0.4%.

Among company news, Barclays cut price targets for several Canadian railway companies citing near-term pressure from labour agreements and softer volume outcomes this fall driving a less robust earnings forecast for 2023.

Royal Bank of Canada cut 10 jobs in its U.S. investment banking division last week.

The Canadian dollar lost 0.14 cents to 72.98 cents U.S.


The TSX Venture Exchange lost 4.98 points, or 1.2%, Thursday to 582.59.


Stock futures rose Friday as traders tried to rebound from sharp selling this week that brought the S&P 500 to a new 2022 low.

Futures for Dow Jones Industrials forged ahead 66 points, or 0.2%, early Friday to 29,350.

Futures for the S&P 500 acquired 12.5 points, or 0.4%, to 3,666.75.

Futures for the NASDAQ Composite Index tacked on 34.75 points, or 0.3%. at 11,263.

Stocks sold off Thursday, with the Dow losing more than 1% and the S&P 500 and NASDAQ each dropping more than 2% as investors weighed concerns over future rate-hiking decisions from the Federal Reserve and the impact on the market.

Those losses put the major averages on pace for sharp weekly losses. The S&P 500 is off 1.4% for the week, while the Dow and the NASDAQ are each down 1.2%. This would mark the sixth negative week in seven for the indexes.

Friday also marked the last day of the month and the third quarter. For September, the S&P 500 and Dow are down more than 7% each through Thursday’s close.

That would be the worst monthly performance for the Dow since March 2020 and the biggest one-month decline for the S&P 500 since June.

The NASDAQ is headed for its biggest monthly loss since April, losing 9.1%.

Quarter to date, the S&P 500 and NASDAQ are headed for their first three-quarter losing streak since 2009, the S&P losing 3.8% and the NASDAQ off 2.6%. The Dow is down 5% in the third quarter and is on pace to post a third-straight losing quarter for the first time since 2015.

Nike shares fell after the company reported that sales increased, but supply chain and inventory issues hampered the bottom line in its fiscal first quarter.

Meanwhile, Amylyx Pharmaceuticals’ shares spiked after the Food and Drug Administration approved its drug for Lou Gehrig’s disease.

On the economic data front, investors will watch for personal income and spending and consumer spending Friday morning. The Federal Reserve’s favorite measure of inflation, the PCE deflator, is also due for August.

In Japan, the Nikkei 225 fell 1.8%, while in Hong Kong, the Hang Seng progressed 0.3%.

Oil prices added 28 cents to $81.51 U.S. a barrel.

Gold prices advanced $4.40 to $1,673 U.S. an ounce.

Wall Street Tries to Close Q3 on Positive Note