Equities in Canada’s biggest markets were set to open higher on Friday, buoyed by investor optimism across global markets after the United States passed a bill to lift its debt ceiling.
Late on Thursday, the U.S. Senate passed bipartisan legislation that lifts the government's $31.4-trillion debt ceiling, averting what would have been a first-ever default by the world's largest economy.
The TSX gained progressed 100.01 points Thursday to close the month’s first session at 19,672.25.
June futures on the S&P/TSX index popped 0.6% Friday morning.
The Canadian dollar was hoisted 0.11 cents to 74.48 cents U.S.
Suncor Energy will reportedly cut 1,500 jobs by the end of this year as it aims to reduce costs and improve its financial performance. U.S.-listed shares of the company rose 1.3% in premarket trading.
TD Securities turned bearish on powersport vehicle manufacturer BRP Inc. Further, the brokerage lifted its rating on Lundin Mining Corp to "buy" from "hold".
ON BAYSTREET
The TSX Venture Exchange recovered 10.19 points, or 1.7%, Thursday to 606.01.
ON WALLSTREET
Stock futures rose as traders looked ahead to Friday’s May jobs report and cheered lawmakers passing a debt ceiling bill that averts a U.S.
default.
Futures for the Dow Jones Industrials zoomed 156 points, or 0.5%, to 33,259.
Futures for the S&P 500 progressed 19.75 points, or 0.5% to 4,247.50.
Futures for the NASDAQ Composite move higher 78.75 points, or 0.5%, to 14,552.
Lululemon shares popped 14% in the premarket on strong results and a guidance boost, while MongoDB surged almost 27% after hours on a blowout forecast.
Investors are watching the jobs data due at 8:30 a.m. ET for clues on the Federal Reserve’s futures policy moves. Economists surveyed by Dow Jones expect that growth eased in May over the previous month, with 190,000 jobs added versus the 253,000 gained in April. That would mark the lowest monthly gain since December 2020.
Easing concerns around the U.S. debt ceiling also helped sentiment. The Senate passed a bill to raise the debt ceiling late Thursday night, sending the bill to President Joe Biden’s desk. That comes after the House passed the Fiscal Responsibility Act on Wednesday, just days before the June 5 deadline set by U.S. Treasury Secretary Janet Yellen.
In Japan, the Nikkei 225 jumped 1.2% Friday, while in Hong Kong, the Hang Seng index climbed 4%.
Oil prices climbed $1.14 to $71.24 U.S. a barrel.
Gold prices acquired 30 cents to $1,995.80 U.S. an ounce.
