Futures for Canada's resources-heavy main stock index rose on Friday, tracking gains in oil and copper prices, while markets awaited more U.S. economic data to gauge the outlook for interest rates.
The TSX gained 94.32 points Thursday at 19,913.17.
September futures were ahead 0.4% Friday, its highest level in 10 days on Thursday, boosted by energy and bank stocks.
The Canadian dollar sank 0.07 cents to 75.39 cents U.S.
A media report stated that activist hedge fund Starboard Value has gained a more than 5% stake in Algonquin Power & Utilities.
Statistics Canada reports April GDP was essentially unchanged as goods-producing industries edged up 0.1%, while services-producing industries stayed put.
ON BAYSTREET
The TSX Venture Exchange regained 1.13 points Thursday to 613.02.
ON WALLSTREET
U.S. equity futures rose Friday as Wall Street looked to cap off a banner start to 2023 and the best first half for the NASDAQ Composite since 1983.
Futures for the Dow Jones Industrials progressed 89 points, or 0.3%, to 34,442.
Futures for the S&P 500 gathered 15.75 points, or 0.4%, to 4,451.50.
Futures for the NASDAQ gained 70.5 points, or 0.5%, to 15,170.75.
Friday is a pivotal day for investors, marking not just the end of the June, but also the conclusion of the second quarter and the first half. Here is where the indexes stand as of Thursday’s close:
For June, the S&P 500 has gained 5.18% and is on pace for its best monthly performance since January. The NASDAQ has advanced 5.07%, and both it and the broad-market index are heading for a fourth consecutive positive month. The Dow has climbed 3.7%, and it’s on track for its best month since November.
For the second quarter, S&P 500 has risen 7% and is tracking for a third straight quarter of gains. The NASDAQ touts a gain of 11.2% for back-to-back positive quarters. The Dow has jumped 2.6%, but it’s also on pace for a third winning quarter.
For year to date and the first half, the S&P 500 has popped 14.5%, and it’s heading for its best first half since 2018. The NASDAQ has surged nearly 30%, tracking for its best first half since 1983. The 30-stock Dow has a more modest gain of 2.94%.
The three major averages are also on pace for winning weeks, with the S&P 500 and Dow up more than 1% each, and the NASDAQ tracking for a 0.7% increase.
Investor attention is on May core PCE data, the Federal Reserve’s favored inflation gauge, due out at 8:30 a.m. ET on Friday. The core personal consumption expenditures price index is expected to show a 0.3% increase, according to economists polled by Dow Jones. On an annual basis, the gauge is expected to have increased 4.7% — the same rate at which it grew in the prior month.
In Japan, the Nikkei 225 declined 0.1 % Friday, while markets in Hong Kong also fell 0.1%
Oil prices inched up eight cents to $69.94 U.S. a barrel.
Gold prices stumbled $5.40 to $1,912.50. U.S. an ounce.
