Futures tied to Canada's main stock index advanced on Friday tracking a rise in metal prices, while investors awaited key economic data from both the U.S. and Canada that would offer more clues to their hopes of an end to interest rate hikes.
The TSX swooned 176.17 points to conclude Thursday at 20,385.47.
September futures surged 0.4% Friday.
The Canadian dollar squeezed up 0.01 cent to 75.66 cents U.S.
TC Energy, which has been looking to sell assets and cut debt, said on Thursday it would spin off its oil pipeline business and focus on transporting natural gas.
Economically speaking, Statistics Canada reported real gross domestic product rose 0.3% in May, as services-producing industries advanced 0.5% while goods-producing industries contracted 0.3%.
ON BAYSTREET
The TSX Venture Exchange lost 8.68 points, or 1.4%, Thursday to 611.57.
ON WALLSTREET
Stock futures rose early Friday as Wall Street awaited new inflation data due Friday morning.
Futures for the Dow Jones Industrials gathered 126 points, or 0.4% to 35,557.
Futures for the S&P 500 gained 25 points, or 0.6%, to 4,589.25.
Futures for the NASDAQ popped 144.75 points, or 0.9%, to 15,715.75.
Earnings season continued with Dow member Procter & Gamble shares gaining more than 1.1% in pre-market trading Friday. The consumer goods company behind Tide and other brands beat analysts’ earnings and revenue expectations in its most recent quarter.
Intel jumped more than 7% as investors applauded a return to profitability, while Roku climbed 8% after beating Wall Street expectations on both the top and bottom lines.
On the other hand, Ford Motor shares fell about 1.4% even though the automaker beat estimates and raised guidance. The company said its electric vehicle adoption was taking longer than expected due to higher costs.
Investors will watch for June data for the personal consumption expenditures price index, a gauge of inflation that’s closely followed by the Federal Reserve. Economists polled by Dow Jones expect that the core PCE gained 0.2% from the prior month and climbed 4.2% when compared with a year earlier.
In Japan, the Nikkei 225 dipped 0.4%, while in Hong Kong, the Hang Seng gained 1.4%.
Oil prices stepped back five cents to $80.04 U.S. a barrel.
Gold prices acquired $9.10 to $1,954.80 U.S. an ounce.
