Futures for Canada's main stock index rose on Friday tracking rising commodity prices, while the benchmark index eyed weekly gains as risk appetite grew after the U.S. Federal Reserve hinted that it could pivot towards interest rate cuts next year.
The TSX Composite spiked 149.35 points to wind up Thursday at 20,778.80, its highest close since June 8, 2022
December futures poked up 0.1% early Friday.
The Canadian dollar edged higher 0.12 cents to 74.71 cents U.S.
Enghouse Systems reported a higher fourth-quarter revenue.
On the economic slate, Statistics Canada said non-resident investors reduced their exposure to Canadian securities by $15.8 billion in October, led by an unprecedented divestment in private corporate debt instruments. Meanwhile, Canadian investors lowered their holdings of foreign securities by $8.2 billion, nearly all of which was in U.S shares..
Housing starts came in at 212,600 in November, compared to 272,300 in September. The Canadian Real Estate Association declared national home sales edged back 0.9% month-over-month in November.
Statistics Canada reported wholesale sales fell 0.5% to $81.7 billion in October.
ON BAYSTREET
The TSX Venture Exchange surged 7.29 points, or 1.4%, Thursday to 534.26.
ON WALLSTREET
U.S. stock futures climbed on Friday as the Dow Jones Industrial Average looked to add to this week’s gains, which have led the 30-stock average to all-time highs.
Futures for the blue-chip index added 66 points, or 0.2%, to 37,709.
Futures for the S&P 500 gained eight points, or 0.2%, at 4,782.
Futures for the NASDAQ grew 46.5 points, or 0.3%, to 16,799.50.
Stocks could see volatile trading as the S&P 500 and NASDAQ go through their respective quarterly rebalances. Once complete, Uber will be part of the S&P 500, and DoorDash and MongoDB will be added to the NASDAQ. One concern for this rebalancing is some stocks could end up having outsized weighting going on the indexes.
The major averages are headed for their seventh straight positive week. As of Thursday, the Dow is higher on the week by 2.8%. The S&P 500 is up by 2.5%, while the NASDAQ rose 2.5% this week. It would also mark the S&P 500's seventh straight weekly gain, its longest winning streak since 2017. The Dow is also on pace for a nine-week winning streak, its longest run since 2019.
The S&P 500 could soon join the Dow with its own all-time high. The broad market index is less than 1.6% away from a record close set in January 2022. The NASDAQ is roughly 8% away from its highest-ever close, and about 9% from its all-time intraday high.
In Japan, the Nikkei 225 recovered 0.9% Friday, while in Hong Kong, the Hang Seng Index jumped 2.4%.
Oil prices gathered 57 cents to $72.15 U.S. a barrel.
Gold prices soared $11.10 to $2,056 U.S. an ounce.
