Futures tracking Canada's blue-chip stocks slipped on Friday, as traders remained wary following a sharp technology-led selloff in the previous session, while awaiting key employment data later in the day.
The TSX lost 736.13 points, or 2%, to finish Thursday at 35,605.27, its biggest one-day decline in five months on Thursday as the selloff in U.S. technology shares spilled over to the Canadian market
The Canadian dollar dipped 0.02 cents to 71.13 cents U.S.
Futures fell 0.3% Friday.
Traders also digested Canada's Prime Minister Mark Carney's second ?budget, under which windfall oil revenues could be invested in infrastructure and productivity projects over the next five years, while preserving fiscal targets and reducing reliance on the U.S.
The government trimmed its budget deficit forecasts for every fiscal year until 2030/31 and said 2027 growth would be slightly less than initially expected.
On the economic calendar, Statistics Canada said employment was little changed in October (-4,700; 0.0%) and the unemployment rate rose 0.2 percentage points to 6.7%.
Elsewhere, the IVEY PMI for October comes out at 10 a.m. EST.
ON BAYSTREET
The TSX Venture Exchange let go of 8.05 points, or 1% Thursday, to 796.97.
ON WALLSTREET
NASDAQ futures rebounded on Friday as some investors bought the dip in chip stocks following a punishing selloff that sent the NASDAQ into correction territory.
Futures for the Dow Jones Industrials tumbled another 501 points, or 0.5%, early Friday, to 53,755.
Futures for the S&P 500 perked 11.25 points, or 0.2%, to 7,394.25.
Futures for the NASDAQ Composite surged 377.75 points, or 1.4%, at 27,122.
A looming October jobs report kept a cap on the gains.
In early trading Friday, shares of Micron Technology were up 9% following a 17% decline on Thursday. Nvidia was up 3% after a 9% rout the day before.
The “Magnificent Seven” stocks shed $1 trillion in total market capitalization on Thursday alone. Along with Nvidia, Amazon and Tesla were in the green on Friday.
Top Democrats have been calling to curb the data center buildout since the Democrats’ big election win. Governor-Elect Gina Hinojosa of Texas, a key data center hub in the country, said in a CNN interview Thursday evening, “We will have laws to protect Texans, and we need to stop what we are doing with data centers until we have those protections.”
Another market catalyst awaits investors Friday morning when the Bureau of Labor Statistics releases the October nonfarm payrolls report. The Dow Jones consensus estimate among economists anticipates that employers added 59,000 jobs last month, while the national unemployment rate held steady at 4.2%.
In Japan, the Nikkei 225 withered 6% Friday, while in Hong Kong, the Hang Seng faltered 1.3% to 24,796.98
Oil prices lost 22 cents to $90.30 U.S. a barrel.
Gold prices dulled $39.90 to $4,073.60 U.S an ounce.
