Canadian stock index futures pointed to a lower open on Friday, as investors cautiously awaited a spate of U.S. economic data out later in the day, though gains could be capped by worries over the Federal Reserve's stimulus program.
The S&P/TSX Composite Index moved higher by 167.24 points, or 1.4%, to conclude Thursday at 12,277.13. Futures were down 0.3% on Friday.
The Canadian dollar dipped 0.11 cents to 98.36 cents U.S. early Friday.
National Bank Financial cut the price target on Agrium Inc. to $84.50 from $87 on valuation, saying DuPont's decision to lower its earnings guidance following planting delays on crop input demand will have negative implications for the company
CIBC raised the price target on Transat AT Inc. to $6.50 from $5.25, saying the company is guiding towards summer results being better year-over-year and is having good early success in its product differentiation rollout and its cost-cutting strategy
On the economic slate, Statistics Canada reported manufacturing sales fell 2.4% in April to $48.2 billion — the fourth decline in five months and the largest monthly percentage drop since August 2009.
ON BAYSTREET
The TSX Venture Exchange gained 1.86 points to 930.36
ON WALLSTREET
Economic data could support U.S. stocks Friday as a week of volatile trading draws to a close.
Futures for the Dow Industrials fell 12 points, or 0.1%, to 15,105. Futures for the S&P 500 dipped 2.8 points, or 0.2%, to 1,628.10, and futures for the NASDAQ settled 1.75 points, or 0.1% to 2,955.25.
Investors close out the week Friday awaiting a handful of new economic reports, with questions about when the U.S. Federal Reserve will end its bond-buying program still looming in the background.
The U.S. Bureau of Labor Statistics will release data on producer prices, while the Fed will publish its monthly report on industrial production later this morning.
The University of Michigan and Thomson Reuters will release data on consumer sentiment just before 10 a.m. ET.
In corporate news, meat producer Smithfield Foods, which announced last month that it was being bought by Chinese meat producer Shuanghui International, is scheduled to release quarterly results before the opening bell.
Smith & Wesson shares rose in pre-market trading after the gun maker released preliminary results showing record quarterly and full-year sales and earnings.
European markets were pushing slightly higher in morning trading.
Tokyo's Nikkei 225 index bounced back by nearly 2% after falling more than 6% Thursday. But the benchmark Japanese index is still in bear market territory, down 20% from its most recent peak.
Hong Kong’s Hang Seng index closed 0.4% higher Friday and the Shanghai Composite index also pushed up by 0.6%
Oil prices some 48 cents worth of lift to $97.17 U.S. a barrel
Gold prices gained $1.70 to $1,379.50 U.S.
