UPDATES TO PROVIDE MLS HOME SALES FOR MAY
Futures pointed to a lower opening for Canada's main stock index on Friday on fears that trade disputes may hurt global oil demand, a day after tanker attacks in the Gulf of Oman lifted oil prices sharply.
The S&P/TSX Composite Index added 12.02 points to finish Thursday at 16,239.26
The Canadian dollar dipped 0.07 cents to 74.97 cents U.S. early Friday
June futures faded 0.3% Friday.
CIBC raised the target price on Dollarama to $48.00 from $44.00
Cowen and Company raised the target price on Hudson's Bay Co. to $12.00 from $10.00
On the economic front, the Canadian Real Estate Association reported national home sales rose 1.9% month-over-month (m-o-m) in May, while actual (not seasonally adjusted) activity was up 6.7% year-over-year (y-o-y).
ON BAYSTREET
The TSX Venture Exchange handed back 2.38 points to close Thursday at 589.24
ON WALLSTREET
U.S. stock futures were lower on Friday as investors digested a drop in semiconductor shares alongside weak data out of China
Futures for the Dow Jones Industrial Average sank 38 points, or 0.2%, to 26,084.
Futures for the S&P 500 lost seven points, or 0.2%, at 2,891.50.
NASDAQ futures slipped 49 points, or 0.7%, to 7,502.75
Chipmakers fell broadly after weak quarterly results from Broadcom, which suffered a 9.6%, plunge. The chipmaker posted weaker-than-expected revenue for the previous quarter and cut its guidance for 2019, citing “broad-based ” demand weakness and the U.S. crackdown on Huawei.
Other semiconductor stocks also fell. Micron Technology, Advanced Micro Technology and Applied Materials all traded down more than 2.5%.
U.S. data also looms, with traders looking out for upcoming retail sales and industrial production data for May, as well as the consumer sentiment index for June.
Overseas, the Nikkei 225 gained 0.4% Friday, while in Hong Kong, the Hang Seng index backpedaled 0.7%
Oil prices slumped 16 cents to $52.12 U.S. a barrel.
Gold prices gained $14.20 to $1,357.90 U.S. an ounce.
