Stock futures pointed to a lower opening for equity markets in this country on Friday ahead of the release of a crucial U.S. jobs report, which could offer some guidance on the U.S. Federal Reserve's interest rate decision due later this month. The job picture is also being revealed on in Canada.
The S&P/TSX Composite Index gained 12.65 points to close a fairly quiet Thursday at 16,588.85
The Canadian dollar slipped 0.11 cents to 76.53 cents U.S. early Friday
September futures gave back 0.2% Friday.
CIBC raised the target price on Norbord to $35.00 from $31.00
CIBC cut the target price on Hardwoods Distribution to $15.00 from $16.00
CIBC cut the target price Canfor Pulp Products to $13.00 from $15.00
On the economic front, Statistics Canada said employment held steady for the second consecutive month. The unemployment rate rose 0.1 percentage points to 5.5% as the number of people looking for work increased
Later on this morning, Western University releases its Purchasing Managers’ Index for June.
ON BAYSTREET
The TSX Venture Exchange inched up 1.68 points Thursday to 587.84
ON WALLSTREET
U.S. stock index futures pointed to a slightly lower open on Friday as investors focused on the release of a key monthly jobs report.
Futures for the Dow Jones Industrials stepped back 53 points, or 0.2%, to 26,917.
Futures for the S&P 500 slumped 6.25 points, or 0.2%, at 2,994.
NASDAQ futures fell 19.25 points, or 0.2%, to 7,868.25
Markets were closed Thursday for Independence Day
Market focus was largely attuned to non-farm payrolls and unemployment data, released on Friday. Economists forecast the U.S. added 165,000 jobs in June, after a stunningly low 75,000 payrolls were created in May.
A weaker-than-expected figure could bolster the opinion that the Federal Reserve will cut interest rates at its meeting at the end of this month. The central bank opened the door to easier monetary policy last month by stating it will “act as appropriate” to maintain the current economic expansion.
Symantec shares were due to jump Friday morning, following a report that Broadcom is in advanced talks to buy the company.
Overseas, the Nikkei 225 gained 0.2% Friday, while in Hong Kong, the Hang Seng index fell 0.1%
Oil prices gave back 56 cents to $56.78 U.S. a barrel.
Gold prices lost $6.40 to $1,414.50 U.S. an ounce.
