TSX futures gained on Friday as oil prices rose, after the index closed at a record low in the previous session on escalating coronavirus concerns.
The TSX Composite Index toppled 1,761.64 points, or 12.3%, to end Thursday’s session at 12,508.45
The Canadian dollar gained 0.58 cents higher early Friday to 72.30 cents U.S.
March futures recovered 3.5% early Friday.
Husky Energy followed rivals and cut its 2020 capital spending budget by $900 million on Thursday, citing challenging global market conditions.
Prime Minister Justin Trudeau will be in isolation for two weeks after his wife, Sophie, tested positive for coronavirus on Thursday, and the outbreak prompted the province of Ontario to shutter schools to limit the spread.
RBC cut the price target Canadian Pacific Railway to $361.00 from $391.00
National Bank of Canada cut the price target on Premium Brands Holdings to $103.00 from $110.00
National Bank of Canada raised the rating on Transalta Renewables to outperform from sector perform.
ON BAYSTREET
The TSX Venture Exchange fell 46.24 points, or 10.5%, Thursday to 392.63.
ON WALLSTREET
U.S. stock futures surged in volatile trading on Friday as Wall Street tried to recoup some of the sharp losses suffered in the previous session — the worst since the “Black Monday” market crash in 1987.
Futures for the Dow Jones Industrials leaped 1,110 points, or 5.3%, early Friday to 22,054.
Futures for the S&P 500 jumped 126 points, or 5.1%, at 2,582. S&P 500 futures reached their "limit-up" level. These limit levels act as a ceiling for buying until regular trading begins and are meant to insure orderly trading.
Futures for the NASDAQ Composite popped 407.5 points, on 5.7%, to 7,609.25.
Earlier in after-hours trading, Dow futures had indicated an opening loss of 700 points.
The overnight action followed the official end of the longest bull-market run in history. The S&P 500 plummeted 9.5% Thursday in its worst day in more than three decades, joining the Dow in a bear market, or more than 20% from its recent peak. The Dow also suffered its worst point drop ever and the biggest percentage decline since 1987.
Apple shares jumped nearly 5% in the pre-market after an analyst at Wells Fargo upgraded the tech giant to overweight from equal weight, citing a "compelling risk/reward" outlook.
Futures also got a boost after House Speaker Nancy Pelosi said U.S. lawmakers and the White House were close to a deal on economic relief amid the coronavirus outbreak. "We’ve resolved most of our differences," Pelosi told reporters Thursday evening, noting it’s about "testing, testing, testing."
Meanwhile, the White House’s response to the coronavirus outbreak disappointed the market. President Donald Trump announced travel from 26 European countries will be suspended for 30 days, and added the administration would provide financial relief for workers who are ill or quarantined.
Traders awaited more action by government officials heading into the weekend.
Overseas, in Japan, the Nikkei 225 shed 6.1% Friday, while in Hong Kong, the Hang Seng Index dropped 1.4%.
Oil prices gained $1.65 to $33.15 U.S. a barrel.
Gold prices dipped $3.50 to $1,586.80 U.S. an ounce.
