Futures for stocks in Canada’s largest centre fell on Friday as a resurgence in coronavirus cases raised concerns of a slow recovery in fuel demand, hurting crude oil prices.
The TSX gained 29.38 points Thursday to 16,606.76.
The Canadian dollar docked 0.28 cents Friday to 75.63 cents U.S.
September futures retreated 0.2% Friday.
Credit Suisse raised the target price on Canadian Imperial Bank Of Commerce to $95.00 from $91.00
Credit Suisse also cut target price on Bank of Nova Scotia to $56.00 from $59.00
Canaccord Genuity raised the target price on Keyera Corp to $29.00 from $25.00.
On the economic slate, the federal government on Thursday outlined a plan to move the unemployed off an emergency COVID-19 income-support program and onto an expanded employment insurance plan that requires people to look for a job to qualify.
Transport Canada plans to conduct flight test activities for the validation of Boeing Co's grounded 737 MAX next week.
Statistics Canada said retail sales rose 23.7% in June to $53.0 billion. The agency goes on to say sales were 1.3% higher than in February, prior to the COVID-19 pandemic, as more regions moved ahead with plans to reopen their economies.
What’s more, the agency’s new housing price index advanced 0.4% in July, with central Canada leading the way. In Ontario, nine out of 10 new housing markets surveyed posted increases, while in Quebec, four out of five of census metropolitan areas recorded price gains.
ON BAYSTREET
The TSX Venture Exchange missed breaking even by 0.47 points Thursday to 739.48.
ON WALLSTREET
U.S. stock futures slumped early Friday to end a week that saw the broader market reach a record level.
Futures for Dow Jones Industrials fell 151 points, or 0.6%, early Friday, to 27,518.
Futures for the S&P 500 slid 20.5 points, or 0.6%, at 3,360.25.
Futures for the NASDAQ Composite tumbled 59 points, or 0.5%, to 11,418.25.
Earlier this week, the S&P 500 broke above its late-February high and notched a fresh all-time high. The NASDAQ Composite also hit a record on Thursday. The S&P 500 ended Thursday’s session up 0.4% for the week while the NASDAQ was up over 2% week to date.
The lion’s share of those gains has been driven by strong gains in Big Tech stocks. Apple is up nearly 3% this week and became the first publicly traded company in the U.S. to reach a market valuation of $2 trillion. Amazon and Alphabet have rallied over 4% this week and Microsoft is up 2.7% in that time.
The latest data on U.S. existing home sales is due for release Friday at 10 a.m. ET.
Overseas, in Japan, the Nikkei 225 gained 0.2% Thursday, while in Hong Kong, the Hang Seng index picked up 1.3%.
Oil prices dropped 67 cents to $42.15 U.S. a barrel.
Gold prices deleted $25.60 to $1,920.90.
