Baystreet.ca - Futures for Canada's main stock index inched higher on Friday, as economic data and official comments in the United States allayed recession fears, while an uptick in oil and copper prices further boosted gains.
The TSX Composite Index climbed 344.66 points, or 1.6%, to 22,225.61.
The Canadian dollar subsided 0.05 cents to 72.76 cents U.S.
September futures on the S&P/TSX index tacked on 0.4% Friday.
Among individual stocks, energy transportation company Pembina Pipeline (TSX:PPL) on Thursday raised its annual forecast for adjusted core profit.
On the economic beat, Statistics Canada said Friday the economy ditched 2,800 jobs in July, but the unemployment rate was unchanged at 6.4%.
ON BAYSTREET
The TSX Venture Exchange jumped 7.86 points, or 1.5%, Thursday to 541.59.
ON WALLSTREET
U.S. stock futures ticked down Friday after investors looked to regain more ground from this week’s selloff.
Futures for the Dow Jones Industrials dipped 49 points, or 0.1%, to 39,552.
Futures for the S&P 500 index slid 11.5 points, or 0.2%, at 5,336.75
Futures for the NASDAQ fell 52.5 points, or 0.3%, to 18,472.75.
Paramount Global (NASDAQ:PARA) climbed more than 6% after posting adjusted earnings that trounced estimates and announcing it’s cutting 15% of its U.S. workforce. E.l.f. Beauty slipped about 9% after posting cautious guidance.
The S&P 500 advanced 2.3% to end Thursday, posting its best session since November 2022, while the 30-stock Dow surged roughly 683 points, or nearly 1.8%. The tech-heavy NASDAQ Composite added 2.87%.
Investors have been attempting to revive the market’s momentum this year after Monday’s steep global sell-off, which was sparked by last Friday’s disappointing U.S. payrolls data, concerns about the Federal Reserve’s rate-cutting timeline and the unwinding of the Japanese yen carry trade.
Investors seem to have bought the dip, deeming the pullback to be a fairly healthy correction.
In Japan, the Nikkei 225 gained 0.6% Friday, while in Hong Kong, the Hang Seng index hiked 1.2%.
Oil prices captured 43 cents to $76.62 U.S. a barrel.
Gold prices gained $2.70 to $2,466.00