Baystreet.ca - Futures for Canada's main stock index rose on Friday, aided by rising crude prices, while investors awaited crucial U.S. inflation data to gauge the Federal Reserve's monetary policy outlook.
The TSX Composite Index popped 148.26 points to finish Thursday at 21,942.16.
The Canadian dollar ditched 0.01 cents to 72.98 cents U.S. September futures gained 0.5% Friday. The federal government intervened on Thursday to prevent a strike by maintenance engineers at Onex Corp- backed WestJet Airlines to avoid more flight cancellations ahead of a busy holiday weekend.
On matters economic, Statistics Canada reported April GDP grew 0.3% as both goods-producing and services-producing industries increased during the month.
ON BAYSTREET
The TSX Venture Exchange grabbed 4.97 points Thursday to 570.55. The Canadian benchmark index was set to clock its first weekly gain in six weeks, boosting its inclines for the first half of the year.
ON WALLSTREET
S&P 500 futures climbed Friday as traders await closely followed inflation data. They are also counting down to the end of what has been a strong first half of the year.
Futures for the Dow Jones Industrials advanced 18 points, or 0.1%, to 39,566. Futures for the much-broader index took on 20 points, or 0.4%, at 5,566.
Futures for the NASDAQ Composite hiked 98.7 points, or 0.5% to 20,138.25. Nike (NYSE:NKE) shares slipped more than 14% in the premarket after the athletic retailer cut its full-year guidance. Foot Locker (NYSE:FL) shares declined 5.3% in sympathy.
Those moves follow a muted day on Wall Street as investors brace for the release of May’s core personal consumption expenditures price index, known as the PCE, Friday morning. Considered to be the Federal Reserve’s preferred inflation gauge, the headline PCE reading is expected to be flat from April and higher by 2.6% compared to a year ago. Excluding volatile food and energy prices, the core PCE is forecast to come in 0.1% higher on the month and 2.6% on an annualized basis.
The technology-heavy NASDAQ Composite has led the way over the first half, climbing around 19% as artificial intelligence craze captured investor excitement. The broad S&P 500 has jumped nearly 15%, while the blue-chip Dow has lagged with a gain of just under 4%.
All three have gained ground in June. The NASDAQ once again led with a month-to-date rally of more than 6%. The S&P 500 captured 3% and Dow gained more than 1%. For this week alone, the NASDAQ has advanced nearly 1%. The S&P 500 has ticked up around 0.3%, while the Dow is near its flatline.
In Japan, the Nikkei 225 was boosted 0.6% Friday, while the Hang Seng in Hong Kong eked up two points Oil prices gained 38 cents to $82.12 U.S. a barrel. Gold prices heightened eight dollars to $2,344.60 U.S. an ounce.