Baystreet.ca - Futures linked to Canada's main stock index rose on Friday as crude and metal prices gained, while investors awaited U.S. Federal Reserve Chair Jerome Powell's address later in the day.
The TSX Composite Index slid 84.26 points to close Thursday at 23.037.47
The Canadian dollar added 0.11 cents to 73.61 cents U.S.
September futures were up 0.6% Friday.
In corporate news, the Teamsters union said workers at Canadian National Railway (TSX:CNR) will return to work after the government moved to end the lockout that threatened the economy.
However, work stoppage at Canadian Pacific Kansas City (TSX:CP) is expected to continue.
On the economic slate, retail sales decreased 0.3% to $65.7 billion in June. Sales were down in four of nine subsectors and were led by decreases at motor vehicle and parts dealers.
ON BAYSTREET
The TSX Venture Exchange fell back 6.56 points, or 1.1%, to end Thursday at 571.27.
ON WALLSTREET
Stock futures rose Friday as traders await an all-important policy speech from Fed Chair Jerome Powell for any guidance on future rate cuts.
Futures for the Dow Jones Industrials surged 158 points, or 0.4%, to 40,986.
Futures for the S&P 500 index grabbed 29 points, or 0.5%, at 5,623.
Futures for the NASDAQ bounced 151.25 points, or 0.8% to 19,729.50.
The Dow and the S&P 500 are still up modestly this week. However, the NASDAQ is down 0.1% week to date, poised to post fifth negative week in six.
Markets are betting on a quarter percentage point cut at the Sept. meeting, leaving open about a one-in-four chance for a half-percentage-point reduction. Minutes from the July session showed a “vast majority” of members in favor of a September cut.
In Japan, the Nikkei 225 gained 0.4% Friday, while in Hong Kong, the Hang Seng index down 0.2%.
Oil prices hiked $1.35 to $74.36 U.S. a barrel.
Gold prices brightened $20.20 to $2,536.80.