Baystreet.ca - Futures tied to Canada's main stock index edged higher on Friday in thin trading volumes, while investors looked forward to the day's key economic data to gauge the pace of the Bank of Canada's interest-rate cuts.
The TSX gained 55.22 points, to conclude Thursday at 25,543.52
December futures nicked up 0.1% Friday.
The Canadian dollar was flat at 71.39 cents U.S.
The composite index, which closed at a record high on Thursday due to gains for energy and industrial shares, is on track to log its fifth consecutive monthly rise.
On matters macroeconomic, Statistics Canada says September’s GDP edged up 0.1% as increases in services-producing industries were partially offset by declines in goods-producing industries.
ON BAYSTREET
The TSX Venture Exchange slid into the red 0.22 points to close Thursday at 607.69.
ON WALLSTREET
Stock futures advanced Friday morning ahead of a shortened trading day that will cap a strong month for equities.
Futures for the Dow Jones Industrial average shot higher 159 points, or 0.4%, to 44,987.
Futures for the S&P 500 gained 17.5 points, or 0.3% to 6,032.50
Futures for the NASDAQ Composite Index jumped 63.5 points, or 0.3%, to 20,876.50.
Some of the upward momentum came from chip stocks, which popped after Bloomberg reported that the Biden administration was considering additional barriers on the sale of semiconductor equipment to China that weren’t as strong as previously expected. Applied Materials (NASDAQ:AMAT), Lam Research (NASDAQ:LRCX) and KLA rallied more than 2% each, while Nvidia (NASDAQ:NVDA) jumped more than 1%.
Those moves come as traders look to the end of a winning week and month. November trading largely centered on the postelection rally seen on the back of President-elect Donald Trump’s victory.
The Dow has added 1% week to update, bringing its gain for November above 7%. That’s the best month for the Dow since November 2023.
The S&P 500 and NASDAQ Composite have advanced 0,5% and 0.4%, respectively, on the week. Both are slated to end 2024's penultimate month higher by more than 5%.
The U.S. market was closed Thursday for the Thanksgiving holiday and is set to close early Friday, with volume expected to remain light.
In Japan, the Nikkei 225 sank 0.4% Friday, while in Hong Kong, the Hang Seng took on 0.3%.
Oil prices dipped six cents to $68.60 U.S. a barrel.
Gold prices shone brighter $24.10 to $2,664 U.S. an ounce.
Stocks to Close out Best Month of ‘24