Downward Start Foreseen for TSX - InvestingChannel

Downward Start Foreseen for TSX

Futures for Canada’s main stock index fell on Friday, as crude prices retreated for a second straight session on the prospect of interest rate hikes in the United States.

The TSX Composite index concluded Thursday down 86.92 points to 20,144.04.

The Canadian dollar reversed 0.09 cents to 80.91 cents U.S.

June futures were down 0.4% Friday.

CIBC raised the target price on Altagas to $28.00 from $26.00

CIBC raises the rating on Pembina Pipeline to outperform from neutral.

CIBC raised the target price on TCP Energy to $74.00 from $70.00.

On the economic slate, Statistics Canada reported new home prices increased 1.4% in May nationally, with prices up in 19 of the 27 census metropolitan areas surveyed.

ON BAYSTREET

The TSX Venture Exchange lost 14.26 points, or 1.5%, Thursday to 948.10.

ON WALLSTREET

U.S. stock futures fell on Friday as the S&P 500 and the Dow Jones Industrial Average are on pace to post a losing week after the Federal Reserve’s latest policy update.

Futures for the Dow Jones Industrials dumped 159 points, or 0.5%, to 33,534.

Futures for the S&P 500 lost 14.25 points, or 0.3%, to 4,198.

Futures for the NASDAQ Composite dropped 14.75 points, or 0.1%, to 14,141.50.

The blue-chip Dow has lost 1.9% week to date, on pace for its worst week since January. The S&P 500 has fallen 0.6%. But the NASDAQ has gained 0.7% on the week.

Most commodities prices rebounded a bit on Friday following sharp declines this week as China attempts to cool rising prices and the U.S. dollar strengthens. Futures prices for copper, gold, and platinum rebounded Friday, but were still down big for the week.

The Friday bounce in prices helped push some materials stocks higher in early trading. Newmont gained nearly 2% in pre-market trading.

Chip stocks, which have had a good week, looked set to continue their run on Friday with shares of Nvidia higher by about 1% in pre-market trading.

Adobe shares gained about 3% in pre-market trading after earnings and revenue topped estimates.

Overseas, in Japan, the Nikkei 225 docked 0.2%, while in Hong Kong, the Hang Seng index gained 0.9%.

Oil prices fell 67 cents to $70.37 U.S. a barrel.

Gold prices gained $19.20 to $1,794 U.S.

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