Futures for Canada’s main stock index fell on Friday as commodity prices weakened, while Russia’s invasion of Ukraine kept investors on edge.
The S&P/TSX index struggled to a gain of 17.76 points to conclude Thursday at 20,761.93.
The Canadian dollar recovered 0.24 cents to 78.32 cents U.S.
Futures erased 0.3% early Friday morning.
Canadian Imperial Bank of Commerce beat analysts’ estimates for quarterly earnings on Friday, as adjusted profit rose 14% from a year-ago period as the lender saw lower provisions and higher revenue across its units.
Scotiabank raised the rating on Bombardier to outperform from sector perform.
Canaccord Genuity raised the rating on to buy from hold.
CIBC raised the target price on Loblaw Companies to $120.00 from $116.00
ON BAYSTREET
The TSX Venture Exchange fell short of breakeven 2.35 points to 826.27.
ON WALLSTREET
Stock futures rose Friday, erasing losses earlier in the session, as investors continued to assess the risks stemming from Russia’s invasion of Ukraine.
Futures for the Dow Jones Industrial Index gained 48 points, or 0.1% to 33,204.
Futures for the S&P 500 index gathered 7.5 points, or 0.2%, to 4,291.50.
The NASDAQ Composite Index took on 41.25 points, or 0.3%, to 14,007.75
Shares of Beyond Meat tumbled more than 10% in early morning trading Friday after the alternative meat producer reported a wider-than-expected loss and shrinking revenue for its fourth quarter.
Russia is closing in on the Ukrainian capital of Kyiv, according to Ukrainian officials. The capital had been hit by “horrific Russian rocket strikes,” Ukrainian Foreign Minister Dmytro Kuleba said. That came a day after U.S. Secretary of State Antony Blinken told CBS that Kyiv “could well be under siege” soon.
U.S. President Joe Biden rolled out a new wave of sanctions against Russia on Thursday afternoon in a broad effort to isolate Moscow from the global economy. The White House has also authorized additional troops to be stationed in Germany as NATO allies look to bolster defenses in Europe, Biden said.
Oil prices gained 11 cents or $92.92 U.S. a barrel.
Gold prices fell $30.00 to $1,900.20 U.S. an ounce.