Futures Show Momentum

Futures for Canada’s commodity-heavy main stock index rose on Friday as bullion prices strengthened, while the benchmark index appeared set for its best weekly performance in more than two months.

The S&P/TSX leaped 148.43 points to conclude Thursday at 20,532.18

June futures were up 0.3% Friday

The Canadian dollar gained 0.18 cents to 78.46 cents U.S.

National Bank of Canada beat analysts’ average estimates for second-quarter profit on Friday, boosted by a jump in interest and fee income and lower provisions for credit losses.

Credit Suisse cut the rating on Atco to neutral from outperform.

Credit Suisse cut the price target on Canadian Imperial Bank of Commerce to $80.00 from $81.00

Canaccord Genuity raised the rating on Pivotree to speculative buy from hold.

ON BAYSTREET

The TSX Venture Exchange jumped 12.92 points, or 1.8%, Thursday to 714.66.

ON WALLSTREET

Stock futures were higher Friday as the S&P 500 attempted to snap a seven-week losing streak.

Futures for the Dow Jones Industrials dipped 28 points, or 0.1%, Friday to 32,572.

Futures for the S&P 500 nicked higher 1.5 points to 4,057.25.

Futures for the NASDAQ Composite index collected 17.25 points to 12,296.50.

The Dow, S&P 500 and NASDAQ Composite are on track to close the week higher. The Dow is up 4.4%, the S&P 500 is 4% higher and the NASDAQ is up 3.4% on the week.

A chunk of those gains came Thursday, when all three of the averages rallied as strong retail earnings lifted sentiment.

U.S. markets will be shuttered Monday for Memorial Day.

Still, the averages are well off their highs, with the NASDAQ Composite solidly in bear market territory and the S&P 500 having briefly dipped more than 20% below its record last week.

Investors on Friday continued to parse through retail earnings. Ulta Beauty shares were up about 8% in the premarket after the company reported better-than-expected quarterly results, while Gap sunk nearly 20% after slashing its profit guidance.

A slew of data is set for release Friday, including personal income, consumer spending and core personal consumption expenditures.

In Japan, the Nikkei 225 hiked 0.7% Friday. In Hong Kong, the Hang Seng popped 2.9%.

Oil prices retreated 61 cents to $113.48 U.S. a barrel.

Gold prices acquired $8.10 to $1,862 U.S. an ounce.

Related posts

Advisors in Focus- January 6, 2021

Gavin Maguire

Advisors in Focus- February 15, 2021

Gavin Maguire

Advisors in Focus- February 22, 2021

Gavin Maguire

Advisors in Focus- February 28, 2021

Gavin Maguire

Advisors in Focus- March 18, 2021

Gavin Maguire

Advisors in Focus- March 21, 2021

Gavin Maguire