Futures for Canada’s main stock index fell on Friday as investors looked forward to a key U.S. jobs report to assess the Federal Reserve’s stance on interest rates, while keeping tabs on domestic economic data as well.
The TSX faded 293.20 points, or 1.5%, to close out a harrowing Thursday at 19,810.69.
September futures gave back 0.2% Friday.
The Canadian dollar stood pat at 74.82 cents U.S.
In stock news, Hudbay Minerals Chief Executive Peter Kukielski told Reuters in an interview in Toronto that the mining firm would entertain acquisition offers, provided price is right.
Economically speaking, it’s jobs day on both sides of the border, with Statistics Canada reporting employment increased by 60,000 (+0.3%) in June, driven by gains in full-time work (+110,000; +0.7%).
Later on this morning (about 10 a.m. EDT), the IVEY School of Business unveils its PMI for June.
ON BAYSTREET
The TSX Venture Exchange fell 7.59 points, or 1.2%, Thursday to 615.22.
ON WALLSTREET
Stock futures were little changed Friday morning, as investors refocused their attention on the upcoming June jobs report and the implications for the Federal Reserve’s policy stance.
Futures for the Dow Jones Industrials slid 25 points, or 0.1%, to 34,106.
Futures for the S&P 500 skidded 4.25 points, or 0.1%, to 4,442.75.
Futures for the NASDAQ lost 26.25 points, or 0.2%, to 15,211.75.
The three major averages are on their way to a losing week. The S&P 500 is off by about 0.9%, while the NASDAQ is on pace for a 0.8% decline. The Dow is the underperformer of the three, tracking for a 1.4% loss.
Bloom Energy is positioned for “robust growth” as demand for fuel cells remains strong, according to RBC Capital Markets.
Analyst Chris Dendrinos initiated coverage of the electric and hydrogen power company with an outperform rating. His price target of $24 implies shares soaring 54.3% from Thursday’s close. Shares were up more than 2% Friday before the bell.
Economists polled by Dow Jones anticipated an increase of 240,000 positions, a cooldown from May’s gain of 339,000 jobs.
Investors are on high alert for signs that the central bank will tighten policy even further. Traders now forecast a 91% chance the Fed will raise rates at its July meeting, according to the FedWatch tool from CME Group. Policymakers indicated at their June gathering that two more rate hikes could b
In Japan, the Nikkei 225 fumbled 1.2% Friday, while markets in Hong Kong parted with 0.9%
The U.S. Labor Department reported the stateside economy created 209,000 jobs in June, fewer than expected.
Oil prices inched up six cents to $71.86 U.S. a barrel.
Gold prices climbed $7.60 to $1,923. U.S. an ounce.