Futures linked to Canada’s main stock index regained some ground on Friday as investors awaited a crucial inflation reading from the United States to gauge the timing of the first interest-rate cut by the Federal Reserve.
The TSX Composite Index slid 31.54 points to close Thursday to 22,608.03
The Canadian dollar tacked on 0.02 cents to 72.38 cents U.S.
September futures were up 0.6% Friday.
In company news, Pieridae Energy said it has shut in the production of about 6,250 barrels of oil equivalent per day (boe/d) that flows to a third-party owned and operated facility, in response to low natural gas prices.
ON BAYSTREET
The TSX Venture Exchange dipped 3.28 points to conclude Thursday at 573.64.
ON WALLSTREET
Stock futures rose Friday as the major averages head for weekly losses and investors anticipated a reading of the Federal Reserve’s preferred inflation gauge.
Futures for the Dow Jones Industrials headed skyward 251 points, or 0.6%, to 40,443.
Futures for the S&P 500 index gained 44.25 points, or 0.8%, at 5,485.50.
Futures for the NASDAQ Composite popped 217.25 points, or 1.1%, to 19,209.50.
The S&P 500 is down 1.9% this week, while the NASDAQ has lost nearly 3.1%. The Dow is down roughly 0.9% week to date. Those declines come as investors seemed to be part of a broader rotation into small caps and more cyclical areas of the market.
Medical device maker Dexcom plunged about 38% after releasing disappointing fiscal full-year guidance. Footwear company Deckers reported fiscal first-quarter earnings and revenue that exceeded analysts’ expectations, boosting shares by roughly 10%.
Friday, traders watched for June’s personal consumption expenditures price index, an inflation reading that’s preferred by central bank policymakers. On a monthly basis, headline PCE is expected to have grown by 0.1% and by 2.5% from 12 months earlier, according to economists polled by Dow Jones.
In Japan, the Nikkei 225 declined 0.5% Friday, while in Hong Kong, the Hang Seng index poked up 0.1%. Meanwhile, trading in Taiwan resumed Friday after being suspended due to a typhoon. The Taiex index was battered 3.3%.
Oil prices faded 25 cents to $78.03 U.S. a barrel.
Gold prices heightened $20.10 to $2,373,60.