Futures tracking Canada's benchmark index edged lower on Friday, as a surge in oil prices following the Middle East conflict fanned fears of a spike in inflation.
The TSX dumped 332.89 points or 1%, to conclude Thursday at 33,609.97.
March futures swooned 0.2% Friday.
In corporate news, pipeline operator South Bow said it has moved to revive parts of Keystone XL pipeline, a move that could boost Canada's crude exports to the U.S. by more than 12%.
In a sparse economic lineup, the IVEY Purchasing Managers Index for February is due out this morning (10 a.m. EST).
ON BAYSTREET
The TSX Venture Exchange sank 19.36 points, or 1.8%, to 1,060.16.
ON WALLSTREET
Stock futures fell Friday, putting equities on pace to add to their weekly declines as oil price spike, while traders awaited new U.S. jobs data.
Futures for the Dow Jones Industrials slumped 229 points, or 0.5%, to 47,759.
Futures for the S&P 500 index slipped 38.25 points, or 0.6%, to 6,797.
Futures for the NASDAQ dropped 190.25 points, or 0.8%. to 24,857.25.
West Texas Intermediate futures broke above $86 per barrel, hitting its highest level since April 2024. International Brent crude also reached levels not seen in nearly two years, trading above $89 per barrel, as investors weighed the impact of the U.S.-Iran war on global energy supply.
Shares of Royal Caribbean, which has fallen more than 9% this week amid increasing fuel costs, fell again on Friday, dropping nearly 2% in the premarket. Caterpillar shares, which have also suffered this week, were down around 1%. Retailers Walmart and Costco were marginally lower on fears that higher gas prices would hit consumers.
Friday brings traders a new market catalyst in the form of February’s non-farm payrolls, due at 8:30 a.m. ET. Economists polled by Dow Jones are looking for growth of 50,000 jobs, down from the 130,000 payrolls added in January. They also expect the unemployment rate to hold steady at 4.3%.
This week, the S&P 500 is on pace to lose 0.7%, while the 30-stock Dow has fallen 2.1%. The tech-heavy NASDAQ has outperformed, heading for a gain of about 0.4%.
In Japan, the Nikkei 225 gained 0.6%, while in Hong Kong, the Hang Seng popped 1.7%.
Oil prices hiked $4.78 to $85.79 U.S. a barrel.
Gold prices improved $18.40 to $5,097.10 U.S an ounce.
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