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Futures Rise to End Week

Stelco in Picture

TSX futures rose on Friday, boosted by an uptick in prices of most commodities, but stocks were set for weekly declines after logging their worst day in a year in the previous session.

The TSX Composite Index went south 423.07 points, or 2.1%, to conclude Thursday at 19.791.62. As of Thursday’s close, the index is down 4% on the week.

September futures gained 0.4% Friday.

The Canadian dollar gained 0.16 cents to 74.35 cents U.S.

Stelco Holdings is pursuing a bid for U.S. Steel Corp, Bloomberg News reported on Thursday.

On the economic beat, Statistics Canada reports retail trade increased 0.3% to $66.1 billion in July, while the New Housing Price Index edged up by 0.1% month over month in August. Prices were unchanged in 16 of the 27 census metropolitan areas (CMAs) surveyed, up in five and down in six CMAs.


The TSX Venture Exchange let go of 8.8 points, or 1.5%, Thursday to 568.59, for a loss so far on the week of 3.8%.


Stock futures rose slightly Friday, but the market is still poised to end the week with steep losses.

Futures for the Dow Jones Industrials advanced 20 points, or 0.1%, to 34,357.

Futures for the S&P 500 was ahead 7.75 points, or 0.2%, at 4,379.75.

Futures for the NASDAQ jumped 56.25 points, or 0.4%, to 14,919.

Those moves followed a three-day losing streak for all three stock averages as investors reacted to a signal from the Federal Reserve that it intended to keep interest rates higher for longer. These lofty levels could put pressure on risk assets like equities.

The S&P 500 is lower 2.7% and the tech-heavy NASDAQ Composite is down 3.5% this week, on track for their worst weekly performance since March. It would also be their third negative week in a row. The blue-chip Dow has dipped 1.6% in the meantime.

In Japan, the Nikkei 225 decreased 0.5% Friday, while in Hong Kong, the Hang Seng regained 2.2%

Oil prices grabbed 99 cents to $90.62 U.S. a barrel.

Gold prices gained $5.20 to $1,944.80.