Futures tracking Canada's blue-chip stocks rose on Friday as investors took comfort from easing oil prices and small gains in precious metals, while elevated bond yields kept gains in check.
The TSX lost 44.97 points to conclude Thursday at 35,706.46.
The Canadian dollar was virtually unchanged at 70.73 cents U.S.
December futures rose 0.2% Friday morning.
Traders see a 65% chance that the Bank of Canada will hike interest rates by at least 25 basis points during the October meeting to combat inflation.
ON BAYSTREET
The TSX Venture Exchange skidded 10.82 points, or 1.2%, Thursday to 913.91.
ON WALLSTREET
U.S. equity futures rose slightly on Friday, as Wall Street gets set to wrap up a volatile week of trading, as a surge in Treasury yields rippled through financial markets.
Futures for the Dow Jones Industrials jumped 115 points, or 0.2%, to 51,832.
Futures for the S&P 500 hiked 21.25 points, or 0.3%, to 7,788.25.
Futures for the NASDAQ Composite progressed 176.50 points, or 0.6%. to 30,943.25.
Costco Wholesale posted fourth-quarter results that surpassed estimates. Adjusted earnings of $6.60 per share and revenue of $95.72 billion topped the LSEG consensus call for $6.53 a share and $94.86 billion. Shares were last marginally higher.
The Dow is heading for a fourth consecutive losing week, down 0.6% through Thursday’s close. The S&P 500 is on track for a 0.7% advance, while the NASDAQ is up 1.6% week to date.
The drama continued in the bond market, where the 10-year Treasury yield climbed to 5.225% late Thursday, the highest level since 2007, while the 30-year yield reached 5.502%.
This week’s ascent in yields was fueled by hawkish comments from Federal Reserve Governor Michael Barr, persistently high energy prices due to the Iran war, and a hot purchasing managers’ report. Fed funds futures trading suggests a roughly 68% likelihood of a rate hike in October.
Going into Friday, traders will be eyeing the University of Michigan consumer sentiment report and durable goods data.
Oil prices capsized $1.75 to $92,86 U.S. a barrel.
Gold prices piled on $50.70 to $4,348.70 U.S an ounce.
