Futures for Canada's main stock index slid on Friday as investors exercised caution ahead of crucial U.S. payrolls data amid a global downturn, while an uptick in commodity prices helped limit declines.
The TSX Composite Index withered 387.60 points, or 1.7%, to conclude Thursday at 22,723.21.
The Canadian dollar dipped 0.04 cents to 72.07 cents U.S. .098
September futures dumped 1% Friday.
In corporate news, resources companies like pipeline operator Enbridge and oil producer Imperial Oil are set to report their quarterly figures before the opening bell on Friday.
Auto parts supplier Magna International missed analysts' estimates for second-quarter results, hurt by production being stopped for certain vehicles and lower number of automobiles it assembled.
Markets in Toronto will be closed Monday for Civic Day.
ON BAYSTREET
The TSX Venture Exchange fell 9.94 points, or 1.7%, Thursday to 572.64.
ON WALLSTREET
U.S. stock futures slid Friday as traders considered fresh quarterly results and looked ahead to a key July payrolls report.
Futures for the Dow Jones Industrials plunged 315 points, or 0.8%, to 40,199.
Futures for the S&P 500 index gave back 64 points, or 1.2%, at 5,416.25
Futures for the NASDAQ floundered 342.75 points, or 1.8%, to 19,680.50.
Amazon slid 8% missing the Street’s estimates on second-quarter revenue and issuing a disappointing forecast. Intel cratered nearly 20% after announcing weak guidance and layoffs. Apple shares inched lower despite the iPhone maker posting a fiscal third-quarter earnings beat.
Friday brings a fresh set of data — and a new catalyst for stocks: July’s nonfarm payrolls. Economists polled by Dow Jones are calling for growth of 185,000 jobs, down from June’s gain of 206,000. The unemployment rate, which is especially important as traders search for signs of an impending recession, is expected to hold steady at 4.1%.
In Japan, the Nikkei 225 plummeted 5.8% Friday, while in Hong Kong, the Hang Seng index sank 2.1%.
Oil prices dipped 64 cents to $75.67 U.S. a barrel.
Gold prices gained $22.80 to $2,503.60
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