(FILLS IN GDP NUMBERS FOR JULY)
Futures tied to Canada's main stock index edged lower on Friday as investors awaited domestic GDP and U.S. inflation data.
Futures lost 0.2% Friday.
The TSX Composite Index remained in the red 24.97 points Thursday at 29,731.98.
On the week so far, the TSX has barely moved at all, behind 11 points.
U.S. President Donald Trump announced a fresh set of tariffs on branded drugs, heavy-duty trucks and kitchen cabinets that are set to come into effect next week.
Meanwhile, Canada Post workers went on a nationwide strike on Thursday after the government called for a widespread transformation in a bid to modernize operations and strengthen finances.
Canada's anti-money laundering agency imposed its largest ever penalty of C$19.6 million on Peken Global Limited, operator of one of the world's largest cryptocurrency exchanges, KuCoin.
On the economic front, Statistics Canada said GDP rose 0.2% in July, up for the first time in four months.
ON BAYSTREET
The TSX Venture Exchange gained 5.06 points to 920.18.
ON WALLSTREET
Stock futures were hovering near the flatline Friday ahead of crucial inflation data. Traders also weighed the state of the artificial intelligence trade — as Oracle continues to falter — along with the latest tariff threats from President Donald Trump.
Futures for the Dow Jones Industrials tacked on 40 points to 46,308.
Futures for the S&P 500 dipped one point at 6,658.75
Futures for the NASDAQ sank 31.5 points, or 0.1%, to 24,597.75.
Week to date, the S&P 500 is down nearly 0.9%. The tech-heavy NASDAQ has lost about 1.1% while the Dow has shed 0.8%.
Investors are awaiting the release of August’s personal consumption expenditures price index out at 8:30 a.m. ET, as the release is widely known to be the Federal Reserve’s preferred inflation measure.
Economists expect the print to reflect an uptick in inflation and markets continue to price in two quarter-point rate cuts at the Fed’s upcoming meetings, in line with what the central bank has projected.
The outcome could sway market reaction, however, after solid jobs data released Thursday and a strong upward revision in second-quarter gross domestic product to 3.8% slightly dampened bullish sentiment.
Investors fear fewer jobless claims could mean that the economy is in decent shape and therefore give the Fed less reason to cut interest rates.
Major players in artificial intelligence, namely Oracle, Meta and Tesla, pulled back on Thursday. Oracle shares fell for a fourth straight day on Friday, losing 0.8% in the premarket. Investors have been keeping a close eye on the stock as a
Stocks could also face more pressure from a slew of tariffs signaled by Trump. In a Truth Social post, he said the U.S. would impose a 100% tariff on “any branded or patented Pharmaceutical Product.” He added that measure will not apply to companies building drug manufacturing plants in the U.S.
Trump also said imported heavy trucks will get a 25% levy on Oct. 1.
In Japan, the Nikkei 225 fell 0.9%, while in Hong Kong, the Hang Seng cratered 1.4%.
Oil prices inched up two cents to $65.00 U.S. a barrel.
Gold prices piled on $10.30 to $3,781.40 U.S. per ounce.
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