Futures for equities in Canada dropped on Friday as concerns around the economic impact of rising coronavirus infections overwhelmed optimism over new domestic stimulus measures.
The TSX leaped 95.15 points to end Thursday at 15,912.26.
The Canadian dollar slid 0.14 cents early Friday to 74.76 cents U.S.
December futures stumbled 0.7% Friday.
The federal government on Thursday had proposed boosting a weekly payout for the unemployment that would replace emergency COVID-19 income support that ends this weekend.
ON BAYSTREET
The TSX Venture Exchange gained 9.27 points, or 1.4%, to 686.31.
ON WALLSTREET
U.S. stock futures were lower early Friday as the market indexes headed for a fourth consecutive week of losses.
Futures for the Dow Jones Industrials plunged 157 points, or 0.6%, to begin Friday at 26,558.
Futures for the S&P 500 moved backward 12.5 points, or 0.4%, to 3,225.50.
Futures for the NASDAQ Composite dumped 15.25 points, or 0.1%, to 10,876.50.
For the week, the Dow entered Friday’s session down 3% while the S&P 500 has lost 2.2%. The NASDAQ is down 1.1% week to date.
The major averages have had a tough month, with the S&P 500 falling more than 7% in September. The Dow has dropped 5.7% over that time period and the NASDAQ is down 9.4% month to date.
Much of September’s losses have been concentrated in mega-cap tech stocks, which carry a heavy weight in the indexes. Shares of Apple rose 1% on Thursday but were still down more than 19% from their recent closing high on Sept. 1.
Economic recovery has become a hot topic in recent weeks on Wall Street, especially after the death of Supreme Court Justice Ruth Bader Ginsburg led many strategists to downgrade the chances for another relief package before the election.
On Thursday, Goldman Sachs cut its fourth-quarter projection for gross domestic product growth to 3% on an annualized basis, down from 6%.
House Democrats are preparing a $2.4-trillion relief package that they could vote on as soon as next week. The bill would include enhanced unemployment benefits and aid to airlines, but the overall price tag remains dearer than what Republican leaders have said they are willing to spend.
Overseas, in Japan, the Nikkei 225 gained 0.5% Friday, while Hong Kong, the Hang Seng index slid 0.3%.
Oil prices slumped 30 cents to $40.01 U.S. a barrel.
Gold prices dipped 14 dollars to $1,862.90.
