Friday, November 15, 2024 7:22 AM

TSX Futures Lower on Energy Weakness

Futures tied to Canada's main stock index fell on Friday, hurt by crude prices, while markets assessed Federal Reserve Chair Jerome Powell's comments that pointed to fewer U.S. interest-rate cuts next year.

The TSX hiked 59.08 points to 25,048.10 Thursday, yet another all-time high for the index.

December futures lost 0.2% Friday.

The Canadian dollar squeezed ahead 0.11 cents to 71.23 cents U.S.

In corporate news, space company MDA Space reported its third-quarter results and forecast annual revenue above estimates.

In matters economic, new motor vehicle sales for September are in the forecast for Friday (about 9:30 a.m. EST)

ON BAYSTREET

The TSX Venture Exchange slipped 2.2 points Thursday to 591.52.

ON WALLSTREET

U.S. stock futures fell on Friday morning as the postelection rally wavered and the Federal Reserve signaled it was in no hurry to keep cutting interest rates.

Futures for the Dow Jones Industrials decreased 171 points, or 0.4%, to 43,730.

Futures for the S&P 500 dipped 31 points, or 0.5%, to 5,947.50.

Futures for the NASDAQ Composite Index slipped 158 points, or 0.8%, to 20,853.75.

Shares of Applied Materials, which makes equipment for the chip industry, fell more than 7% in early trading after the company gave weak guidance for revenue in the current quarter. Domino’s Pizza jumped more than 7% after Berkshire Hathaway announced a new stake in the pizza chain.

The three major indexes are tracking to end the week lower, giving up some gains seen during last week’s climb on the back of Donald Trump’s victory in the presidential election. The NASDAQ Composite has dropped 0.9% this week, while the S&P 500 decreased 0.8% and Dow has shed 0.5%. The Dow closed above 44,000 for the first time ever on Monday.

In Japan, the Nikkei 225 moved ahead 0.3% Friday, while in Hong Kong, the Hang Seng lost 0.1%.

Oil prices dropped 19 cents to $68.51 U.S. a barrel.

Gold prices fell 40 cents to $2,572.50 U.S. an ounce.