Futures tracking Canada’s main stock index rose on Friday, following Wall Street futures, while investors awaited more economic data to anticipate the interest rate path in both countries.
The TSX jumped 170.09 points to finish Thursday at 24,898.03.
The Canadian dollar inched up 0.05 cents to 69.47 cents U.S.
March futures tallied 0.3% Friday.
ON BAYSTREET
The TSX Venture Exchange hiked 19.51 points, or 3.3%, Thursday to 617.35.
ON WALLSTREET
U.S. stock futures rose Friday after a volatile start to the new year.
Futures for the Dow Jones Industrials jumped 70 points, or 0.2%, to 42,764.
Futures for the S&P 500 Index surged 7.5 points, or 0.1%, to 5,924.
Futures for the NASDAQ Composite index gained 44.5 points or 0.2%, to 21,212.
Stocks kicked off January with a choppy trading session, with investors taking profits in some notable 2024 gainers such as Apple and Tesla.
The Dow ended the day lower by more than 150 points, or about 0.4%. The S&P 500 and the NASDAQ Composite slid about 0.2%, each. All three benchmarks were higher earlier in the day, with the Dow having gained more than 300 points at one point, but fell back as the session progressed.
Those moves come after stocks ended 2024 on a sour note, with the S&P 500 closing out the year with four consecutive days of losses, a first going back to 1966. The broad market index notched a stupendous 23% gain for the year, but fell 2.5% in December. The “Santa Claus” rally, in which stocks gain in the final five trading days of one year and the first two of the next, also failed to materialize.
The economic calendar is thin on catalysts this week, but traders on Friday will watch for the latest reading of the ISM Manufacturing Index. Federal Reserve officials Thomas Barkin and Mary Daly are also set to speak.
Stocks are on pace to close out the week with losses. As of Thursday’s close, the 30-stock Dow and S&P 500 were lower by more than 1%, each. The NASDAQ Composite slid more than 2%.
In Japan, markets remained shuttered for holiday, while in Hong Kong, the Hang Seng index moved ahead 0.7%.
Oil prices fell 18 cents to $72.95 U.S. a barrel.
Gold prices added $2.70 to $2,671.70 U.S. an ounce.
