Futures Falter Friday
Futures for Canada's main stock index dipped on Friday as commodity prices fell and investors weighed mixed U.S.-China trade signals despite Beijing showing possible flexibility.
The TSX Composite Index surged 254.85 points, or 1.1%, to close Thursday to 24,727.53
June futures were down 0.3% Friday.
The Canadian dollar wilted 0.07 cents to 72.10 cents U.S.
U.S. President Donald Trump said his administration is talking with China to strike a tariff deal and that Chinese President Xi Jinping has called him, according to a Time magazine interview published on Friday as Beijing continues to dispute U.S. characterization of talks.
Trump further stated in the interview that he would consider it a victory if the United States maintained 50% tariffs on foreign imports a year from now.
On the economic agenda, Statistics Canada reports retail sales decreased 0.4% to $69.3 billion in February. Sales were down in four of nine subsectors and were led by decreases at motor vehicle and parts dealers.
ON BAYSTREET
The TSX Venture Exchange popped 14.92 points, or 2.4%, Thursday, to 650.35.
ON WALLSTREET
Stock futures were lower on Friday following a three-day winning streak on Wall Street as investors weigh earnings from a major tech company and lingering trade fears.
Futures for the Dow Jones Industrials backed off 138 points, or 0.3% to 40,124.
Futures for the S&P 500 index dipped five points, or 0.1%, to 5,506.25
Futures for the NASDAQ Composite retreated 50 points, or 0.3%, to 19,272.
Stock futures turned lower after comments from President Donald Trump were published by Time magazine. The president said he would consider it a “total victory” if the U.S. has high tariffs of 20% to 50% on foreign countries a year from now. Trump also denied that rising yields forced his hand in granting a 90-day pause on most of the higher tariff rates.
Investors also kept an eye on corporate earnings.
Alphabet jumped about 5% after the Google-parent and “Magnificent Seven” name reported a beat on the top and the bottom line for the first quarter. By contrast, Intel fell 7% after offering disappointing guidance and revealing that it plans to slash operational and capital expenses.
In Japan, the Nikkei 225 index rocketed 1.9% Friday, while in Hong Kong, the Hang Seng nicked 0.3%.
Oil prices sank 83 cents to $61.96 U.S. a barrel.
Gold prices fell $40.70 to $3,308.50 U.S. an ounce.
