Futures Poke Up on GDP Data
Futures for Canada's main stock index were subdued on Friday ahead of domestic GDP data, as investors assessed a U.S. appeals court's decision to undo a prior ruling that had blocked most of President Donald Trump's tariffs.
The TSX Composite Index lost 72.89 points Thursday to 26,210.56
June futures inched up 0.07% Friday.
The Canadian dollar fell off 0.03 cents to 72.40 cents U.S.
The TSX has gained 5.5% so far in May and was set for its best month in six.
On the economic front, Statistics Canada said gross domestic product increased 0.5% in the first quarter, the same pace as in the fourth quarter of 2024.
The agency goes on to say exports of goods drove the growth in the first quarter of 2025, followed by accumulations of business non-farm inventories. Higher imports and weak residential structure resale activity tempered overall growth in the first quarter.
ON BAYSTREET
The TSX Venture Exchange bowed 5.52 points Thursday to 696.88.
ON WALLSTREET
Stock futures wavered Friday morning as investors continue to navigate a volatile global trade landscape with President Donald Trump’s contentious plan for tariffs in legal limbo.
Futures for the Dow Jones Industrials ditched 172 points, or 0.4%, to 42,095
Futures for the S&P 500 index fell 29.75 points, or 0.5%, to 5,893.
Futures for the NASDAQ reversed 108.5 points, or 0.5%, to 21,300.
The Trump administration is now considering using a provision of the Trade Act of 1974 to implement tariffs of up to 15% for 150 days, according to The Wall Street Journal. This report comes as the administration searches for an avenue to implement the plan for broad and steep tariffs after a court threw its legality into question.
The Court of International Trade on Wednesday night halted the majority of President Donald Trump’s tariffs. But an appeals court granted a stay on Thursday afternoon, allowing the duties to remain in place until next week.
Meanwhile, Treasury Secretary Bessent said in a Fox News interview that U.S.-China trade talks “are a bit stalled,” dashing hopes of investors wanting a deal soon.
This news is the latest dose of uncertainty for what was an already uneasy market. Investors have contended with macroeconomic concerns tied to tariffs and worry that the shakeup to U.S. trade policy could cause a recession.
Yet stocks are on the verge of closing out May with strong gains following a rocky April. The S&P 500 has added more than 6% this month, while the NASDAQ Composite has surged 10% in that time. The 30-stock Dow has gained about 4% on the month.
For the week, the S&P 500 has advanced about 2%, while the 30-stock Dow is up 1.4%. The tech-heavy NASDAQ has advanced 2.3%.
Investors parsed fresh quarterly results in premarket trading. Shares of clothing retailer Gap pulled back more than 17% after a weaker-than-expected second-quarter outlook, while cosmetics stock Ulta Beauty advanced 7% on strong first-quarter results. Dell Technologies gained about 1.7% on the heels of strong first-quarter revenue.
In Japan, the Nikkei 225 index dumped 1.2% Friday, while in Hong Kong, the Hang Seng fell 1.2%.
Oil prices dipped 50 cents to $60.44 U.S. a barrel.
Gold prices lost $16.10 to $3,301 U.S. an ounce.
