Yahoo Finance CANADA STOCKS-TSX futures rise as commodity prices jump
April 26 (Reuters) - Futures for Canada's main stock index drifted higher on Friday, tracking a rise in commodity prices and upbeat megacap earnings on Wall Street, while some caution ahead of a key inflation reading in the United States contained gains.
June futures on the S&P/TSX index were up 0.2% at 6:26 a.m. ET (10:26 GMT).
Energy shares are set to register weekly gains as oil prices rose after a top U.S. official expressed optimism over economic growth and as supply concerns lingered due to conflicts in the Middle East.
Gold prices erased some of their weekly losses, driven by mixed U.S. economic data and underlying strength from China's gold demand, while copper prices in London hit a two-year high and surpassed $10,000 a metric ton on Friday.
Meanwhile, futures on Wall Street also advanced after robust earnings from Microsoft and Alphabet caused a rebound in megacap growth stocks.
On the data front, investor focus will remain on the personal consumption expenditure (PCE) data in the U.S. for March, due at 8:30 a.m. ET on Friday.
The data is the Federal Reserve's preferred measure of inflation and will have market participants further adjusting their bets on the timing of interest rate cuts in the year.
It follows a quarterly reading of gross domestic product (GDP) on Thursday that showed the U.S. economy had slowed more than expected, and an acceleration in inflation pushed back hopes of interest rate cuts anytime soon.
The Toronto Stock Exchange's S&P/TSX composite index ended marginally up at 0.1%, recovering from its 1% fall earlier in the session, as higher commodity prices offset worries of sticky inflation in the U.S.
In Canadian corporate news, transportation and logistics company TFI International reported its first-quarter results below analysts' estimates.
COMMODITIES AT 6:26 a.m. ET
Gold futures: $2,348.5; +0.8%
US crude: $83.88; +0.4%
Brent crude: $89.29; +0.3%
(Reporting by Purvi Agarwal in Bengaluru; Editing by Ravi Prakash Kumar)
