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Futures Flat Ahead of Key Jobs Data

Baystreet.ca
·3 min read

Futures for Canada's main stock index barely moved on Friday as cautious investors awaited key domestic unemployment data, while the third-quarter earnings season kicked off on Wall Street.

The TSX Composite Index gained 77.36 points to close Thursday at 24,247.63, yet another record high.

December futures were off 0.01% Friday.

The Canadian dollar was down 0.15 cents to 72.59 cents U.S.

In corporate news, Canadian fashion company Aritzia late Thursday reported second-quarter revenue that beat analysts' expectations.

On the economic slate, Statistics Canada said the economy created 47,000 jobs in September while the unemployment rate fell 0.1 percentage points to 6.5%Meantime, August building permits decreased by $858.1 million, or 7.0%, to $11.5 billion.

ON BAYSTREET

The TSX Venture Exchange took on 4.97 points Thursday to 595.81.

ON WALLSTREET

Stock futures were little changed on Friday morning, as investors looked ahead to a wholesale inflation reading. JPMorgan Chase shares rose as the bank kicked of the third-quarter reporting season.

Futures for the Dow Jones Industrials gained 15 points to 42,761.

Futures for the S&P 500 slid 5.25 points, or 0.1% to 5,823.75.

Read:

Futures for the NASDAQ Composite Index shed 61.75 points, or 0.3%, to 20,368.

The major averages are heading into the final day of the week with modest gains. The S&P 500 is up 0.5% week to date, while the Dow is toting a 0.2% gain. The NASDAQ is the outperformer of the three, up 0.8% in the period.

JPMorgan Chase shares gained after the bank topped profit and revenue expectations for the third quarter. The bank reported $4.37 earnings per share for the quarter, well ahead of the consensus $4.01 estimate from analysts polled by LSEG. JPMorgan was up about 2% in premarket trading.

Wells Fargo’s results however fell short. The bank reported $20.37 billion in revenue for the third quarter, just below the $20.42 billion estimate from analysts polled by LSEG. Wells Fargo shares were higher nonetheless, up 3%.

Fresh data issued on Thursday raised investors’ fears that inflation wasn’t cooling off quickly enough. September’s consumer price index rose 0.2% on a monthly basis and 2.4% from a year earlier. Those results topped the 0.1% monthly advance and 2.3% year-over-year gain economists polled by Dow Jones anticipated.

Indeed, another catalyst awaits on Friday morning: the producer price index, a measure of wholesale prices. Economists polled by Dow Jones expect the PPI index to have risen 0.1% in September on a monthly basis. Excluding food and energy costs, they forecast a 0.2% advance.

In Japan, the Nikkei 225 gathered 0.6% Friday, while in Hong Kong, markets were closed for holiday.

Oil prices dipped 53 cents to $75.32 U.S. a barrel.

Gold prices jumped $17.60 to $2,656.90