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Futures Flat Friday

Baystreet.ca
·2 min read

Futures for stocks in Canada’s largest centre inched down on Friday, as escalating tensions between the United States and China offset firmer oil prices.

The S&P/TSX Composite Index tumbled 152.41 points to end Thursday at 16,018.65.

September futures were down less than 0.1% Friday.

The Canadian dollar dipped 0.1 cents Friday to 74.50 cents U.S.

Beijing ordered Washington to close its consulate in Chengdu, in retaliation for being told to shut its consulate in Houston earlier this week.

Scotiabank raised the target price on Argonaut Gold to $3.50 from $3.25

Scotiabank raises target price on Norbord Inc. to $44 from $36

Scotiabank raises target price on Interfor Corp. to $18.00 from $16.00

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ON BAYSTREET

The TSX Venture Exchange plunged 13.6 points, or 2% Thursday, to 680.20.

ON WALLSTREET

U.S. stock futures fell early Friday following broad declines in the major tech names that pushed the major averages lower during regular trading.

Futures for Dow Jones Industrials dropped 81 points, or 0.3%, early Friday, to 26,462.

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Futures for the S&P 500 fell 9.75 points, or 0.3%, at 3,217.75.

Futures for the NASDAQ slumped 84.5 points, or 0.8%, to 10,463.75.

Early action in Big Tech pointed to more losses, with Amazon, Apple and Microsoft each down more than 1% in pre-market trading.

Tensions between the U.S. and China worsened Friday after China ordered the closure of a U.S. consulate in Chengdu, retaliating after Washington shut the Chinese consulate in Houston earlier this week. China markets plunged in response.

Big Tech has been the market leader this year as investors grapple with the coronavirus pandemic and its impact on corporate profits. Amazon and Netflix were both up more than 47% year to date. Alphabet and Facebook are up over 13% over that time.

Overseas, in Hong Kong, the Hang Seng index tumbled 2.2%, while markets in Japan were shuttered for holiday.

Oil prices gathered 28 cents to $41.35 U.S. a barrel.

Gold prices gained $3.30 to $1,893.30.