Futures Hesitant Friday

Futures tracking Canada's main stock index were muted on Friday as investors remained cautious ahead of domestic economic growth data and key U.S. inflation numbers.

The TSX closed Thursday up 141.43 points at 19,940.99.
March futures on the S&P/TSX index was up about 1% higher Friday morning.

The Canadian dollar doffed 0.10 cents to 73.83 cents U.S.

Rogers Communications $20- billion bid for Shaw Communications is expected to gain government approval after the telecom firm agreed to sell Freedom Mobile to Quebecor for $2.85 billion, as per a report.

Enbridge and Norway's Yara International ASA said they are planning to invest up to $2.9 billion to build a low-carbon blue ammonia production plant in Texas.

First Quantum Minerals and Rio Tinto will form a joint venture to develop the La Granja copper project in Peru, with the Canadian miner buying a
55% stake in the project.

On the economic front, Statistics Canada reported Gross Domestic Product rose 0.5% in January, as both goods-producing industries and services-producing industries expanded during the month.

ON BAYSTREET

The TSX Venture Exchange grew 6.4 points, or 1%, Thursday to 630.01.

ON WALLSTREET

S&P 500 futures rose slightly Friday as traders awaited a key inflation print and got ready to wrap up the first quarter of 2023.

Futures for the Dow Jones Industrials gained 85 points, or 0.3%, to start the last session of the week, month and quarter at 33,129.

Futures for the S&P 500 picked up nine points, or 0.2%, to 4,089.

Futures for the NASDAQ Composite notched higher 3.25 points to 13,085.25.

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Friday also marks the last day of the first quarter. The S&P 500 is ahead 5.5%, and NASDAQ is up 14.8%, for the quarter through Thursday’s close. The Dow, however, has lost nearly 1%.

For the month, however, the three major averages are up. The S&P 500 has improved 2% and NASDAQ gained 4.9% in March. The Dow, meanwhile, is up 0.6% through Thursday’s close.

The Federal Reserve’s preferred inflation gauge, the personal consumption expenditures index, is due to be released at 8:30 a.m. ET on Friday. Economists polled by Dow Jones expect that the core PCE, which excludes energy and food costs, gained 0.4% in February from the prior month and added 4.7% on an annualized basis.

Investors will be looking for signs that inflation is cooling, which could lead to the Fed wrapping up its rate-hiking campaign soon.

Personal income data and consumer spending will also be issued Friday morning. The final March reading of the University of Michigan’s consumer sentiment index is due at 10 a.m. ET.

In Japan, the Nikkei 225 surged 0.9% Friday, while in Hong Kong, the Hang Seng grabbed 0.5%.

Oil prices climbed 55 cents to $74.92 U.S. a barrel.

Gold prices inched up 50 cents to $1,998.20 U.S. an ounce.