Futures Narrowly Break Even

Futures for Canada's commodity-heavy stock index inched up on Friday as oil prices recovered, setting the Toronto shares benchmark on course to break a five-session losing streak.

The S&P/TSX tumbled 281.27 points, or 1.5%, to close Thursday at 18,333.92.

September futures gained 0.2% Friday.

The Canadian dollar improved 0.22 cents to 76.50. cents U.S.

Chile's Supreme Court on Thursday ratified the definitive closure of Barrick Gold's controversial $8.5-billion Pascua Lama gold and copper mining project, previously ordered to shutter by the country's environmental regulator in 2018.

Economically speaking, wholesale sales rose 1.6% in May to $81.1 billion, mostly due to higher sales in the food, beverage and tobacco subsector and the machinery, equipment and supplies subsector.

Finally, Statistics Canada said cross-border transactions in Canadian and foreign securities slowed considerably in May. Foreign investors acquired $2.3 billion of Canadian securities, the lowest investment since January 2021.

The agency added Canadian investors added $573 million of foreign securities to their holdings, after a record-high $29.2 billion investment in April 2022.

Later on today, the Canadian Real Estate Association is out with MLS listings for June.

ON BAYSTREET

The TSX Venture Exchange sank 9.78 points, or 1.6%, Thursday to 585.82.

ON WALLSTREET

U.S. stock futures rose Friday as traders awaited the release of more corporate earnings and key economic data.

Futures for the Dow Jones Industrials jumped 146 points, or 0.5%, early Friday to 30,750.

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Futures for the S&P 500 hiked 12.75 points, or 0.3%, to 3,806.

Futures for the NASDAQ Composite jumped 20 points, or 0.2%, to 11,817.50.

Wells Fargo shares slipped more than 1% in the pre-market on the back of earnings results. The bank said quarterly profits declined 48% as it set aside funds for bad loans. Citigroup is also slated to report later in the morning.

A day earlier, investors combed through troubling reports from JPMorgan Chase and Morgan Stanley, which kicked off major bank earnings, and also weighed the likelihood of larger interest rate hikes from the Federal Reserve and looming recession concerns.

Shares of JPMorgan Chase dropped about 3.5% after the bank said it built up reserves for bad loans, and suspended share buybacks.

Meanwhile, Morgan Stanley’s shares declined 0.4% after the bank reported weaker-than-expected investment banking revenue.

Elsewhere in corporate news, Pinterest shares surged 14% following a Wall Street Journal report that said activist investor Elliott Management took a stake of more than 9% in the social media company.

On the economic front, the latest report on June retail sales, as well as import and export prices, are due out Friday at 8:30 a.m. ET. Preliminary July data for consumer sentiment is out at 10 a.m. ET.

In Japan, the Nikkei 225 picked up 0.5% Friday. In Hong Kong, the Hang Seng slumped 2.2%

Oil prices $1.45 to $97.23 U.S. a barrel.

Gold prices dipped $1.90 to $1,703.90 U.S. an ounce.