Futures Tame as Rate Bets Decline

Futures for Canada's main stock index were little changed on Friday after interest rate cut bets came under pressure due to tight labour market data in the U.S., while higher commodity prices are expected to lift the market.

The TSX Composite Index hung onto gains of 15.07 points to conclude Thursday trading at 22,299.83.

June futures were down 0.1% Friday.

The Canadian dollar fell 0.14 cents to 73.30 cents U.S.

On the final economic reports before Victoria Day, Statistics Canada told us Canadian investors acquired an unprecedented $35.6 billion of foreign securities in March, ending the first quarter with a record investment of $51.5 billion. Meanwhile, foreign investors increased their exposure to Canadian securities by $14.4 billion in March after divesting $4.3 billion in February.

ON BAYSTREET

The TSX Venture Exchange regained 1.24 points Thursday to 603.27.

ON WALLSTREET

Futures tied to the Dow Jones Industrial Average traded near flat Friday, after the blue-chip average briefly topped the key 40,000 level for the first time in the previous session.

Futures for the 30-stock index inched ahead 24 points, or 0.1%, to 40,034.

Futures for the S&P 500 gained only four points, or 0.1%, at 5,324.25.

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Futures for the NASDAQ Composite took on 27.25 points, or 0.2%, to 18,677.

Despite the weak end to Thursday’s session, the indexes are on track to end the week with gains. The NASDAQ Composite is leading the way with a 2.2% advance, followed by the S&P 500's 1.4% rise. The Dow is tracking to close the week 0.9% higher.

Shares of video game company Take-Two Interactive were under pressure on Friday morning after an update about the timing of one of its premier franchises.

Take-Two says that the next Grand Theft Auto is now scheduled for the fall of 2025. Previous guidance just called for sometime during the calendar year.

While it was a modestly down day for the three major averages, there was no shortage of excitement among market participants. The Dow reached an intraday high of 40,051.05, above the psychologically important 40,000 level, before pulling back to end the day down 0.1%.

In Japan, the Nikkei 225 sank 0.3%, while in Hong Kong, the Hang Seng index gained 0.9%.

Oil prices jumped 27 cents to $79.50 U.S. a barrel.

Gold prices gained $8.10 to $2,393.40 U.S. an ounce.