(MENAFN- Baystreet.ca)
Futures Move Backward as Peace Talks Stall
Suncor, BRP in Focus
Futures for Canada's main stock index fell on Friday, tracking weak global markets as a lack of progress in Russia-Ukraine peace talks kept investors on the edge.
The S&P/TSX Composite Index vaulted 302.39 points, or 1.4%, to close Thursday at 21,771.22.
June futures flopped 0.7% early Friday.
The Canadian dollar pointed upward 0.08 cents to 79.25 cents U.S.
Suncor energy on Thursday said it was shutting down a portion of its 103,000-barrel-per-day refinery in Commerce City, Colorado following an equipment malfunction.
Scotiabank cut the target price on BRP to $125.00 from $127.00
RBC raised the target price on MDA to $15.00 from $13.00.
Scotiabank raised the target price on Osisko Gold Royalties to $26.00 from $25.00
Macroeconomically, it's a busy day in Toronto, with retail trade having increased 3.2% to $58.9 billion in January.
Statistics Canada also says the increase was led by 5.3% higher sales at motor vehicle and parts dealers.
As well, according to Statistics Canada, Canadian investors reduced their holdings of foreign securities by $14.4 billion in January, following a large $21.3 billion investment in December.
Meanwhile, foreign investors acquired $13.5 billion of Canadian securities, mainly in the form of bonds.
Finally, the agency's new housing price index grew 1.1% in February. Prices rose in 18 of the 27 census metropolitan areas surveyed and were unchanged in nine.
ON BAYSTREET
The TSX Venture Exchange popped another 21.78 points, or 2.6%, Thursday to 851.49
ON WALLSTREET
Stock futures fell Friday following a three-day rally for the S&P 500 that put the equity benchmark on pace for its biggest weekly gain in more than a year.
Futures for the Dow Jones Industrials dumped 198 points, or 0.6%, to 34,162.
Futures for the S&P 500 fell 30.75 points, or 0.7%, to 4,371.25.
Futures for the NASDAQ Composite Index ditched 108 points, or 0.7%, to 13,999.75.
The blue-chip Dow is coming off a four-day winning streak, rising 4.7% for the week so far, and is also on pace for its biggest weekly gain since November 2020. The tech-heavy NASDAQ Composite is up 6% this week, headed for its best week since February 2021.
Shares of FedEx fell more than 3% in premarket trading after the U.S. delivery firm posted a lower-than-expected quarterly profit amid labor shortages, while the pandemic also hurt its holiday revenue growth.
GameStop saw its shares dropping about 7% in extended trading after the video game retailer reported an unexpected loss during the holiday quarter. The company said it will launch a new marketplace for non-fungible tokens, or NFTs, by the end of April.
Friday's moves come as traders continued to digest the latest developments in the Ukraine-Russia war.
Several missiles hit an aircraft repair center on the outskirts Lviv in western Ukraine. Meanwhile, President Joe Biden is slated to speak with Chinese President Xi Jinping to discuss the conflict. A Ukrainian official also said one person was killed in an airstrike that hit Kyiv.
In Asia, the Nikkei 225 index gained 0.7%, while in Hong Kong, the Hang Seng index fell 0.4%.
Oil prices gained 41 cents to $103.39 U.S. a barrel.
Gold prices let go of three dollars to $1,944.20 U.S.
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