Stocks Set For Higher Open On Economic Data

(MENAFN- Baystreet.ca) Stocks Set for Higher Open on Economic Data
Western bank in Picture








Futures tracking Canada's resources-heavy stock index climbed on Friday as prices of most metals and crude rose, while investors awaited more economic data at home and abroad to gauge the path of monetary policy path.
The TSX closed 39.91 points higher Wednesday at 20,330.32.
September futures shot higher 0.5% Friday.
The Canadian dollar nicked up 0.10 cents to 74.02 cents U.S.
Banks are again in the picture, as Canadian Western Bank reported a fall in third-quarter profit vera year ago.
Statistics Canada informedFriday that real gross domestic product was nearly unchanged in the second quarter, following a 0.6% rise in the first quarter.
The slowdown was attributable to continued declines in housing investment, smaller inventory accumulation, as well as slower international exports and household spending. On a monthly basis, GDP declined 0.2% in June.
Get set also for the Markit Canada Purchasing Managers Index (PMI) for August.
ON BAYSTREET
The TSX Venture Exchange regained 1.53 points Thursday to 586.60.
ON WALLSTREET
Stock futures were higher Friday as investors awaited the release of new U.S. jobs data following a mixed trading session to close out August.
Futures for the Dow Jones Industrials raced ahead 124 points, or 0.5%, to 34,915.
Futures for the S&P 500 gained 14.75 points, or 0.3%, to 4,530.75.
Futures for the NASDAQ picked up 30.75 points, or 0.2%, to 15,569.25.
Database software maker MongoDB captured 6% and Dell Technologies advanced 9% in extended trading on the back of stronger-than-expected earnings reports. Shares of athletic apparel retailer Lululemon Athletica added 2% after crushing Wall Street's estimates.
Non-farm payrolls added 187,000 in August, pushing the unemployment rate to 3.8%. Economists polled by Dow Jones expected the economy to add 170,000 jobs last month. Traders are holding onto hope that the report will indicate that the economy is slowing meaningfully, and ultimately give the central bank reason to pause benchmark interest rate hikes.
In Japan, the Nikkei 225 index progressed 0.3% Friday, while markets in Hong Kong were closed for holiday.
Oil prices jumped 95 cents to $84.58 U.S. a barrel.
Gold prices brightened $5.30 to $1,971.20 U.S. an ounce.

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