Futures Unchanged On Jobs Day

11/3/2023 9:14:32 AM

(MENAFN- Baystreet) Futures Unchanged on Jobs Day
Magna, Block on Investors' Radar Screens

Futures for Canada's main stock index were muted on Friday, weighed by subdued prices of Gold and oil, while investors awaited crucial employment data from Canada and the United States, due later in the day.
The TSX Composite jumped 547.34 points, or 2.9%, to greet Thursday's closing bell at 19,626.34.
December futures were flat early Friday.
The Canadian dollar declined 0.04 cents at 72.78 cents U.S.
Magna International raised its 2023 profit forecast, but flagged an impact from the United Auto Workers union strike in North America.
Statistics Canada informs us the economy created 18,000, or 0.1%, in October and the unemployment rate rose 0.2 percentage points to 5.7%, marking the fourth monthly increase in the past six months.
ON BAYSTREET
The TSX Venture Exchange gained 4.12 points Thursday to 519.94.
ON WALLSTREET
NASDAQ futures slipped on Friday after Apple issued its latest quarterly results.
Futures for the Dow Jones Industrials gained 15 points to 33,926.
Futures for the S&P 500 fell 2.5 points, or 0.1%, at 4,333.25.
Futures for the NASDAQ shed 28.5 points, or 0.2%, to 14,969.50.
Apple fell 3% after the iPhone maker issued a weak revenue outlook for the December quarter. Though the company beat on top and bottom lines in its fiscal fourth quarter, overall sales declined for the fourth quarter in a row. Elsewhere, Block popped 16% on an earnings beat and a raise on full-year guidance, while Paramount Global jumped 4.5% on a strong quarterly report.
Traders also looked ahead to the release of the October jobs report, due at 8:30 a.m. ET. Economists polled by Dow Jones are calling for an increase of 170,000 jobs, compared to September's blowout of 336,000 jobs. They also anticipate the unemployment rate will hold steady at 3.8%.
As of Thursday's close, stocks are on pace for sizable weekly gains as investors grow hopeful that the Federal Reserve's rate-hiking campaign is nearly over.
The Dow is up 4.4%, on pace for its best weekly performance since October 2022. The S&P 500 is tracking for a 4.9% advance on the week, while the NASDAQ is up 5.2% - both are tracking for their best week since November 2022.
In Japan, markets were shuttered for holiday Friday, while in Hong Kong, the Hang Seng leaped 2.5%.
Oil prices gained 50 cents to $82.96 U.S. a barrel.
Gold prices moved forward $1.60 to $1,995.10 U.S. an ounce.

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