Futures for Canada’s main stock index tumbled on Friday as investors looked to minimize risk following reports of an escalation in the Middle East conflict, while rising commodity prices contained the decline.
The TSX Composite gained 52.39 points to close Thursday at 21,706.87.
June futures folded 0.2% Friday.
The Canadian dollar inched higher 0.02 cents to 72.64 cents U.S.
The TSX snapped its recent losing streak on Wednesday but is set for a weekly decline.
In corporate news, Scotia resumed its coverage of construction supplies provider Adentra with an “outperform” rating.
ON BAYSTREET
The TSX Venture Exchange dropped 0.95 points Thursday to 570.89.
ON WALLSTREET
Stock futures fell early Friday as the conflict between Israel and Iran was reignited. Traders also assessed the latest batch of earnings reports, including numbers from Netflix.
Futures for the Dow Jones Industrials dropped 65 points, or 0.2%, to 37,942.
Futures for the S&P 500 sank 11 points, or 0.2%, to 5,038.
Futures for the NASDAQ Composite faltered 65.75 points, or 0.4%, to 17,484.
The S&P 500 is heading for its worst week in almost six months. The S&P 500 has fallen for five sessions in a row, bringing its week-to-date losses to 2.2%. It would be the large-cap benchmark’s third straight negative week and its biggest losing week since Oct. 27, 2023. The S&P 500 is now 4.8% off its 52-week high.
A person familiar with the matter told some media outlets that Israel conducted a limited strike against Iran. Earlier, Iran’s Fars news agency reported explosions were heard near the airport at the country’s central Isfahan city, but the reason was unknown.
A pullback in Netflix also weighed on sentiment.
The streamer fell more than 4% even after quarterly earnings beat on the top and bottom line. Netflix’s subscribers jumped 16% from the previous year, but it said it would no longer report paid memberships starting in 2025.
In Japan, the Nikkei 225 was hammered 2.7% Friday, while in Hong Kong, the Hang Seng lost 1%.
Oil prices swooned 82 cents to $81.91 U.S. a barrel.
Gold prices stumbled $8.80 to $2,389.20 U.S. an ounce.
