Futures Point To Subdued Start On Bay Street; U.S., Canadian Jobs Data In Focus

(RTTNews) - Canadian and U.S. futures, and commodity prices point to a subdued start on Bay Street Friday morning, but the crucial Canadian and U.S. jobs data for the month of June, both due at 8:30 AM ET, will likely set the mood at the opening bell.

Employment in Canada rose by 26,700 in May, following a 90,400 increase in the previous month. The unemployment rate in Canada rose to 6.2% in May, from 6.1% a month earlier.

The Ivey Business School will release its purchasing managers index reading at 8:30 AM ET. The Ivey Purchasing Managers Index in Canada fell to 52 in May 2024, dropping from a two-year high of 63 in the prior month.

The Canadian market ended at a five-week high on Thursday, despite staying somewhat subdued right through the day's session in lackluster trade.

Due to a lack of positive triggers, investors appeared reluctant to make significant moves. With the U.S. market closed today for Independence Day holiday, the volume of business was thin in the Canadian market.

The benchmark S&P/TSX Composite Index ended with a gain of 20.35 points or 0.09% at 22,244.02, the highest close since May 31.

Asian stocks fell broadly on Friday as EU tariffs on Chinese imports took effect and China announced the next step in its anti-dumping investigation into European brandy imports.

Traders also reacted to the British general election results and braced for France's runoff election on Sunday that could see the country's first far-right government since the World War II Nazi occupation — or no majority emerging at all.

European stocks are broadly higher after the Labour Party secured a landslide victory in the U.K. election to end 14 years of Conservative rule, as widely expected.

Regarding Sunday's parliamentary elections in France, opinion polls show the second-round run-off vote may lead to a hung parliament with no clear majority.

Optimism about a U.S. rate cut also underpinned sentiment ahead of key U.S. jobs numbers, due later in the day.

In commodities, West Texas Intermediate Crude oil futures are down marginally at $83.86 a barrel.

Gold futures are up $2.30 or 0.1% at $2,371.70 an ounce, while Silver futures are up $0.033 or 0.11% at $30.875 an ounce.