Higher Commodity Prices Point To Positive Start On Bay Street; Jobs Data In Focus

(RTTNews) - Higher crude oil prices and steady bullion market point to a positive start for Canadian stocks on Friday. However, the focus is on jobs data from Canada and the U.S., and any disappointment on that front could render the market a bit volatile.

Canadian jobs data for the month of December 2024 is due at 8:30 AM ET.

Employment in Canada rose by 51,000 in November of 2024, the most in seven months, after rising by 14,500 in October. The unemployment rate in Canada rose to 6.8% in November, from 6.5% in the previous month.

Average Hourly Earnings in Canada increased to C$36.73 in October 2024.

Data on Canadian building permits for the month of November is also due at 8:30 AM ET.

The U.S. nonfarm payrolls report may reveal a moderation in job growth for December, but the jobless rate is seen holding at 4.2%, supporting the Federal Reserve's cautious stance on interest rate cuts this year.

In company news, Corus Entertainment Inc. (CJR.B.TO) reported a net income of $11.9 million for the quarter ended November 30, 2024, compared to $32.7 million in the corresponding quarter of the previous year.

Tilray Brands Inc. (TLRY.TO) reported adjusted net loss of $2 million for the second quarter of fiscal 2025, compared to adjusted net loss of $3 million in the prior year quarter.

The Canadian market settled marginally up on Thursday, lifted by gains in materials stocks. Activity was subdued almost right through the day's session as investors largely stayed away on the sidelines, awaiting Canadian and U.S. jobs data, due on Friday.

Trading volumes were thin as U.S. markets were closed today in honor of former U.S. President Jimmy Carter, who died in late December at age 100.

The benchmark S&P/TSX Composite Index, which moved in a very tight band, ended the day's session with a small gain of 21.68 points or 0.09% at 25,073.36.

Asian stocks retreated on Friday as the U.S. jobs report loomed, China growth worries persisted, and traders remained on alert for a rising risk of Japanese authorities intervening to support the yen. Rising bond yields weighed as well on sentiment.

European stocks are turning in a mixed performance as investors remain cautious ahead of U.S. jobs data. Among the major markets, Germany and France are modestly higher, while the U.K. market is weak.

In commodities, West Texas Intermediate crude oil futures are gaining $2.25 or about 3% at $76.17 a barrel.

Gold futures are up $14.30 or 0.53% at $2,705.10 an ounce, while Silver futures are gaining $0.140 or 0.45% at $31.155 an ounce.