Bay Street May Open On Weak Note; Canadian, U.S. Jobs Data In Focus
(RTTNews) - Canadian stocks are likely to open with a negative bias on Friday amid concerns over rising tensions in the Middle East, and on reports Hezbollah has rejected a new ceasefire agreement with Israel.
Investors will also be reacting to Canadian and U.S. jobs data for the month of May.
Canadian employment data for the month of May is due at 8:30 AM ET.
Canada's employment edged down by 18,000 in April, following a gain of 14,000 in the prior month. The unemployment rate in the country increased to 6.9% in April from 6.7% a month earlier.
The Ivey PMI reading for the month of May is due at 10 AM ET.
In earnings news, Saputo Inc. reported adjusted net earnings of $169 million or $0.42 per share, for the fourth quarter ended March 31, 2026, compared with $145 million or $0.34 per share in the year-ago quarter.
The Canadian market closed higher on Thursday amid expectations of de-escalation in the Middle East tensions after Israel and Lebanon agreed to renew the ceasefire. Iran and the U.S. confirmed the continuation of peace talks to resolve hostilities.
The benchmark S&P/TSX Composite Index climbed to a new record high of 35,291.13 before settling at 35,217.06, up by 415.52 points or 1.19%.
Asian stocks ended broadly lower on Friday, with South Korea and Japan leading losses due to heavy selling in major technology stocks.
An AI-driven rally that boosted stocks earlier this week fizzled out after chip giant Broadcom's AI revenue projection fell short of expectations. Also, renewed worries about geopolitical tensions weighed on sentiment.
The major European markets are modestly higher today despite rising tensions in the Middle East.
In commodities trading, West Texas Intermediate Crude oil futures are down $0.24 or 0.24% at $92.80 a barrel.
Gold futures are down $14.00 or 0.31% at $4,491.00 an ounce, while Silver futures are down $1.076 or 1.45% at $72.895 an ounce.
