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TSX Fights Back on Crude Revival

May 13, 2022 (Baystreet.ca via COMTEX) --

Canada's main stock index futures rose on Friday, aided by a rebound in crude prices, but the benchmark index was on track for its worst weekly drop in more than two years.

The S&P/TSX plummeted another 138.2 points to close Thursday 19,699.05.

June futures surged 0.9% Friday.

The Canadian dollar forged ahead 0.11 cents to 76.65 cents U.S.

National Bank of Canada resumed coverage on Good Natured Products with an outperform rating

National Bank of Canada cut the rating on Medical Facilities to sector perform from outperform

Stifel FirstEnergy cuts to hold from buy

Strategists are saying as Canada's economy overheats, the Bank of Canada is likely to be among the first of the major central banks to lift

interest rates to a more normal setting even as worries persist about record-high levels of household debt

ON BAYSTREET

The TSX Venture Exchange got whacked 33.65 points, or 4.8%, to 667.25.

ON WALLSTREET

Stock futures were higher early Friday morning as investors geared up for the S&P 500 to potentially slide into official bear market territory.

Futures for the Dow Jones Industrials surged 264 points, or 0.8%, to 31,916.

Futures for the S&P 500 gained 49.75 points, or 1.3%, to 3,977.

Futures for the NASDAQ Composite Index moved ahead 224.75 points, or 1.9%, to 12,172.

All the major averages are on track to end the week in the negative. The Dow is down 3.6%, while the S&P 500 slacked 4.7% and NASDAQ has slipped 6.4%.

The stock market has been slumping for months, starting with high-growth unprofitable tech stocks late last year and spreading to even companies with healthy cash flows stocks in recent weeks.

On Thursday, Apple fell into a bear market of its own, becoming the last of the Big Tech names to succumb to the selloff.

Twitter shares slumped nearly 10% in the premarket after Elon Musk announced the takeover deal is temporarily on hold as he awaits more details on the number of spam and fake accounts on the platform.

Shares of AMC Entertainment popped 8.4% and GameStop gained 6.8%, after the heavily shorted meme stocks jumped on Thursday. Affirm shares soared 38% on the back of a better-than-expected earnings report.

Meanwhile, developments in cryptocurrencies have also unnerved Wall Street this week, with bitcoin falling well below $30,000 and stablecoins struggling to hold their peg.

On the economic data front, Friday features a read on April import prices and an early look at May consumer confidence.

In Japan, the Nikkei 225 sprang up 2.6% Friday. In Hong Kong, the Hang Seng popped 2.7%.

Oil prices jumped $1.70 to $107.83 U.S. a barrel.

Gold prices slid $11.10 to $1,813.50 U.S. an ounce.

comtex tracking

COMTEX_407142262/2559/2022-05-13T08:27:17

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