The prospects of higher crude oil and bullion prices suggest a favorable opening for Bay Street on Friday morning, although the release of Canadian and U.S. employment data ahead of the market opening may influence stock trends.
While concerns regarding tariffs have diminished slightly, ongoing U.S.-China frictions could impact market sentiment.
In December 2024, the Canadian economy saw an addition of 91,000 jobs, marking the largest increase since January 2023, following a rise of 51,000 in November. The unemployment rate in Canada decreased to 6.7% in December 2024, down from 6.8% in the previous month.
The U.S. Labor Department's report is expected to indicate a rise of 170,000 jobs in non-farm payroll employment for January, subsequent to a 256,000 job increase in December.
Canopy Growth Corp (WEED.TO) disclosed a net loss of $122 million, equivalent to $1.11 per share, for the third quarter, compared to a net loss of $217 million, or $2.62 per share, during the same period last year.
The Canadian stock market experienced weakness on Thursday, unable to maintain an initial upward movement, as caution prevailed ahead of the upcoming U.S. and Canadian jobs data, affecting stock prices.
The S&P/TSX Composite Index recovered slightly from its lowest levels before closing, nevertheless finishing the day down by 35.35 points, or 0.1%, at 25,534.49.
Asian markets showed mixed results on Friday, with Chinese and Hong Kong markets experiencing notable gains as DeepSeek AI-related optimism boosted tech stocks.
Amazon's disappointing revenue guidance and uncertainty surrounding U.S. trade policies contributed to a cautious market stance.
European markets also remained relatively subdued as investors await the release of critical U.S. non-farm payroll data.
In the commodities sector, West Texas Intermediate crude oil futures have risen by $0.37, approximately 0.52%, reaching $70.98 per barrel. Gold futures have increased by $11.50, representing a 0.41% rise, to $2,888.20 an ounce, while silver futures have climbed by $0.054, or 0.17%, to $32.680 an ounce.
