Futures Point Downward Friday

Futures for Canada’s main stock index lagged on Friday as U.S. Treasury yields continued to march higher after U.S. Federal Reserve Chair Jerome Powell hit a hawkish tone, while investors awaited domestic retail sales data.

The TSX Composite toppled 101.89 points to close Thursday at 19,348.81.

December futures skidded 0.3% early Friday.

The Canadian dollar improved 0.18 cents to 73.07 cents U.S.

On the economic calendar, Statistics Canada told investors retail sales decreased 0.1% to $66.1 billion in August. Sales were down in six of nine subsectors and were led by decreases at motor vehicle and parts dealers.


The TSX Venture Exchange fell 2.02 points Thursday to 523.82.


Stock futures dipped Friday morning as traders focused on a recent run higher in the 10-year Treasury yield.

Futures for the Dow Jones Industrials leaned lower 77 points, or 0.2%, to 33,470.

Futures for the S&P 500 fell 9.75 points, or 0.2%, at 4,293.25.

Futures for the NASDAQ 43.25 points, or 0.3%, to 14,846.75.

The major averages are on pace for losses on the week. The S&P 500 is down 1.2% through Thursday’s close, while the NASDAQ is off 1.7%. The Dow is down nearly 0.8%.

The yield on the benchmark 10-year Treasury crossed 5% for the first time in 16 years. The 10-year yield hit 5.001% around 5 p.m. ET on Thursday, the first time it has traded above that level since July 20, 2007 — when it yielded as high as 5.029%. It was last trading at 4.939%.

Shares of SolarEdge tumbled more than 28% after the company trimmed its third-quarter revenue guidance. Knight-Swift Transportation rallied more than 15% after beating estimates in the third quarter on both lines.

In Japan, the Nikkei 225 stumbled 0.5% Friday, while in Hong Kong, the Hang Seng slid 0.7%.

Oil prices gained $1.13 to $90.50 U.S. a barrel.

Gold prices $10.30 to $1,990.80 U.S. an ounce.

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