A look at Friday morning’s market action
Wall Street futures wavered early Friday but key indexes still looked set for weekly losses as recession and interest rate concerns persist. Major European markets were modestly positive in morning trading.In the early premarket period, futures linked to the three key U.S. indexes all held around break even. On Thursday, the Dow and S&P 500 posted their third day of losses in a row with the Dow turning negative for the year. The Nasdaq closed the session down 0.96 per cent.
In Canada, investors will get November retail sales figures before the start of trading. Early estimates suggested a 0.5-per-cent decline for the month. As well, Netflix co-founder Reed Hastings announced he will step down as chief executive, handing the reins to his long-time partner and co-CEO, Ted Sarandos, and the company’s chief operating officer, Greg Peters.
The day range on Brent was US$86.14 to US$87.13 in the predawn period. The range on West Texas Intermediate was US$80.45 to US$81.33. Both benchmarks were headed for a weekly gain of more than 1 per cent ahead of the North American open. In other commodities, gold prices hit their best levels since last April and looked set for a fifth straight week of gains as markets weigh the future path for rate hikes by the Federal Reserve.
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