Bay Street Looks Headed For Positive Start; Jobs Data In Focus

(RTTNews) - Higher crude oil and bullion prices point to a positive start on Bay Street Friday morning, but Canadian and U.S. jobs data, due before the opening bell, may well set the trend for stocks.

Worries about tariffs have faded a bit, but U.S.-China tensions may weigh on sentiment.

The Canadian economy added 91,000 jobs in December 2024, the largest addition since January 2023, following a 51,000 rise in November.

The unemployment rate in Canada eased to 6.7% in December 2024, down from 6.8% in November.

The Labor Department's report is likely to show an addition of 170,000 jobs in U.S. non-farm payroll employment in January, following a 256,000 jobs rise in December.

Canopy Growth Corp (WEED.TO) reported a net loss of $122 million, or $1.11 per share, for the third-quarter, compared with net loss of $217 million, or $2.62 per share, in the prior year period.

The Canadian market ended weak on Thursday, failing to sustain an early move to the upside. Caution ahead of U.S. and Canadian jobs data weighed on stock prices.

The benchmark S&P/TSX Composite Index climbed off its worst levels going into the close but still ended the day down 35.35 points or 0.1 percent at 25,534.49.

Asian shares turned in a mixed performance on Friday. Chinese and Hong Kong markets rose sharply as DeepSeek AI optimism lifted tech stocks.

Disappointing revenue guidance from Amazon and uncertainty about U.S.'s trade policies rendered the mood cautious.

European markets are quite subdued as investors await the crucial U.S. non-farm payroll data.

In commodities, West Texas Intermediate Crude oil futures are up $0.37 or about 0.52% at $70.98 a barrel.

Gold futures are up $11.50 or 0.41% at $2,888.20 an ounce, while Silver futures are up $0.054 or 0.17% at $32.680 an ounce.