Bay Street Likely To Open On Mixed Note; Jobs Data In Focus

(RTTNews) - Canadian and U.S. jobs data for the month of June will set the trend for Canadian stocks Friday morning. Cues from global markets are mixed, with Asian markets closing weak and European stocks broadly up in positive territory.

Gold and crude oil prices are slightly higher and this could trigger some buying in materials and energy sectors.

Canadian employment data for the month of June is due at 8:30 AM ET.

The Canadian economy shed 17,300 jobs in May, the first decline in three months. The unemployment rate in Canada rose to 5.2% in May, after remaining at 5% for the five previous months.

The Richard Ivey School of Business is scheduled to release a report on Canadian economic activity for the month of June at 10 AM ET.

The Ivey Purchasing Managers Index in Canada dropped further to 53.5 in May 2023, from 56.8 in the prior month, slowing for a second month and the most in three months.

U.S. non-farm payroll data is due at 8:30 AM ET.

Canadian stocks fell sharply on Thursday, weighed down by concerns the Fed will raise interest rate hike later this month after data showed much stronger than expected growth in U.S. private sector employment in the month of June.

The benchmark S&P/TSX Composite Index ended with a loss of 293.20 points or 1.46% at 19,810.69, after falling to a low of 19,757.60 intraday.

Asian stocks ended weak on Friday, tracking overnight sell-off on Wall Street on fears of more interest rate hike by the Federal Reserve.

European stocks are broadly higher in cautious trade with investors looking to pick up shares at reduced prices following the sell-off in the previous session.

In commodities, West Texas Intermediate Crude oil futures are up $0.24 or 0.33% at $72.04 a barrel.

Gold futures are up $7.40 or 0.39% at $1,922.80 an ounce, while Silver futures are up marginally at $22.905 an ounce.