Bay Street Likely To Open On Weak Note

(RTTNews) - Lower Canadian and U.S. futures and weak metal prices point to a negative open for stocks on Bay Street Friday morning. Energy stocks may find some support thanks to higher crude oil prices and help limit the downside.

In earnings news, MDA Space Ltd. (MDA.TO) reported that its net income in the third quarter declined to C$29 million from C$36.3 million in the prior year. On the adjusted basis, net income increased to C$46.1 million from C$34.7 million in the same period last year, MDA said.

Stantec Inc. (STN.TO) reported earnings per share of $1.53 for the third quarter, compared to $1.30 a year ago.

Peyto Exploration (PEY.TO) reported earnings per share of $0.45 for the third quarter, compared with $0.26 in the year-ago quarter. However, the EPS in the latest quarter was less than expected $0.53 per share.

On the economic front, reports on Canadian manufacturing sales and wholesale sales for the month of September are due at 8:30 AM ET.

Despite the U.S. government reopening boosting sentiment, Canadian stocks slumped on Thursday as investors resorted to profit taking following recent gains.

The benchmark S&P/TSX Composite Index settled at 30,253.64, down by 573.94 points or 1.86%.

Asian stocks ended lower on Friday as investors fretted about lofty tech valuations and the U.S. economic outlook.

A mixed set of economic indicators from China and cautious comments from Federal Reserve officials on the rate trajectory also dented sentiment.

The major European markets are down in negative territory amid concerns about growth and rising bond yields.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.83 or 1.41% at $59.52 a barrel.

Gold futures are down $80.10 or 1.9% at $4,114.40 an ounce, while Silver futures are down $1.690 or 3.18% at $51.480 an ounce.