Bay Street Seen Opening Lower

(RTTNews) - Lower futures and weak crude oil prices point to a negative start on Bay Street on Friday.

Concerns about the outlook for interest rates may continue to weigh on the market. Central banks in the U.K., Norway and Switzerland have raised their key lending rates, and Federal Reserve Chair Jerome Powell has already signaled further tightening in the coming months.

In earnings news, Canopy Growth Corporation (WEED.TO) reported fourth-quarter net revenue of $87.5 million, up 14% compared to the net revenue the company recorded in the year-ago quarter.

On the economic front, preliminary data on Canadian manufacturing sales and wholesale sales, both for the monthof May, are due at 8:30 AM ET.

Canadian stocks ended lower on Thursday, extending the downward trend seen over the past several sessions.

The S&P/TSX Composite Index, which remained firmly down in negative territory, ended with a loss of 125.05 points or 0.6% at 19,580.90, closing lower for the fifth consecutive session.

Asian stocks ended lower on Friday a spate of rate hikes from policymakers in England, Norway and Switzerland pushed up global bond yields and revived fears of an imminent recession.

European stocks are broadly lower with investors reacting to mixed economic data from the region. Preliminary data showed business activity in Europe slowed in June. Official data from the U.K. showed retail sales logged an unexpected growth in May, rising by 0.3% in the month from a month earlier.

In commodities, West Texas Intermediate Crude oil futures are down $0.81 or 1.17% at $68.70 a barrel.

Gold futures are gaining $5.80 or 0.3% at $1,929.50 an ounce, while Silver futures are down $0.072 or 0.32% at $22.395 an ounce.