Bay Street Eyes U.S. Data; Technology Stocks Likely To Rise On Strong U.S. Tech Earnings

(RTTNews) - Key U.S. economic data, including non-farm payrolls employment, factory orders, and the University of Michigan's report on consumer confidence, are set to determine the trend on Wall Street and Bay Street in early trades on Friday.

Technology stocks are likely to fare reasonably well thanks to strong results from Meta Platforms, Amazon Inc., and Apple Inc.

In Canadian earnings news, Open Text Corporation (OTEX.TO) reported adjusted EBITDA of $566.3 million for the second-quarter, up 66.1% over the adjusted EBITDA of $340.9 million in the year-ago quarter.

Brookfield Business Partners (BBU.UN.TO) announced that net income attributable to Unitholders for the year ended December 31, 2023 was $1,405 million, compared to net income of $98 million in the prior year. The firm said current year results include net gains primarily related to the sale of our nuclear technology services operation.

The Canadian market shrugged off early weakness and ended on a firm note on Thursday, led by gains in materials, industrials, consumer sectors.

The benchmark S&P/TSX Composite Index ended with a gain of 97.33 points or 0.46% at 21,119.21. The index climbed to 21,189.26 in early trades, but dropped to 20,980.93 around late morning, but recovered gradually as the session progressed to eventually close well above the flat line.

Asian stocks ended higher on Friday after Meta and Amazon delivered forecast beating results. iPhone maker Apple also delivered strong results for its fiscal first quarter, but its China sales missed Wall Street targets. A weaker dollar and falling yields contributed as well to the positive sentiment in Asian markets.

Chinese shares fell sharply despite promises of further fiscal stimulus from the government to boost the government amid a deepening property slump.

European markets are modestly higher in cautious trade, a day after the Bank of England signaled that it will likely lower borrowing costs this year for the first time since 2020. Data showing strong industrial production growth in France is aiding sentiment.

In commodities, West Texas Intermediate Crude oil futures are down $0.05% at $73.77 a barrel.

Gold futures are gaining $1.30 at $2,072.40 an ounce, while Silver futures are up $0.068 at $23.305 an ounce.