Bay Street Likely To Open With Negative Bias

(RTTNews) - Lower Canadian and U.S. futures and concerns about the economic impact of the conflict in the Middle East may weigh on the Canadian market on Friday.

U.S. jobs data is likely to provide some clues about Federal Reserve's interest rate moves.

The Middle East war unleashed by U.S.-Israeli attacks on Iran swelled outwards to Cyprus, Sri Lanka, Turkey and Azerbaijan, has raised concerns about the outlook for trade, prices and investment.

The United States has given India a waiver to buy Russian oil for 30 days as the Middle East conflict impacts global energy supply.

The Trump administration is considering emergency measures, including state insurance guarantees for tankers and naval escort to counter rising energy prices.

Also, the White House is reportedly discussing the possibility of a large-scale release of oil from the Strategic Petroleum Reserve (SPR) in coordination with IEA partners.

The Dow futures are down 0.6%, the S&P futures are lower by 0.66% and the Nasdaq futures are drifting down 0.89%.

The focus will be on U.S. non-farm payroll data for the month of February. The data from the Labor Department is due at 8:30 AM ET.

Canadian stocks slipped on Thursday, more than offsetting the strength seen in the previous session. Rising concerns about the economic impact of the escalating conflict in the Middle East rendered the mood weak.

The price of crude oil has skyrocketed to over $80 a barrel amid supply disruption fears, leading to worries about inflation.

After moving sharply lower in morning trading, the benchmark S&P/TSX Composite Index regained some ground late in the day but still closed down 332.89 points 1% at 33,609.97.

Asian markets ended mixed on Friday after Beijing's strategic commitment to deepen tech investment. After announcing a conservative 2026 GDP growth target of 4.5-5%, China pledged substantial investment in high-tech sectors, benefiting artificial intelligence, chipmakers, and biotech firms.

The major European markets are down after a positive start. The U.K.'s FTSE, Germany's DAX and France's CAC 40 are down 0.7%, 0.8% and 0.9%, respectively. The pan European Stoxx 600 is down nearly 1%.

In commodities trading, West Texas Intermediate Crude oil futures are up $4.40 or 5.4% at $85.41 barrel.

Gold futures are up slightly at $5,081.00 an ounce, while Silver futures are down marginally at $82.160 an ounce.