Canadian shares are likely to open on a slightly weak note Friday morning, tracking lower crude oil prices. Data on retail sales may provide some direction.
Activity is likely to remain stock specific, and the market may well stay sluggish for much of the day's session amid lingering worries about the surge in coronavirus cases of the Delta variant in several countries.
Data on retail sales for the month of June, and a reading of the new housing price index for the month of July, are due out at 8:30 AM ET.
The Canadian stock market ended on a weak note on Thursday, extending losses to a sixth straight session, as falling commodity prices, and worries about economic recovery due to the rapid surge in coronavirus cases hurt sentiment.
Federal Reserve's minutes from its July meeting, which suggested the central bank is likely to start tapering its asset purchases program this year, weighed as well on the market.
The benchmark S&P/TSX Composite Index, which tumbled to a low of 20,109.37, ended the day with a loss of 86.75 points or 0.43% at 20,215.36, a three-week low.
Asian stocks closed weak on Friday as the rout in Chinese technology giants deepened. The mood was cautious amid fears of slowing global growth and a potential easing in U.S. stimulus. Chinese shares ended lower as the People's Bank of China left its benchmark lending rate for corporate and household loans unchanged for a 16th straight month, as widely expected, amid weak economic data.
European stocks are extending losses from the previous session amid uncertainty over the spread of the coronavirus and the Fed's taper plans. A rout in Chinese technology giants following the passage of a major data protection law by the Chinese authorities is hurting as well.
In commodities, West Texas Intermediate Crude oil futures for September are down $0.44 or 0.7% at $63.25 a barrel.
Gold futures are gaining $4.50 or 0.25% at $1,787.60 an ounce, while Silver futures are down $0.045 or 0.19% at $23.185 an ounce.
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