Futures linked to Canadian stocks fell on Friday as investors awaited fresh domestic and U.S. economic data to get more clues on the monetary policy roadmap.

The S&P/TSX 60 futures dropped 0.60% by 6:48 a.m. ET (1048 GMT).

Wall Street futures were mixed after a fall in chip bellwether Nvidia's shares prompted the S&P 500 and Nasdaq to end lower in the previous session.

Oil prices, were little changed, but were set to rise for a second week.

Gold prices inched up and were also poised for a second consecutive weekly gain.

Markets will now focus on Canada's retail sales and producer prices data, scheduled for release at 08:30 a.m. ET, followed by the U.S. business survey at 9:45 a.m. ET.

Investors are keeping an eye on the U.S. economy to see if it can withstand higher rates, after the recent softer-than-expected data raised hopes for more than one rate cut from the Federal Reserve this year.

The Bank of Canada cut its interest rate earlier this month and is set to hold the next policy meeting on July 24. Traders are pricing in a 70.8% chance of another 25 basis points rate cut by the Canadian central bank.

However, BoC's governing council said on Wednesday they will consider the merits of waiting for additional inflation data to gain assurance before reducing borrowing costs.

In corporate news, food and beverage company Lassonde Industries announced an agreement to acquire U.S.-based specialty food manufacturer Zidian Group for $235 million.

The Canadian benchmark index ended higher on Thursday, rebounding from a near four-month low, as railroad and mining stocks rallied.

 

COMMODITIES

Gold: $2364.19; +0.19%

US crude: $81.24; -0.06%

Brent crude: $85.64; -0.08%

 

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory ($1 = 1.3693 Canadian dollars) (Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya Biswas)