Bay Street Likely To See Wild Swings

(RTTNews) - Canadian shares are likely to swing between gains and losses Friday morning, tracking higher commodity prices, and reacting to reports showing a surge in coronavirus infections across the globe.

On Thursday, the benchmark S&P/TSX Composite Index ended up 221.47 points, or 1.72%, at 13,097.84, after having rallied to 13,248.61 early on in the session.

Asian stocks ended flat to slightly lower on Friday as coronavirus cases around the world soared past one million and oil prices shed some of their massive gains.

European markets are mostly lower amid virus jitters. The number of confirmed Spanish cases passed the 110 000 mark even as the rate of new infections continued a downward trend.

The peak of the United Kingdom's coronavirus outbreak will be slightly sooner than previously thought and will come in the next few weeks, Health Secretary Matt Hancock said.

The U.S. reported more than 6,000 deaths, taking the global death toll due to the virus past 50,000.

In commodities, West Texas Intermediate crude oil futures are rising $1.76, or about 7%, at $27.08 a barrel.

Gold futures for June are up $3.30, or 0.2%, at $1,641.00 an ounce.

Silver futures for May are gaining $0.050, or 0.34%, at $14.704 an ounce, while Copper futures for May are rising $0.0355, or 1.6%, at $2.2330 per pound.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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