TSX Set to Open Lower on Rate Jitters and Earnings Misses

Futures tracking Canada’s S&P/TSX Composite Index fell on Friday as markets assessed a batch of corporate earnings and how strong labor data may alter the Bank of Canada's rate outlook.

The unemployment rate unexpectedly dropped to 6.9% amid a surge in employment and drop in unemployment, solidifying signals that the BoC would be done with its cutting cycle.

Meanwhile, Wheaton Precious Metals reported Q3 EPS of $0.62, below estimates of $0.63, with revenue at $476.3 million versus the expected $492.6 million.

Likewise, Enbridge posted earnings of C$0.46 per share, missing forecasts of C$0.54.

Looking ahead, Constellation Software is set to report today, with projections of higher revenue and earnings.

Last session, Shopify lost 4.5% in the previous session despite strong recent revenues, as its gross margin slipped to 48.9%.

Still, the stock holds an average “Moderate Buy” rating from brokerages.