TSX futures edged higher Friday, boosted by a slight recovery in oil prices and Prime Minister Mark Carney's announcement of an initial trade agreement with China. The S&P/TSX 60 futures contract gained 0.2%, following a record-setting close for the composite index on Thursday. Investors are weighing these developments against broader market trends.

The proposed deal would slash tariffs on electric vehicles and canola, a strategic move as Canada seeks new ties amid a trade dispute with the United States. This aligns with a broader market rally, where U.S. stock futures also rose, fueled by strong quarterly earnings and positive economic data that continue to signal a resilient labor market.

Looking ahead, attention turns to upcoming earnings from major banks and the tech sector, following strong results from TSMC. The Federal Reserve's cautious tone, emphasizing stable job markets and persistent inflation, suggests interest rate cuts remain distant, keeping traders focused on corporate performance and geopolitical developments like the Iran situation easing supply risks.