December futures on the S&P/TSX index were down 0.4% at 7:07 a.m. ET (1207 GMT).

Powell on Thursday said central bank officials "are not confident" that interest rates are yet at the level to finish the battle with inflation and would not hesitate to tighten policy further if needed.

Yields on long-dated government bond debts soared following these remarks as investors fretted over another rate hike.

The materials stocks are expected to see a downturn as the combative commentary also hurt the prices of most nonferrous metals. [MET/L] [GOL/]

The Toronto Stock Exchange's S&P/TSX composite index ended up 57.20 points, or 0.3%, at 19,587.41 on Thursday as investors cheered upbeat corporate earnings and surge in commodity prices. [.TO]

Wall Street futures were mixed on Friday, after Powell's hawkish tone dampened hopes of an end to rate hikes. [.N]

In corporate news, pot producer Canopy Growth reported a smaller second-quarter adjusted core loss on Thursday on the back of cost cuts.

COMMODITIES AT 7:07 a.m. ET

Gold futures: $1,952; -0.9% [GOL/]

US crude: $76.6; +1.1% [O/R]

Brent crude: $80.9; +1.1% [O/R]

Canadian markets directory

($1= C$1.3818)

(Reporting by Khushi Singh in Bengaluru; Editing by Tasim Zahid)