Toronto stocks are likely to open lower this morning following Thursday’s modest gains.

U.S. markets are closed today for the funeral of former president Ronald Reagan.

In economic news, Statistics Canada reported this morning that a surge in exports pushed Canada’s trade surplus to its second-highest level ever in April.

StatsCan said that the surplus hit $7.6 billion — $1 billion less than the record set in January 2001. The figure is also much higher than the $6.3-billion surplus that economists had forecast.

European indexes are lower in thin trading, while Asian stock markets closed lower overnight.

London’s FTSE 100 is down 0.3% to 4,473.30 points. In Paris, the CAC 40 is off 0.63% to 3,688.08 points. The German Xetra Dax has fallen 0.5% to 4,001.52.

Tokyo’s Nikkei fell 49.15 points, or 0.42%, to 11,526.82 points.

In Hong Kong, the blue-chip Hang Seng Index fell 26.48 points, or 0.21%, to 12,396.39.

Investors set aside concerns over looming interest-rate hikes Thursday and instead looked toward the prospects of strong second-quarter earnings, resulting in gains on all North American markets.

Toronto’s S&P/TSX composite index climbed 28.37 to 8,345.49 on a volume of 207,636.00.

The junior S&P/TSX Venture composite index added 3.62, climbing to 1,552.94.

U.S. stocks rose, making small gains at the end of a four-day trading week.

The Dow Jones industrial average closed up 41.66 points or 0.40% at 10,410.10. The broader S&P 500 index ended up 5.14 points or 0.45% at 1,136.47. The Nasdaq composite index rose 9.26 points or 0.47% to finish at 1,999.87.

For the week, the Dow climbed 1.6%, the S&P 500 advanced 1.2% and the Nasdaq rose 1%.