Canada's main stock index was flat on Friday as ?investors weighed ?easing oil prices and small ?gains in ?precious metals against ?elevated bond ?yields.
The TSX poked ahead 6.9 points to begin Friday at 35,713.26. On the week so far, the index has slid 93.29 points, or 0.26%.
The Canadian dollar inched up 0.04 cents to 70.73 cents.
Traders see a 65% chance that the Bank of Canada will hike interest rates by at least 25 basis points during the October meeting to combat inflation.
ON BAYSTREET
The TSX Venture Exchange edged higher 2.31 points to 916.22. On the week so far, the index remained lower 6.85 points, or 0.7%.
Seven of the 12 subgroups were higher in the first hour, with financials gaining 0.8%, consumer discretionary stocks up 0.7%, and real-estate ahead of the game 0.2%.
The five laggards were weighed most by energy, sagging 1.3%, while telecoms and information technology each off 0.9%.
ON WALLSTREET
U.S. equities rose slightly on Friday as Wall Street gets set to wrap up a volatile week of trading, with a surge in Treasury yields rippling through financial markets.
The Dow Jones Industrials nicked backward 2.18 points to 51,347,86
The S&P 500 index moved lower 6.56 points to 7,697.57
The NASDAQ Composite sagged 6.81 points to 26,932.56.
Shares of Akamai Technologies led technology higher, jumping more than 14% after announcing a multiyear deal with Anthropic.
Despite the day’s gains, the Dow is heading for a fourth consecutive losing week, down 0.1%. The S&P 500 is on track for a 1% advance, while the NASDAQ is up nearly 2% week to date.
Also helping sentiment, oil prices slid amid optimism that the Strait of Hormuz could be reopened, as Iran’s Foreign Minister Abbas Araghchi has proposed to do so as well as restart nuclear talks with the U.S. within seven days if Washington accepts its conditions.
Reuters reported Thursday that the U.S. and Iranian negotiators in New York are considering a phased agreement to end the Middle East conflict.
Meanwhile, traders were monitoring Chinese President Xi Jinping’s visit to the U.S. this week. U.S. Trade Representative Jamieson Greer told the media Friday that “a lot more details” on negotiations between the U.S. and China are going to be released Monday.
Prices for the 10-year Treasury dropped, raising yields to 5.21% from Thursday’s 5.19%. Treasury prices and yields move in opposite directions.
Oil prices lost $1.27 to $93.34 U.S. a barrel.
Gold prices surged $15.20 to $4,312 U.S. an ounce.
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