Stocks lay prone by the day of May, more so after U.S. President Donald Trump threatened to undermine the current trade agreement with Mexico and Canada by slapping new tariffs on Mexico in the next few weeks.
The S&P/TSX Composite Index remained negative 51.75 points to finish the day, week and month at 16,037.49
The Canadian dollar fell 0.11 cents to 73.98 cents U.S.
Health-care stocks provided the heaviest anchor Friday, as Medical Facilities Corporation dropped 31 cents, or 2.5%, to $12.00, while Bausch Health Companies settled 99 cents, or 3.4%, to $27.98.
Among energy issues, Canadian Natural Resources lost eight cents to $36.45, while Imperial Oil deducted 52 cents, or 1.4%, to $36.17.
Financials were also bruised, as Manulife dived 44 cents, or 1.9%, to $22.70, while Scotiabank demurred 89 cents, or 1.3%, to $68.51.
Gold shone brightly to provide some positive vibes, Barrick Gold raced ahead 86 cents, or 5.4%, to $16.78, while Agnico Eagle Mines triumphed $2.16, or 3.8%, to $58.82.
Materials did what they could, as Frontier Lithium climbed half a cent, or 1.5%, to 34.5 cents, while KP Tissue took on a nickel to $8.15.
In the utilities sector, Hydro One gained 28 cents, or 1.2%, to $22.94, while Fortis improved 28 cents to $51.10.
On the economic calendar, Statistics Canada reported that Canada’s economy made its way upward during March. Gross Domestic Product grew 0.1% in the first quarter, the same growth rate as the fourth quarter of 2018.
Real gross national income rose 0.9%, largely because of higher export prices of crude oil and crude bitumen.
Elsewhere, the agency’s industrial product price index rose 0.8% in April, driven mainly by higher prices for energy and petroleum products, while the raw materials price index increased 5.6%, primarily on the strength of higher crude energy product prices.
ON BAYSTREET
The TSX Venture Exchange slipped 0.95 points to 601.55.
Eight of the 12 Toronto subgroups were lower on the day, as health-care stocks tumbled 4.1%, energy slouched 1.2%, and financials ditched 1.1%
The four gainers were led by gold, up 4.4%, materials, ahead 2.6%, and utilities, eking up 0.4%.
ON WALLSTREET
Stocks fell on Friday as investors feared President Donald Trump’s surprise threat of tariffs on all Mexico imports, amid a worsening trade war with China, could risk sending the U.S. economy into a recession.
The Dow Jones Industrials tumbled 354.84 points, or 1.4%, to 24,815.04
The S&P 500 faded 36.8 points, or 1.3%, to 2,752.06. The S&P 500 was already down 5.3% this month through Thursday after trade talks fell apart with China and rhetoric on both sides worsened in May.
The NASDAQ Composite subtracted 114.57 points, or 1.5%, to 7,453.15
Friday’s declines added to an already torrid week and month for stocks. The Dow is down more than 2.7% this week and is headed for its sixth straight weekly loss, the longest weekly losing streak for the Dow since 2011. The S&P 500 and NASDAQ were on pace for their fourth straight weekly loss. The major indexes were also set to snap a four-month winning streak.
Shares of GM dropped 4.2%. Ford lost 2.7%. Both have significant production in Mexico that could be subject to tariffs. Shares of railroads Kansas City Southern fell 4.4%, and Union Pacific dumped 2.1%. Fiat Chrysler traded 5.4% lower.
Corona and Modelo beer maker Constellation Brands slid 6.5% and was headed for its worst day since Jan. 9, when it lost 12.4%.
On Thursday, Trump announced the U.S. would impose a 5% tariff on all Mexican imports from June 10 until illegal immigration across the southern border was stopped.
Prices for the benchmark 10-year U.S. Treasury enjoyed towering gains, lowering yields to 2.13% from Thursday’s 2.22%. Treasury prices and yields move in opposite directions.
Oil prices docked $3.31 to $53.28 U.S. a barrel.
Gold prices moved ahead $18.00 at $1,310.40 U.S. an ounce.
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