Markets Bruised by Friday’s Close

Gold, Tech Hit Hard

It was a week to forget on North American stock markets, particularly in Canada, where indices took yet another pounding.

The S&P/TSX Composite Index fell 81.31 points to end the day and the week at 14,952.33

The Canadian dollar gained 0.64 cents to 79.5 cents U.S.

Gold stocks were hit particularly hard, as Kinross Gold dropped 21 cents, or 3.8%, to $5.33, while Goldcorp faded 54 cents, or 3.2%, to $16.16.

Technology stocks retreated with Absolute Software Corp slumping 52 cents, or 6.5%, to $7.47 after it reported fourth-quarter results that missed expectations. BlackBerry shares doffed 13 cents, or 1.2%, to $10.92.

Bombardier Inc shares regained three cents, or 1.1% to $2.66 amid news that Swedish authorities are charging a Bombardier employee on suspicion of bribery. Even so, industrials lost some steam, as Canadian National Railways docked $1.21, or 1.2%, to $100.00.

Canadian Natural Resources fell 26 cents to $38.73, while the broader energy group inched up. TransCanada Corp. added 15 cents to $62.28.

On the economic slate, Statistics Canada reported July consumer price index rose 1.2% on a year-over-year basis in July, following a 1.0% increase in June. On a seasonally-adjusted monthly basis, inflation was up 0.2% in July, after posting no change in June.

ON BAYSTREET

The TSX Venture Exchange regained 2.34 points to 769.76.

All but two of the 12 TSX subgroups were negative to end the week, with gold retreating 1%, information technology and industrial issues each slumping 0.9%.

The two gainers were in health-care, up 0.2%, and energy, better by 0.1%.

ON WALLSTREET

U.S. equities regained some of their bearings on Friday after said Steve Bannon, one of President Donald Trump's top advisors, left the administration.

The Dow Jones Industrials dropped 46.43 points to close at 21,704.30

The S&P 500 initially popped on Bannon’s departure, but settled in the red 4.46 points to 2,425.55

The NASDAQ finished lower 5.39 points to 6,216.53.

Hibbett Sports was among those firms announcing earnings Friday; its stock sank 68 cents, or 5.9%, to $10.83

Traders at the New York Stock Exchange literally cheered the news that Bannon was out of the administration.

Tension between Bannon and other top advisors to Trump, including Chief Economic Advisor Gary Cohn and National Security Advisor H.R. McMaster, had been festering inside the White House. On Wednesday, Reuters reported that discord between Bannon and McMaster was destabilizing Trump's team.

Bannon was the advisor pushing the hardest for a more nationalistic approach to U.S. economic policy. However, his influence has reportedly waned in the Trump administration.

The Dow and the S&P had fallen approximately 0.5% for the week entering Friday's session. The two indexes were also on track for their first two-week losing streak since May. The NASDAQ, meanwhile, was on track to post a four-week losing streak, its longest of the year.

Prices for the benchmark 10-year Treasury note gained ground, lowering yields to Thursday’s 2.19%. Treasury prices and yields move in opposite directions.

Oil prices gained $1.54 to $48.63 U.S. a barrel

Gold prices removed 20 cents to $1,292.20 U.S. an ounce.