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Stocks Slumber to End Week

Tesla Tumbles on Musk’s “Super Bad” Comments

Equities in Canada’s largest centre endured a sharply negative end to a wild week, as lower prices for health-care and tech issues cast a pall over the indexes.

The S&P/TSX lost 241.08 points, or 1.2%, to close Friday and the week at 20,790.73. Over the last five sessions, the index moved forward, however, 42 points, or 0.2%.

The Canadian dollar dipped 0.13 cents to 79.42 cents U.S.

Tech stocks provided the heaviest weight on the market, with Shopify plunging $59.97, or 12%, to $441.17, while Magnet Forensics stumbled $1.03, or 6.3%, to $15.46.

Cannabis concerns proved the main agent of the demise, as Canopy Growth flopped 49 cents, or 8,3%, to $5.43, while rival Tilray faltered 29 cents, or 8.3%, to $5.29.

In consumer discretionary stocks, BRP lost $10.79, or 10.7%, to $89.79, while Martinrea International subsided 81 cents, or 7.9%, to $9.45.

Consumer staples tried to even things out, with Loblaw jumping $1.98, or 1.7%, to $117.66, while Metro advanced 78 cents, or 1.1%, to $71.59.

Energy stocks also muscled up, with Baytex taking on 53 cents, or 7.6%, to $7.63, while Tamarack Valley gained 27 cents, or 5.1%, to $5.62.


The TSX Venture Exchange lurched lower 8.36 points, or 1.2%, to 720.11. The loss on the week was four points, or 0.6%,

All 12 TSX subgroups were down midday, as health-care subsided 3.3%, information technology slouched 3.1%, and gold dropped 2.2%.


U.S. stocks slid Friday to close the week lower as investors digested a stronger-than-expected jobs report and its implication for monetary policy going forward.

The Dow Jones Industrials thundered lower 348.71 points, or 1.1%, to 32,899.57.

The S&P 500 fell 68.29 points, or 1.6%, to 4,108.53.

The NASDAQ Composite slumped 304.16 points, or 2.5%, to 12.012.73.

All three indexes finished negative on the holiday-shortened week. The S&P 500 fell 1.2% this week, while the Dow and the NASDAQ each lost nearly 1%.

Technology shares retreated Friday amid the rising rates. Micron Technology fell 7.2%, and Nvidia lost 4.5%. Mega-cap tech names Google-parent Alphabet and Meta Platforms lost 2.6% and 4.1%, respectively.

Apple pulled back 3.9% after a cautious research note from Morgan Stanley. The firm said slowing App Store growth could hurt the company in the near-term.

Tesla shares fell 9.2% after Reuters reported, citing an internal email, that CEO Elon Musk wants to cut 10% of jobs at the car maker.
According to Reuters’ report, Musk also said in the email that he has a “super bad” feeling about the economy.

JPMorgan Chase CEO Jamie Dimon on Wednesday said he expects an economic “hurricane” ahead amid the war in Ukraine and the Fed’s tightening regime. On Thursday, Microsoft cut its earnings and revenue guidance for the fiscal fourth quarter, citing unfavorable foreign exchange rates.

Hiring in the U.S. remained elevated in May. Non-farm payrolls added 390,000 jobs last month, the U.S. Bureau of Labor Statistics reported Friday. Economists expected 328,000 jobs added, according to Dow Jones.

Treasury prices sagged, raising yields to 2.95% from Thursday’s 2.91%. Treasury prices and yields move in opposite directions.

Oil prices gained $3.53 to $120.40 U.S. a barrel.

Gold prices lost $17.70 to $1,853.70 U.S. an ounce.