Canada's main stock index opened marginally higher on Friday, pausing after hitting a record high in the prior session, after stronger-than-expected domestic jobs data fueled expectations of monetary policy tightening next year.
The TSX gained 36.59 points, or 1%, to open Friday at 31,514.06, for a gain on the week so far of 121 points, or 0.39%.
The Canadian dollar skidded 0.1 at 71.66 cents U.S.
Laurentian Bank’s profits for the fourth quarter missed analyst estimates. The lender’s stocks began Friday down two cents to $39.89.
On the economic beat, Statistics Canada says the economy created 54,000 jobs in November, driven by gains in part-time work. The unemployment rate fell 0.4 percentage points to 6.5%.
The Bank of Canada is expected to hold interest rates at 2.25% next week. The BoC has cut rates by one percentage point since the start of the year, and signaled a halt in rate cuts in October, citing stable inflation.
ON BAYSTREET
The TSX Venture Exchanged edged up 0.22 points to 948.76. So far this week, the index has gained more than 11 points, or 1.2%.
Seven of the 12 TSX subgroups were in the green in the first hour, led by gold, up 1.1%, materials, better by 0.8%, and energy, ahead 0.6%.
The five laggards were weighed most by information technology, off 0.5%, while utilities and real-estate, each down 0.3%.
ON WALLSTREET
The S&P 500 rose on Friday, on pace for its fourth straight winning day, as traders digested inflation data that could further inform the Federal Reserve’s upcoming interest rate decision.
The Dow Jones Industrials surged 236.40 points to open the week’s last session at 48,087.34.
The much-broader index climbed 36.69 points to 6,893.81.
The NASDAQ popped 154.61 points to 23,658,75.
Stocks are tracking to post slight gains for the week. The S&P 500 is up 0.4% week to date, while the NASDAQ has added almost 1%. and the 30-stock Dow has taken on 0.7%.
The market sorted through a fresh slate of economic releases Friday. The Commerce Department reported that the core personal consumption expenditures price index for September – which was delayed due to the record-setting U.S. government shutdown – was 2.8%, lower than the 2.9% Dow Jones estimate.
The PCE report, which serves as the Fed’s primary inflation gauge, and will give the central bank its final inflation view before Wednesday’s interest rate vote.
Also on Friday, the University of Michigan’s consumer survey, a report that provides a glimpse at sentiment as well as the view on inflation over the near and longer term, came in higher than expected for December.
Netflix shares were marginally lower following the streaming giant’s announcement that it’s struck a deal with Warner Bros. Discovery to buy its film and streaming assets for $72 billion.
The transaction is expected to close in 12 to 18 months. Shares of WBD jumped 3%.
The streamer’s stock came off its lows of the session after a senior administration official told the media that the Trump administration views the deal with “heavy skepticism.”
The 10-year Treasury weakened, raising yields to 4.12% from Thursday’s 4.10%. Treasury prices and yields move in opposite directions.
Oil prices gained 38 cents to $60.05
Gold prices brightened $26.40 to $4,269.40.
