TSX Climbs Closer to Breakeven

Industrials Gain, Energy Tanks

Equities in Canada’s largest market dipped on Friday for the fourth straight day, as a more than 2% drop in oil prices pushed energy stocks lower.

The S&P/TSX Composite Index fell 9.14 points to greet noon at 16,104.48

The Canadian dollar ducked 0.55 cents at 77.1 cents U.S.

The energy sector fell, weighed down by 2.6% drop in shares of Suncor Energy to $50.78, and 3% dip in Canadian Natural Resources, to $44.64

Mine developer Northern Dynasty ended talks with First Quantum to partner on an Alaska mine, which sent shares of the copper miner down 4% to $19.97

Boosting industrials were shares of civil aviation training provider CAE Inc, which rose 5.9% to $26.74, after posting first-quarter results.

Mexican Economic Minister Ildefonso Guajardo said there is about a 40% chance of concluding the renegotiation of the North American Free Trade Agreement before the country's presidential election on July 1.

Computer Modelling Group fell 8.4% to $9.26, the most on the main index after IA Securities cut the stock's rating to "hold" from "buy".

The second biggest decliner on TSX was MEG Energy Corp down 7.5% to $8.58

ON BAYSTREET

The TSX Venture Exchange stepped back 5.21 points to 775.37

Eight of the 12 TSX subgroups were higher over noon hour, as industrials were ahead 1.2%, information technology stayed positive 1.1%, and consumer staples forged gains of 0.9%.

The four laggards were weighed most by energy, down 3.2%, health-care, trailing 1.4%, and materials, off 0.4%.

ON WALLSTREET

U.S. stocks were mixed Friday as geopolitical fears following President Donald Trump's move to cancel a key summit with North Korea balanced solid corporate earnings, though all three major indexes were on track for weekly gains.

The Dow Jones Industrials fell 17.54 points to 24,794.22, amid losses in shares of Chevron and Exxon Mobil and gains in UnitedHealth and McDonald's.

The S&P 500 slumped 2.76 points to 2,725, amid continued losses in energy and financials stocks.

Both sectors have been under pressure this week as a decline in oil prices weigh on industry leaders like Exxon Mobil and Chevron, while lower interest rates drag on bank stocks.

The NASDAQ gained 24.05 points to 7,448.48, between gains in Netflix and Google-parent Alphabet.

Trading volume has been below its recent trend this week as traders leave Wall Street ahead of the long weekend. Markets will be closed Monday for the Memorial Day holiday.

A string of solid earnings reports has helped keep equities on track for weekly gains, with Foot Locker adding to the optimism on Friday.

The athletic shoe retailer handily beat Wall Street expectations, posting adjusted earnings per share of $1.45 versus expectations of $1.24 per share. It posted revenue of $2.03 billion, also ahead of estimates.

The company's stock rose 15% following the report.

Several other S&P 500 components also gave investors reason for optimism throughout the week, including home improvement retailer Lowe's.

Though the Mooresville, North Carolina-based company missed expectations for the first quarter on Wednesday, its stock rose more than 10% after it maintained its annual financial targets.

Shares also rallied after famed hedge fund manager Bill Ackman revealed a $1-billion stake in the company; the stock is up more than 12% since Tuesday's close.

High-end jeweler Tiffany & Co., meanwhile, is having one of its best weeks on Wall Street.

The company's stock rose more than 23% after reporting that same-store sales rose 7% in the quarter, overshooting expectations of only 2.6%. It also raised its full-year guidance in light of the solid beat.

The New York-based company suggested its comeback plan is working to retain price-conscious millennial shoppers from drifting to new competitors. Its stock is up 22.3% this week.

New orders for U.S.-made capital goods increased more than expected in April, hinting that business spending on equipment was accelerating after a slowdown toward the end of the first quarter.

The Commerce Department said Friday that orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, jumped 1% last month. Economists had forecast core capital goods orders rising 0.7% last month.

Overall orders for durable goods, items ranging from toasters to aircraft that are meant to last three years or more, dropped 1.7% in April.

Prices for the benchmark for the 10-year U.S. Treasury gained, lowering yields to 2.93% from Thursday’s 2.98%. Treasury prices and yields move in opposite directions.

Oil prices tumbled $2.90 at $67.81 U.S. a barrel.

Gold prices sank 70 cents at $1,303.70 U.S. an ounce.