Canada's main stock index opened lower on Friday, pressured by losses in financial and industrial stocks, as President Donald Trump threatened tariffs on all $500 billion of Chinese imports into the United States.
The S&P/TSX Composite Index tumbled 72.2 points to begin the week’s last session at 16,470.81
The Canadian dollar ballooned 0.8 cents at 76.19 cents U.S.
Nanaimo, B.C.-based medical marijuana company Tilray Inc. rose more than 35% in its U.S. trading debut on Thursday after raising about $153 million in an initial public offering that was priced above the marketing range, indicating strong investor appetite.
Tilray, which trades on the NASDAQ Exchange under the symbol "TLRY", opened Friday up $3.15, or 14.1%, to $25.54
CIBC raised the target price on Black Diamond Group to $2.75 from $1.50. Black Diamond edged up a penny to $3.85
CIBC raised the rating on Pine Cliff Energy to neutral from underperform. Pine Cliff was unchanged at 44 cents.
On the economic front, Statistics Canada reported that the consumer price index rose 2.5% on a year-over-year basis in June, following a 2.2% increase in May.
On a seasonally-adjusted monthly basis, inflation was up 0.1% in June, matching the increase in May.
Moreover, retail sales hiked 2.0% in May to $50.8 billion, following a 0.9% decline in April. The agency says sales rose in eight of 11 sub-sectors, representing 70% of retail trade.
ON BAYSTREET
The TSX Venture Exchange regained 0.23 points to 713.40.
All but two of the 12 TSX subgroups were weaker, with health-care settling 1.2%, consumer discretionary stocks off 0.7%, and industrials slumping 0.6%.
The two gainers were gold, up 0.3%, and materials, inching up 0.02%.
ON WALLSTREET
Stocks fell on Thursday amid criticism of the Federal Reserve by President Donald Trump. A decline in bank shares also pushed the broader market down.
The Dow Jones Industrials shed 14.66 points to 25,049.84, with Travelers Cos. and American Express lagging.
The S&P 500 hesitated 0.54 points to 2,803.95, with financials dropping more than 1%.
The NASDAQ regained 18.64 points to 7,843.93
Bank shares fell broadly as interest rates declined. J.P. Morgan Chase, Citigroup, Bank of America and Morgan Stanley all declined by more than 1%.
Wall Street also digested looked at the latest batch of corporate earnings being released, while trade fears simmered.
IBM shares rose more than 3% after the Dow component reported earnings and revenue that surpassed expectations. American Express, another Dow member, posted a profit that was just above estimates, while sales came in slightly below estimates. Shares of American Express fell 2.7%.
Shares of eBay fell more than 10% after the company posted revenue and guidance that disappointed investors. Earnings, however, topped estimates. Tech giant Microsoft is scheduled to report earnings after the close.
Just over 13% of S&P 500 companies have reported calendar second-quarter earnings thus far, with 85.1% of those firms surpassing analyst expectations. Investors have high expectations for this earnings season, with analysts expecting 20% year-over-year profit growth for the second quarter.
In an interview, Trump said he was not thrilled the Fed was raising rates. "Because we go up and every time you go up they want to raise rates again. I am not happy about it. But at the same time I’m letting them do what they feel is best."
Prices for the benchmark for the 10-year U.S. Treasury dropped, raising yields to 2.87% from Thursday’s 2.84%. Treasury prices and yields move in opposite directions.
Oil prices picked up 19 cents to $69.65 U.S. a barrel.
Gold prices recovered $4.30 at $1,228.30 U.S. an ounce.
