Equities in Canada’s largest market was subject to losses – heavy ones, in some sectors – as investors were reeling from the prospect of tariffs from the Trump Administration.
The S&P/TSX Composite Index tumbled 107.55 points to end Friday and the week at 16,435.46
The Canadian dollar vaulted 0.81 cents at 76.19 cents U.S.
Health-care issues stubbed their toes the hardest, as Canopy Growth fell $1.73, or 5.1%, to $32.20, and Aphria let go of 35 cents, or 3.3%, to $10.38.
Another of the top decliners on the TSX was Magna International, down $2.05, or 2.6%, to $77.23, while Gildan Activewear shed 12 cents to $37.69.
Telecoms took a battering as well, as BCE doffed 39 cents to $55.30, while Rogers Communications surrendered $1.09, or 1.6%, to $65.97.
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 skidded 0.84 points to 712.33.
All 12 TSX subgroups were weaker, with health-care doddering 2.6%, consumer discretionary stocks off 1.2%, and telecoms failing 1%.
ON WALLSTREET
Stocks closed little changed on Friday as strong quarterly results from some of the largest U.S. companies, including Microsoft and Honeywell, counterbalanced threats made by President Donald Trump to increase tariffs on China.
The Dow Jones Industrials finished lower by 6.38 points to 25,058.12, as losses in IBM offset gains in Microsoft.
The S&P 500 gave up 2.66 points to 2,801.83, with real estate and utilities lagging.
The NASDAQ slid 5.1 points to 7,820.20
For the week, the S&P 500 and NASDAQ closed slightly lower while the Dow rose 0.1% to post its first three-week winning streak since January.
Microsoft reported better-than-expected earnings Thursday after the close and issued strong revenue guidance. The company's stock rose 1.8% and hit a record. Honeywell shares also rose 3.8% on stronger-than-expected earnings and revenue.
General Electric also reported a stronger-than-expected profit, but it still represented a 30% drop year over year. The stock pulled back 4.4%.
Just over 16% of S&P 500 companies have reported calendar second-quarter earnings thus far, with 83% 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 2.90% from Thursday’s 2.84%. Treasury prices and yields move in opposite directions.
Oil prices picked up 85 cents to $70.31 U.S. a barrel.
Gold prices recovered $6.70 at $1,230.70 U.S. an ounce.
