Canada's main stock index dropped into negative territory by the end of Friday’s trading day, as losses in industrials overcame gains in energy stocks.
The S&P/TSX Composite Index lost 8.29 points to conclude the day at 16,485.94. The index fell for the week 2.18 points.
The Canadian dollar retreated 0.1 cents to 76.56 cents U.S.
Industrials fell back, primarily Bombardier, down three cents, or 1.4%, to $2.09, while Canadian Pacific Railway sagged $3.70, or 1.2%, to $310.93
Communications stocks also took their lumps, as Quebecor faded 26 cents to $30.33, while BCE moved lower 45 cents to $59.65.
Gold also dulled, with Eldorado Gold dialing back 16 cents, or 1.6%, to $10.02, while IAMGOLD gave back 10 cents, or 2%, to $4.94.
Energy did its best to counteract the negative trend, as Baytex Energy leaped 10 cents, or 5.6%, to $1.88, while Encana Corp. popped 23 cents, or 4%, to $5.93.
Materials also shone, with Endeavour Mining climbing 47 cents, or 1.9%, to $25.25, while First Quantum Minerals positively soared 79 cents, or 6.3%, to $13.31.
In consumer discretionary issues, Aritzia jumped 27 cents, or 1.6%, to $16.77, while Canada Goose Holdings improved 92 cents, or 1.6%, to $57.77.
On the economic front, Statistics Canada reported retail sales for May skidded for the first time in four months, edging down 0.1% to $51.5 billion in May. Excluding sales at motor vehicle and parts dealers and gasoline stations, retail sales decreased 1.0%.
ON BAYSTREET
The TSX Venture Exchange added 3.93 points to conclude Friday at 591.96, a gain on the week of 15.93 points, or 2.8%
Eight of the 12 Toronto subgroups had faded into the red by day’s end, as industrials shed 0.6%, communications let go of 0.5%, and gold lost 0.4%.
The four gaining groups were led by energy, picking up 1.1%, materials were boosted 0.7%, and consumer discretionary stocks strengthened 0.3%
ON WALLSTREET
Stocks fell on Friday and posted weekly losses as investors digested a slew of corporate earnings reports and remarks from a top Federal Reserve official.
The Dow Jones Industrial Average went down 65.38 points to 27,157.59, a drop of 174.4 points on the week
The S&P 500 shed 18.5 points to 2,976.61, a drop on the week of 37.16 points, or 1.23%
The NASDAQ Composite skidded 60.75 points to 8,146.49, falling on the week 97.65 points, or 1.2%
The indexes lost most of their earlier gains after Iran said it captured a British oil tanker.
Microsoft shares rose 0.15% after the company dubbed "Mr. Softee" posted quarterly earnings and revenue that topped analyst expectations. The company’s results were driven by a 39% year-over-year surge in cloud revenue.
American Express, another Dow component, also reported better-than-expected earnings. However, the company’s stock slipped 2.5%.
More than 15% of S&P 500 companies have reported earnings thus far. Of those companies, 79% have posted a better-than-expected profit
Stocks eked out small gains in the previous session after New York Federal Reserve President John Williams said the central bank needed to “act quickly” when the economy was slowing and rates were low, adding in a speech that it is “better to take preventative measures than wait for disaster to unfold.”
However, a spokesperson for the New York Fed moved to cool the speculation arising from Williams’ comments, telling the media that he was drawing from academic research, not hinting at potential policy actions at the upcoming Federal Open Market Committee meeting.
Prices for the benchmark 10-year U.S. Treasury lost ground, boosting yields to 2.05% from Thursday’s 2.03%. Treasury prices and yields move in opposite directions.
Oil prices regained 79 cents at $56.09 U.S. a barrel.
Gold prices sagged $1.60 to $1,426.50 U.S. an ounce.
