Stocks Stage Small Comeback to Open Friday

Facebook, Amazon in Focus

Stock markets in Toronto rose early Friday, tracking Wall Street, as heavyweight U.S. tech stocks gained following a plunge in the previous session that was sparked by a selloff.

The TSX recovered 62.11 points to open Friday at 16,247.43.

The Canadian dollar slipped 0.23 cents to 75.80 cents U.S.

ON BAYSTREET

The TSX Venture Exchange dipped 1.85 points to 740.20.

Eight of the 12 TSX subgroups began the session higher, particularly gold, rising 1.2%, while materials asserted themselves 1.2%, and consumer staples gained 0.7%.

The four laggards were weighed most by health-care, off 0.4%, information technology, down 0.2%, and real-estate, surrendering 0.1%.

ON WALLSTREET

Stocks rose on Friday as technology names once again attempt to bounce back from recent slump.

The Dow Jones Industrials picked up 65.6 points to 27,600.18.

The S&P 500 inched up 1.39 points to 3,340.58.

The NASDAQ Composite dipped 18.42 points to 10,901.18.

The market is on track to post big losses for the holiday-shortened week. The Dow is down 2.1% this week through Thursday’s close, on pace for its worst week since June, while the S&P 500 has fallen 2.56% this week, set for its second straight weekly loss for the first time since May.

The broader market index was also on pace for its worst week since June 26, when it slid 2.9%. The tech-heavy NASDAQ has dropped 3.5%, headed for its worst week since March.

Shares of some major technology names rebounded slightly with Netflix and Microsoft in the green. Facebook, Amazon, Apple and Alphabet struggled. The tech sector experienced a massive pullback that saw the NASDAQ drop 10% in just three sessions, dipping into correction territory.

Peloton and Oracle jumped on the back of better-than-expected quarterly results. Peloton gained more than 10% and Oracle climbed 4%.

On the data front, the Consumer Price Index in the U.S. rose 0.4% on a seasonally-adjusted basis; rising 1.3% over the last 12 months, not seasonally adjusted. The index for all items less food and energy rose 0.4% in August (seasonally adjusted); up 1.7% over the year.

Prices for the 10-Year Treasury gained ground, lowering yields to 0.67% from Thursday’s 0.68%. Treasury Prices and yields move in opposite directions.

Oil prices slumped eight cents to $37.22 U.S. a barrel.

Gold prices slid $1.70 to $1,962.60 U.S. an ounce.