North American stock exchanges were mixed at the final lunch hour before a long weekend, with Canada’s benchmark index weighed down by some disappointing earnings.
The S&P TSX Composite Index greeted noon down 29.97 points to 12,455.62
The Canadian dollar surrendered 0.17 cents to 100.19 U.S. cents
Markets in Toronto will be closed Monday for the Family Day holiday in Ontario.
Among Canadian stocks, Fairfax Financial Holdings Ltd. fell 5.5% after it reported a loss in its most recent quarter. Enbridge Inc. fell 3.1% after its adjusted quarterly earnings disappointed analysts’ expectations.
Meanwhile Teck Resources Ltd. fell 1.9% and Research In Motion Ltd. fell 1.8%.
On the economic front, underlying core inflation -- which excludes volatile items such as some fresh food and gas -- rose to 2.1%, one-10th of a percentage point higher than the Bank of Canada’s target.
Statistics Canada also said its composite leading index increased 0.7% in January, the seventh straight hike in the index, and mostly on the back of manufacturing, housing and services employment.
However, the agency said the number of people receiving regular Employment Insurance benefits edged up by 4,200, or 0.8%, to 544,700 in December.
ON BAYSTREET
The TSX Venture Exchange nicked up 1.70 points to 1,649.81, while the Nasdaq Canada index fell 2.79 points to 417.36
Eight of the 14 Toronto subgroups paused for lunch lower. Global base metals were off 1.5%, gold subsided 1.2%, and the metals and mining group went south by 1.1%.
The five gainers were led by industrials, up 0.5%, utilities, up 0.3% and telecoms, advancing 0.2%. Real-estate issues were flat.
ON WALLSTREET
In New York, stocks were mixed Friday, a day after finishing the previous session at multi-year highs. But the moves were minor as investors hesitated ahead of a key vote on a second bailout for Greece.
The Dow Jones Industrials gained 23.20 points, off its highs of the day, to approach noon ET at 12,927.30
The S&P 500 added 0.61 points to 1,358.65, while the tech-focused Nasdaq deducted 12.42 points to 2,947.43
Moves in the market could be muted Friday, as investors take a breather going into the long weekend and ahead of Monday's big meeting -- especially with the Dow finishing at its highest level since May 2008 on Thursday, and the Nasdaq at a decade high.
All three indexes are on track to post gains for the week. The Dow is up about 0.8%, while the S&P 500 is on track for a 1.2% gain. The Nasdaq has jumped nearly 2%.
Markets are shuttered Monday for President’s Day.
Shares of H.J. Heinz moved higher after the company beat earnings estimates, thanks to growth in emerging markets.
Campbell Soup's stock also edged higher after the company's second-quarter profit declined but still managed to beat forecasts.
Nordstrom shares were lower after the retailer issued a disappointing profit forecast for the year.
Baidu, China's top search engine, beat fourth-quarter earnings and sales estimates, but shares edged lower as the company issued a disappointing first-quarter revenue outlook.
Gilead Sciences shares tumbled after the drug maker said that the majority of patients involved in a hepatitis C treatment experienced a relapse within four weeks of completion.
Shares of Brightcove, known for its Internet video platform, surged almost 35% in its stock market debut. The company's shares were priced at $11 U.S. in its initial public offering, and soared to about $14.80 U.S.
Investors are optimistic that European finance ministers will sign off on Greece's latest economic reform proposal when they meet Monday. Their approval is needed in order for Greece to receive bailout funds and avoid default on a €14.5-billion bond redemption in March.
But until the i's are dotted and the t's are crossed, investors are taking a breather going into the long weekend and ahead of Monday's big meeting.
On the economic ledger, the Consumer Price Index rose 0.2% in January, after holding steady the two months prior. Analysts were expecting a rise of 0.3%.
Core inflation -- without the volatile food and energy components -- rose 0.2%, compared to estimates for 0.1% uptick.
The U.S. Conference Board's Leading Economic Indicators index ticked up 0.4% in January, a bit less than forecasts for a 0.5% increase.
Treasury prices for the 10-year note lost ground, lifting yields to 2.02% from Thursday’s 1.99%. Treasury prices and yields move in opposite directions.
Oil for February delivery gained 60 cents to $102.91 U.S. a barrel.
Gold futures for April delivery fell $7.70 to $1,720.70 U.S. an ounce.
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