Canada's main stock index slipped at the open on Friday as a global selloff in semiconductor stocks weighed on risk appetite, offsetting gains in energy stocks.
The TSX backslid 220.99 points to commence trading Friday at 35,119.16
The Canadian dollar hiked 0.1 cents to 71.33 cents U.S.
Earlier this month, ?the Trump administration said it will not ?renew the USMCA ?trade agreement, but that the pact would remain in effect until the issues were ?resolved or the agreement terminated.
On the economic slate, Canada Mortgage and Housing Corporation reported housing starts were down 6% from the previous month to a seasonally adjust annual rate of 239,000 units in June, compared to a downwardly revised 253,000 units in May and falling short of markets expectations of 258,000 units.
ON BAYSTREET
The TSX Venture Exchange skidded 13.27 points, or 1.6%, to 841.10.
The 12 TSX subgroups were evenly divided in the first hour of trade, with information technology down 1.6%, while materials slid 1.6%, and gold dulled 1.1%.
The half-dozen gainers were led by energy, up 1.9%, while health-care surged 0.8%, and consumer staples picked up 0.7%.
ON WALLSTREET
The S&P 500 fell on Friday as mounting jitters over artificial intelligence spending dragged tech lower, putting the index on pace for a losing week.
The Dow Jones Industrials regained 52.11 points to 52,605.08,
The much broader index lost 41.01 points to 7,492.54
The NASDAQ Composite slid 317.98 points, or 1.2%, to 25,560.16
Shares of Applied Materials and LAM Research declined around 5%, while Intel, KLA Corporation and Arm were around 4% lower. Micron lost more than 2%, and Nvidia lost more than 3%.
Those losses added to declines seen in the previous session, which were also led by semiconductors. Adding to that downbeat sentiment,
Chinese startup Moonshot AI unveiled a new model that it says narrows the gap with the top offerings in the U.S.
The major stock benchmarks are also down week to date, with the S&P 500 off by nearly 2%, while the Dow has slipped more than 1% and while NASDAQ sank 3%.
Prices for the 10-year Treasury hiked, lowering yields to 4.52% from Thursday’s 4.57%. Treasury prices and yields move in opposite directions.
Oil prices jumped $2.76 to $81.71 U.S. a barrel.
Gold prices surged $10.90 to $4.003 U.S. an ounce.
S&P Flopped, Headed for Losing Week
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