Canada's main stock index opened lower on Friday, ?dragged ?down by declines in mining ?stocks ?as gold prices slipped, ?while ?investors assessed ?stronger-than-expected ?GDP ?data.
The TSX forged ahead 172.06 points to kick off the last session of the week and month at 35,505.84.
The index was down on the week 151 points, or 0.4%.
The Canadian dollar retreated 0.23 cents at 71.14 cents U.S.
Magna International raised its annual profit forecast following a second-quarter earnings beat. Shares in Magna dropped $4.76, or 4.9%, to $93.15.
TMX Group and Pembina Pipeline both posted a rise in second-quarter net income late on Thursday.
TMX shares increased 70 cents, or 1.4%, to $52.47, while Pembina shares dunked $1.41, or 2%, to $69.15.
Alimentation Couche-Tard said on Friday it plans to buy Poland's Zabka for about $8.7 billion. The deal is expected to close by December 2026. Couche-Tard shares gathered $1.51, or 1.7%, to $91.29.
On the economic front, Statistics Canada reports gross domestic product expanded 0.3% in May, as both goods-producing and services-producing industries expanded in the month.
ON BAYSTREET
The TSX Venture Exchange dropped 9.24 points to 866.26, making for a loss on the week of 2.66 points, or 0.3%.
Seven of the 12 TSX subgroups lost ground mid-morning Friday, weighed most by gold, down 4.4%, materials, off 3.7%, and telecoms, faltering 3.5%.
The five gainers were led by consumer staples, ahead 0.7%, health-care, up 0.3%, and financials, inching up 0.1%.
ON WALLSTREET
U.S. stocks fell on Friday, reversing their earlier rally as bond yields jumped and investors digested earnings from hyperscalers, including Apple.
The Dow Jones Industrials fell 76.6 points first thing Friday to 51,131.40.
The S&P 500 waned 16.96 points to 7,420.67.
The NASDAQ Composite dipped 13.42 points to 25,109.56.
Despite the week’s sharp swings, the major averages remained on track to finish higher. The Dow was up about 0.9% for the week, along with the S&P 500. The NASDAQ Composite was ahead about 1.2%.
The moves come as investors lost faith in Fed Chairman Kevin Warsh’s commitment to curb inflation, leading yields to jump.
While Warsh indicated he is committed to the inflation fight, he did say this week, “We’ve got no magic wand.” On top of that, the Fed voted to keep rates steady.
Apple was more than 9% lower. The firm’s fiscal third-quarter revenue topped expectations, helped by a 22% jump in iPhone sales, though a shortfall in service revenue pushed its stock lower.
Amazon, in contrast, surged 11% after reporting better-than-expected second-quarter revenue. The results, which were aided by the strength of its cloud-computing business, reinforced investor confidence in artificial intelligence spending.
Prices for the 10-year Treasury sank, raising yields to 4.72% from Thursday’s 4.67%. Treasury prices and yields move in opposite directions.
Oil prices jumped $1.76 to $85.28 U.S. a barrel.
Gold prices slid $71.90 to $4,088.70 U.S. an ounce.
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