Canada's main stock index was down more than 150 points in late-morning trading, despite strength in the energy sector as the price of oil rose to top US$100 per barrel.
The TSX retreated 161.78 points to work its way into Friday’s lunch hour at 35,811.67. On the week so far, the pasting has been 365 points, or 1%.
The Canadian dollar edged up 0.09 cents to 71.50 cents U.S.
In Canada, markets are pricing in a quarter-point Bank of Canada rate hike next week, and nearly a percentage-point hike over the next 12 months.
Prime Minister Mark Carney said engineering firm AtkinsRealis is in the running to help build Turkey's third nuclear power plant. Atkins shares gave back $1.19, or 1.4%, to $85.30.
U.S. President Donald Trump said on Thursday that jet maker Bombardier will invest $270 million in the U.S., days after he dropped threats to ban the company from the country. Shares in Bombardier claimed $3.76, or 1.2%, to $330.84.
On the economic scene, Statistics Canada reported retail sales increased 1.2% to $74.6 billion in August. Sales were up in all nine subsectors, led by increases at motor vehicle and parts dealers.
ON BAYSTREET
The TSX Venture Exchange sifted off 2.76 points to 819.20. The index has surrendered 26 points, on the week, or 3.01%.
All but one of the 12 subgroups were clobbered, with gold sliding 1.8%, consumer staples trailing 1.7%, while real-estate subtracted 1.4%.
Only energy saw the light of day, gaining 2.4%.
ON WALLSTREET
The Dow Jones Industrials tumbled more than 500 points on Friday as a selloff in tech in the prior session shifted to other areas of the market and U.S. oil prices topped $100 a barrel amid rising fears that the U.S.-Iran conflict would flare up again.
The 30-stock index dropped 538.68 points, or 1%, to 52,327.30.
The S&P 500 index fell 10.95 points, or 0.2%, to 7,652.45.
The tech-heavy NASDAQ recovered 64 points to 26,072.85.
More defensive stocks came under pressure on Friday, with the consumer staples, utilities and healthcare sectors all lower.
Dow component American Express fell more than 3% after announcing it was cutting about 5% of its global workforce, citing the need to “prepare for AI.” Caterpillar also edged down 2%, while Goldman Sachs fell about 1%, adding pressure to the 30-stock index.
On Thursday, many technology stocks had pulled back as traders assessed the impact of outsized corporate borrowing and rising rates on AI and other tech names.
Microsoft rebounded slightly on Friday. However, chip stocks such as Micron Technology and Advanced Micro Devices were making a stronger move, Micron posting gains of 3%, Advanced up 2%.
On Thursday, many technology stocks pulled back as traders assessed the impact of outsized corporate borrowing and rising rates on artificial intelligence and other tech names.
Prices for the 10-year Treasury was slightly lower, raising yields to 5% from Thursday 4.97%. Treasury prices and yields move in opposite directions.
Oil prices gained $3.61 to $103.08 U.S. a barrel.
Gold prices slid $50.60 to $4,009.80 U.S. an ounce.
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