Canada's main stock index fell to a fresh six-week low on Friday as extended losses for crude oil and softer-than-expected U.S. retail sales data weighed on the economic outlook, although stocks trimmed earlier losses.
The S&P/TSX composite index remained 26.11 points -- off its lows of the morning -- to roll into noon hour at 13,101.07. The index has endured seven straight negative sessions.
The Canadian dollar dwindled 0.26 cents at 74.99 cents U.S.
The most influential movers on the index were Toronto-Dominion Bank, which fell 1.2% to $53.39, and Royal Bank of Canada, which declined 1.4% to $73.91, while the heavyweight financials group fell substantially.
Bombardier fell 2.9%. On Thursday, Prime Minister Justin Trudeau said that when the government decides whether to give aid to the aircraft maker, it will take into account any possible trade challenge that might arise as a result.
The energy sector rebounded 0.7% despite a fresh two-and-a-half-month low for crude oil.
The materials group rose, led by a 2.7% gain for Goldcorp.
Valeant rebounded 1.3% to $99.40. The stock has slumped from well above $300 in September amid sharp scrutiny of its business practices.
ON BAYSTREET
The TSX Venture Exchange slid 0.53 points to 522.20
Seven of the 13 TSX subgroups were higher midday Friday, led by health-care, up 4.3%, gold, ahead 1%, and energy, better by 0.7%.
The half-dozen laggards were weighed most by metals and mining, down 1.5%, financials, sliding 1%, and consumer discretionaries, off 0.9%.
ON WALLSTREET
U.S. stocks traded lower Friday, as investors eyed a continued decline in oil prices and soft reports on the health of the consumer.
The Dow Jones industrial average moved down 105.12 points to 17,342.95. Nike fell more than 2.5% as the greatest weight on the Dow Jones industrial average. The index traded about 110 points lower after falling more than 150 points in mid-morning trade.
The S&P 500 sank 15.33 points to 2,030.64. Consumer discretionary fell more than 1.5% as the greatest laggard in the S&P 500, followed by information technology. Energy was also among the decliners. The S&P briefly fell below its 100-day moving average of 2,034 in intraday trade.
The NASDAQ index dropped 50.6 points, or 1%, to 4,954.48, as Apple temporarily lost 2.5%. The NASDAQ fell below the psychologically key level of 5,000 for the first time in intraday trade since Oct. 23. The index has not closed below that level since Oct. 22 and is the only major average still positive year-to-date.
Nordstrom plunged more than 15% in midday trade, on track for its worst day since July 2000. The retailer posted earnings after the close Thursday that missed estimates by 15 cents U.S, on revenue that fell below analyst projections as well. The firm cut its 2015 sales and profit forecast, but unlike competitors who pointed to weather and inventory issues, Nordstrom did not specify a reason for the cut.
Before the opening bell, J.C. Penney posted a smaller-than-expected loss in quarterly earnings, on revenue that topped estimates. The company said earlier in the week that comparable-store sales grew by 6.4%, while analysts polled by FactSet expected a 5.7% increase.
The stock fell more than 10% in midday trade.
Economically speaking, October retail sales showed an increase of 0.1%, below expectations of a 0.3% rise. Retail sales excluding automobiles, gasoline, building materials and food services rose 0.2% after an upwardly revised 0.1% gain in September.
In another sign of little inflation, the producer price index for October fell 0.4%, after falling 0.5% the previous month.
Consumer sentiment hit 93.1 in November.
Business inventories for September rose 0.3% while sales were unchanged.
Prices for 10-year U.S. Treasuries were higher, dropping yields to 2.28% from Thursday’s 2.32%. Treasury prices and yields move in opposite directions.
Oil prices faltered $1.19 a barrel to $40.56 U.S.
Gold prices fell $2.92 to $1,082.28 U.S. an ounce.
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