(UPDATES WITH MORE CURRENT CLOSING NUMBERS, SUBGROUP FIGURES)
Stocks in Toronto were pointed downward to end the week, on weakness in tech stocks
The S&P/TSX Composite Index fell 61.78 points to close the day and the week at 16,393.95
The Canadian dollar inched forward 0.07 cents at 76.56 cents U.S.
Financials were boosted by a 16-cent rise in shares of Toronto-Dominion Bank to $76.73, and a hike of 17 cents in Brookfield Asset Management to $55.01. Royal Bank of Canada shares moved down five cents to $101.03.
Shares of Constellation Software fell $103.22, or 9.8%, to $952.15 after the company missed quarterly profit estimates. The stock was the top laggard on the TSX and the biggest drag on the information technology sector.
Top percentage gainers on the TSX were TFI International Inc and Aecon Group. TFI jumped $3.87, or 9.8%, to $43.19, and Aecon rose 72 cents, or 4.7%, to $16.02, after reporting higher quarterly results.
The second-biggest decliner was Cameco Corp, down 62 cents, or 4.2%, to $14.12, after a stock downgrade following results earlier in the week.
ON BAYSTREET
The TSX Venture Exchange gained 2.25 points to 707.37
Eight of the 12 subgroups were lower to end the day, as information technology took a pratfall of 4.1%, while consumer discretionaries dipped 0.6%, and energy, slipping 0.5%.
The four gainers were led by health-care, gaining 1.4%, while telecoms and industrials each took on 0.2%.
ON WALLSTREET
Stocks fell on Friday as poor earnings from Intel and Twitter trumped a strong growth reading for the economy.
The Dow Jones Industrials faltered 76.01 points at 25,451.06,
The S&P 500 swooned 18.62 points to 2,818.82, with tech dropping 2%.
The NASDAQ slouched 114.77 points, or 1.5%, to 7,737.42, its biggest drop since June 27, when it fell 1.5%.
Tech stocks posted their second straight day of steep losses. On Thursday, the sector dropped more than 1.5% as Facebook posted its worst day ever. Shares of Intel and Twitter led the charge lower on Friday, falling after the release of their latest quarterly results.
Intel dropped more than 8.5% after announcing delays on its next generation chips. The company did report better-than-expected earnings, however. Twitter, which reported earnings that matched expectations, dropped more than 20% after it said its number of monthly active users fell.
Shares of Facebook and Apple followed Intel and Twitter lower, Intel dropping 0.8% and Twitter forfeiting 1.7%. Netflix and Alphabet, meanwhile, both declined more than 2%.
Thus far, over 50% of S&P 500 companies have reported earnings. Of those companies, 79.8% have reported better-than-expected earnings.
The Commerce Department said the U.S. economy grew by 4.1% in the second quarter, in line with analyst expectations. That's the fastest rate of the growth since the third quarter of 2014 and the third-best growth rate since the Great Recession.
Prices for the benchmark for the 10-year U.S. Treasury gained strength, lowering yields to 2.96% from Thursday’s 2.98%. Treasury prices and yields move in opposite directions.
Oil prices dropped 74 cents to $68.87 U.S. a barrel.
Gold prices slumped $2.90 to $1,222.80 U.S. an ounce.
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