Equities in Toronto suffered much the same malaise as their American cousins, whose positive jobs picture Friday dampened hope they may have clung to about a possible rate cut by the U.S. Federal Reserve.
The S&P/TSX Composite Index dropped 99.45 points to close the day and the week at 16,489.40, but sustained a weekly gain of nearly 1%.
The Canadian dollar slid 0.36 cents to 76.29 cents U.S.
Materials took the brunt of the selling, as Lundin Mining fell 20 cents, or 2.8%, to $7.04, while First Quantum Minerals doffed 34 cents, or 2.8%, to $11.75.
Among health-care concerns, Aurora Cannabis slipped 15 cents, or 1.5%, to $9.85, while Bausch Health Companies shed 37 cents, or 1.1%, to $33.03.
Tech firms also got burned, as Photon Control ditched three cents, or 2.6%, to $1.11, while Absolute Software slouched nine cents, or 1.1%, to $7.98.
Communications tried to lift markets up, with Quebecor aloft 45 cents, or 1.4%, to $31.74, while TELUS acquired 51 cents, or 1.1%, to $49.03.
Financials found their way mildly into positive country, as TMX Group gained 96 cents, or 1.1%, to $92.74.
On the economic front, Statistics Canada said the economy shed a net 2,200 jobs in June after two months of gains and the unemployment rate edged up to 5.5% as more people joined the workforce.
The unemployment rate rose 0.1 percentage points to 5.5% as the number of people looking for work increased.
Also Friday morning, Western University released its Purchasing Managers’ Index for June. The PMI registered at 52.4, a drop from May's 55.9, and a sizable decrease from the reading of 63.1 in June 2018.
ON BAYSTREET
The TSX Venture Exchange lost 1.26 points to 586.57, reducing a weekly gain to less than one point.
All but two of the 12 Toronto subgroups were lower Friday, as materials gave up 1%, while health-care and information technology each let go of 0.8%.
Only communications, acquiring 0.4%, and financials, up 0.1%, were able to move into the green.
ON WALLSTREET
Stocks fell from all-time highs on Friday after the release of stronger jobs data dampened hope for easier Federal Reserve monetary policy.
The Dow Jones Industrial Average lost 79.82 points to close a short week at 26,886.18, and snap a four-day winning streak. Even so, the index picked up 1.1%, on the week.
The S&P 500 subtracted 5.41 points to 2,990.41, ending a five-day winning streak, but holding onto a weekly gain of 1.7%.
The NASDAQ Composite deducted 8.44 points to 8,161.79, the first downward reading in seven sessions, which cooled off an otherwise hot week for the tech-powered index, which soared 1.9%.
Stocks had risen to all-time highs Wednesday.
Stock markets were closed Thursday for the Fourth of July holiday.
Citigroup, J.P. Morgan Chase, Bank of America and Wells Fargo all traded higher.
In corporate news, Samsung warned its second-quarter earnings likely fell 56% on a year-over-year basis, citing weak demand for memory chips. The warning pressured semiconductor stocks like Broadcom, off 0.8%. Micron Technology also lost 0.4%.
The U.S. economy added 224,000 jobs in June. Economists had forecast the U.S. added 165,000 jobs in June, after a stunningly low 75,000 jobs were created in May
Investors expected the Fed to cut rates later this month heading into Friday’s session. One expert said expectations for a rate cut in July were at 100%.
Prices for the benchmark 10-year U.S. Treasury were substantially lower, rocketing yields to 2.04%, from Wednesday’s 1.95%. Treasury prices and yields move in opposite directions.
Oil prices recovered 26 cents to $57.60 U.S. a barrel.
Gold prices slouched $17.80 to $1,403.10 U.S. an ounce.
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