Canada's main stock index slipped from record highs on Friday, dragged by energy stocks, as a rise in coronavirus cases globally brought crude prices under pressure.
The TSX Composite Index slumped 67.53 points from Thursday’s all-time high to 17,876.53.
The Canadian dollar recovered 0.15 cents to 75.56 cents U.S.
Royal Bank of Canada beat quarterly profit estimates, as higher revenue from bond trading boosted the bank's capital markets business.
Canada’s biggest consumer bank jumped in price $1.21, or 1.1%, to $109.21.
The Globe and Mail reports Canadian Imperial Bank of Commerce is expected to make changes to its senior executive ranks and announce about 2,000 job cuts when it reports first-quarter earnings next week. CIBC shares fell 40 cents to $108.84.
Magna International reported a better-than-expected quarterly profit, partly helped by lower costs, and reaffirmed its expectations of lower 2020 sales. The auto parts giant dropped $1.44, or 2.1%, to $68.19.
Teck Resources reported a 76% fall in fourth-quarter adjusted profit, hurt by lower prices for steelmaking coal, its biggest business, and warned the coronavirus outbreak would damage future earnings. Teck shares dove $1.75, or 10.2%, to $15.34.
National Bank of Canada raised the target price on Altus Group to $45.00 from $40.00. Altus shares hiked $4.04, or 9.1%, to $48.48.
RBC raised the target price on Cargojet to $132.00 from $126.00. Cargojet shares fell $2.62, or 2.2%, to $114.70.
CIBC raised the target price on Loblaw Companies to $82.00 from $80.00. The grocer shed 30 cents to $69.62.
On the economic beat, Statistics Canada said retail sales pretty much stayed put at $51.6 billion in December, after growing 1.1% in November.
The agency went on to say higher sales at building material and garden equipment and supplies dealers, as well as food and beverage stores were more than offset by lower sales at motor vehicle and parts dealers and gasoline stations.
ON BAYSTREET
The TSX Venture Exchange eked forward 2.32 points to 583.50.
Eight of the 12 TSX subgroups were lower in the first hour, with energy slumping 2%, information technology clicking lower 1.7%, and consumer discretionary stocks off 0.9%.
The four gainers were led by gold, shining 3.1% brighter, materials, stronger by 1.1%, and real-estate, up 0.1%.
ON WALLSTREET
Stocks fell on Friday after the number of new coronavirus cases escalated, fueling worries over a pronounced global economic slowdown.
The Dow Jones Industrials lost 199.2 points, to start Friday at 29,020.78.
The S&P 500 slouched 26.09 points to 3,347.14.
The tech-heavy NASDAQ dropped 110.38 points, or 1.1%, to 9,640.71.
Friday’s losses put the major averages on pace for their first weekly losses in three weeks. The NASDAQ is down roughly 1% week to date. The Dow and S&P 500 are both down at least 1% for the week.
In corporate news, Deere shares popped more than 6% on quarterly earnings that beat analyst expectations. Dropbox soared more than 22% after posted a profit that topped estimates.
Microsoft and Chevron fell more than 1.5% each to lead the Dow lower. The S&P 500 was pressured by a 1.4% drop in the tech sector. Facebook, Amazon, Google-parent Alphabet and Apple all traded at least 0.9% lower to drag the NASDA lower.
China’s National Health Commission reported more than 75,000 confirmed cases and over 2,000 deaths on the mainland. More than 800 new cases were reported in China overnight. South Korea reported 52 new cases on Thursday to take its total to 150.
IHS Markit also said activity in the U.S. services sector hit its lowest level in more than six years, noting confidence was “subdued” to the coronavirus.
Prices for the 10-Year U.S. Treasury gained sharply, lowering yields to 1.46% from Thursday’s 1.52%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.08 to $52.80 U.S. a barrel.
Gold prices hiked $30.40 to $1,622.50 U.S. an ounce.
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