Canada's main stock index fell on Friday as mining stocks tracked weaker bullion prices, while data showed the nation added far more jobs than expected in February.
The TSX toppled 104.5 points by noon hour EST at 18,740.07. (Note: clocks throughout many jurisdictions in North America will go ahead an hour this weekend for Daylight Savings Time. Remember: spring forward, fall backward).
The main index is up on the week, however, by 360 points, or 1.95%,
The Canadian dollar gained 31 cents to 80.09 cents U.S.
Badger Daylighting weakened $3.52, or 8.1%, to $40.02, the most on the TSX, after the construction firm's fourth-quarter results missed estimates.
The second biggest decliner was Ballard Power Systems down 92 cents, or 2.8%, to $31.74, after multiple brokerages cut the price target of the fuel-cell product maker's stock.
The largest percentage gainers on the TSX were Intertape Polymer Group, which jumped $2.19, or 8.3%, to $28.63, after the packaging products maker reported its fourth-quarter results and Ivanhoe Mines, which rose 2.7%.
On the economic front, Statistics Canada said the economy created 259,000 jobs in February, after falling by 266,000 over the previous two months, bringing the jobless rate to 8,2%.
The agency also said wholesale trade rose 4.0% in January to $69.2 billion, the eighth increase in the past nine months.
ON BAYSTREET
The TSX Venture Exchange fell 6.14 points to 975.20. The Venture Exchage is up on the week 6.2%.
All but one of the 12 TSX subgroups were in the minus column by midday, with information technology and gold each surrendering 1.1%, and industrials down 1%.
The lone gainer was in energy, up 0.7%.
ON WALLSTREET
U.S. stocks fell on Friday as bond yields surged, rekindling fears that rising rates will take the comeback momentum out of equities, especially tech names.
The Dow Jones Industrial Average triumphed 141.17 points to 32,626.76. Goldman Sachs shares jumped 2.3%, while JPMorgan climbed 1.8%. Boeing popped 5%.
The S&P retreated 12.94 points, from Thursday’s record high, to pause for lunch hour Friday at 3,926.40.
The NASDAQ Composite swooned 159.32 points, or 1.2%, to 13,238.08.
Shares of Tesla fell more than 3%. Netflix and Facebook dropped 2%, while Apple, Amazon and Microsoft were all down at least 1%.
Friday’s selloff pared the NASDAQ’s weekly gain to about 2%. The S&P 500 is up 2% on the week, while the blue-chip Dow outperformed with a 3.7% rally this week as investors piled into names tied to an economic recovery.
The S&P 500 jumped 1% and hit a new closing high Thursday, surpassing its previous record from Feb. 16, as President Joe Biden’s $1.9-trillion COVID-19 relief package became law.
The plan will send direct payments of up to $1,400 to many Americans, and will also put nearly $20 billion into COVID-19 vaccinations and $350 billion into state, local and tribal government relief.
Biden announced Thursday evening that he would direct states to make all adults eligible for the vaccine by May 1 in his first primetime address as president.
Prices for 10-Year Treasurys dropped sharply, raising yields to 1.62% from Thursday’s 1.53%. Treasury prices and yields move in opposite directions.
Oil prices inched up seven cents to $66.09 U.S. a barrel.
Gold prices sagged $8.10 to $1,714.50.
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