Canada's main stock index opened slightly lower on Friday on the back of financial stocks, with investor focus mainly on the U.S. central bank chief's speech for clues on the pace of future interest rate hikes.
The TSX lopped 23.83 points to open the week’s last session at 20,148.51.
The Canadian dollar inched up 0.09 cents to 77.38 cents U.S.
ON BAYSTREET
The TSX Venture Exchange docked 2.73 points to kick off Friday at 658.53.
All but two of the 12 TSX subgroups were lower, with information technology capsizing 2.6%, health-care down 1.3%, and gold dulling 0.6%.
Energy and financial proved the only ones to buck the downward trend, up 0.3% each.
ON WALLSTREET
Stocks fell after Federal Reserve Chair Jerome Powell said he will continue to raise rates to fight inflation in his Jackson Hole speech.
The Dow Jones Industrials faltered 318.38 points, or 1%, to climb into mid-morning at 32,973.40.
The S&P 500 dumped 44.39 points to 4,154.73.
The NASDAQ Composite removed 174.5 points, or 1.4%, to 12,464.77.
Meanwhile, a better-than-expected reading of the University of Michigan consumer sentiment index may be helping offset some of the losses from the Fed chair’s hawkish speech.
The major averages were on pace for their second straight down week. The Dow is on track for a 1.2% decline. The S&P 500 and NASDAQ Composite are heading to slightly smaller declines of roughly 0.7% each.
Communication services, real estate and energy underperformed in the S&P 500. Meanwhile, financial and utilities outperformed on the broader market index.
Shares of Affirm declined 12% after the consumer lending company issued weak full-year revenue guidance.
Treasury prices sagged, raising yields to 3.07% from Thursday’s 3.03%. Treasury prices and yields move in opposite direction.
Oil prices gained back 27 cents to $92.79 U.S. a barrel.
Gold prices picked up $7.70 to $1,763.70 U.S. an ounce.
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