Indexes for stocks in Canada’s largest market opened lower on Friday, bogged down by technology and healthcare shares, as investors fretted over inflation and rising interest rates though an uptick in energy shares capped losses.
The TSX Composite slumped 33.22 points to commence Friday trading at 18,546.07.
The Canadian dollar moved up 0.13 cents to 72.71 cents U.S.
On the economic beat, Statistics Canada reports its new home prices in Canada declined 0.1% in September—the first decrease since November 2019.
Retail trade increased 0.7% to $61.8 billion in August. Sales increased in six of 11 subsectors, led by sales in food and beverage stores and motor vehicle and parts dealers.
ON BAYSTREET
The TSX Venture Exchange dropped 2.67 points to 584.24.
All but three of the 12 TSX subgroups were negative, with health-care slipping 1.6%, information technology decreasing 1.4%, and real-estate off 0.8%.
The three gainers were gold, up 0.6%, consumer discretionary stocks, inching ahead 0.3%, and energy, clearing breakeven but 0.1%.
ON WALLSTREET
Stocks rose on Friday as investors assessed more corporate earnings reports and the outlook for Federal Reserve rate hikes.
The Dow Jones Industrials leaped 338.38 points, or 1.3%, to 30,722.37.
The S&P 500 rumbled 43.77 points, or 1.2%, higher to kick off Friday at 3,709.55.
The NASDAQ grabbed ahold of 106 points, or 1%, to 10,720.84.
Earnings reports weighed on the market. Dow components American Express and Verizon fell more than 4% after their quarterly reports.
In tech, social media company Snap reported a quarterly revenue of $1.13 billion, below expectations. That revenue represents year-over-year growth of just 6%. Average revenue per user, a key metric for the company, fell 11% to $3.11.
Treasury prices stayed put, keeping yields at Thursday’s 4.24%.
Oil prices advanced 80 cents to $85.31 U.S. a barrel.
Gold prices hiked $7.80 to $1,644.60 U.S. an ounce.
Short-Term Yields Slide, Markets Pop
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