Canada's main stock index fell at market open on Friday as strong domestic jobs data added to worries that the Bank of Canada could reconsider its "conditional pause" to interest rate hikes, while rate-sensitive technology stocks led declines.
The TSX gave up 76.93 points to open Friday at 20,520.82.
In earnings, Magna International reported a near 80% slump in its quarterly profit, as the auto parts maker struggled with higher costs for labour, energy and from higher engineering costs related to its electrification and self-driving businesses. Magna headed earthward $11.18, or 12.9%, to $75.79.
Fortis forecast an increase in its five-year capital plan to $46.1 billion in 2027 from $34.1 billion in 2022 and beat analysts' estimates for fourth-quarter profits. Fortis gained $1.24, or 2.3%, to $54.86.
Silvercorp Metals reported a 1% drop in its third-quarter revenue compared to the year earlier, due to a decrease in net realized selling prices for silver, zinc and lead. Silvercorp faded 20 cents, or 2.8%, to $7.08.
On the economic calendar, Statistics Canada said the economy created 150,000 jobs in January, keeping the unemployment rate at 5%.
ON BAYSTREET
The TSX Venture Exchange backpedaled 5.64 points to 610.77.
All but three of the 12 subgroups were lower in Friday’s first hour, as consumer discretionary declined 3.5%, information technology caved 1.5%, and materials lost 1.1%.
The three gainers were energy, up 1.5%, utilities, ahead 1%, and consumer staples, better by 0.8%.
ON WALLSTREET
The S&P 500 slid Friday after a batch of disappointing quarterly reports, as Wall Street heads for a losing weekly performance.
The Dow Jones Industrials moved forward 89.55 points to kick off the week’s last session at 33,789.43.
The much-broader index eked up 1.39 points to 4,082.89.
The NASDAQ Composite faltered 48.62 points to 11,740.96.
All major averages are on track to end the week with losses. Down 1.5%, the S&P 500 is poised for its first weekly decline in three weeks. It’s also on track for its largest one-week loss since December. The Dow looks to lose 0.6%, and the NASDAQ is on pace to lose 2.3%.
Ride-hailing platform Lyft tanked nearly 35% after a disappointing fiscal fourth-quarter report. Expedia also saw its shares fall by more than 7% after its earnings and revenue fell below analysts’ expectations.
Those are the latest reports in what has been considered an underwhelming quarter for Wall Street. With nearly 70% S&P 500 companies reporting, around 70% of those companies beat analyst expectations for the quarter. That’s a smaller share of companies surpassing expectations than the three-year historical average of 79%
Prices for the 10-year Treasury slipped, raising yields to 3.70% from Thursday’s 3.67%. Treasury prices and yields move in opposite directions.
Oil prices gathered 98 cents to $79.04 U.S. a barrel.
Gold prices faded $7.20 to $1,871.30 U.S. an ounce.
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