Canada's main stock index climbed on Friday after data showed both Canada and the U.S. added fewer-than-expected jobs in October, cementing hopes of central banks ending the rate hike cycle.
The TSX Composite gained 218.52 points, or 1.1%, on the home stretch of a turbulent week at 19,844.86.
The Canadian dollar improved 0.41 cents at 73.16 cents U.S.
Magna International shares moved $7.13, or 10.6%, higher to the top of TSX at $74.50, after the auto parts supplier raised its 2023 profit forecast.
Jamieson Wellness shares climbed $2.65, or 11.3%, to $26.11 after the wellness products maker posted higher-than-expected third-quarter results.
Restaurant Brands International missed market estimates for quarterly sales on Friday as still-high inflation pressured consumer spending at its Burger King chain, taking the shares down $2.40, or 2.5%, to $92.58.
Statistics Canada informs us the economy created 18,000, or 0.1%, in October and the unemployment rate rose 0.2 percentage points to 5.7%, marking the fourth monthly increase in the past six months.
ON BAYSTREET
The TSX Venture Exchange gained 5.25 points, or 1%, to 525.19.
All but two of the 12 TSX subgroups stayed positive in the afternoon session, real-estate collecting 3.6%, gold 3.5% higher, and health-care up 2.9%.
The two laggards were energy, down 1%, while utilities lost 0.4%
ON WALLSTREET
Stocks rose Friday after a soft jobs report drove bond yields lower to cap the stock market’s best week in 2023.
The Dow Jones Industrials leaped 256.67 points to 34,095.75.
The S&P 500 index progressed 43.69 points, or 1%, to 4,361.33.
The NASDAQ surged 168.55 points, or 1.3%, to 13,462.81.
Equities are on pace for sizable weekly gains as investors grow hopeful that the Federal Reserve’s rate-hiking campaign is over. As of Thursday’s close, the Dow is up 5%. The S&P 500 is tracking for a 5.6% advance on the week, while the NASDAQ is up 5.8%.
The October jobs report on Friday came in weaker than expectations, showing the Fed’s attempt to cool the economy and stifle inflation could be working. The U.S. economy last month added 150,000 jobs, below the 170,000 payrolls increase consensus estimate from Dow Jones, and lower than September’s blowout of 297,000 jobs added. The unemployment rate rose to 3.9%, compared to expectations that it would hold steady at 3.8%.
Apple fell 1.5% after the iPhone maker issued a weak revenue outlook for the December quarter. Though the company beat on the top and bottom lines in its fiscal fourth quarter, overall sales declined for the fourth quarter in a row. Elsewhere, Block popped 16% on an earnings beat and a raise on full-year guidance, while Paramount Global jumped 4.5% on a strong quarterly report.
Prices for the 10-year Treasury popped, lowering yields to 4.56% from Thursday’s 4.67%. Treasury prices and yields move in opposite directions.
Oil prices retreated $2.24 to $80.22 U.S. a barrel.
Gold prices brightened $5.80 to $2,002.60.
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