Canada's main stock index was down slightly at the open on Friday, as investors stayed on the sidelines ahead of the U.S. Federal Reserve's crucial rate setting decision next week, while Lundin Mining fell after a Chilean court extended the closure of its copper mine.
The TSX let go of 12.95 points to 19,929.75 to kick off the week’s last session.
The Canadian dollar added 0.24 cents to 75.07 cents U.S.
Lundin Mining, for its part, retreated 15 cents, or 1.5%, to $9.96.
Among other stocks, Brookfield Asset Management said it would buy payments provider Network International for 2.2 billion pounds ($2.76 billion) in cash, as it expands its payments business in the Middle East and Africa. Brookfield shares gained 36 cents to $42.48.
On the economic lineup Friday, Statistics Canada reported Employment was little changed in May, having fallen by 77,000 (-2.8%) for youth aged 15 to 24, and increased by 63,000 (+0.5%) among people aged 25 to 54.
ON BAYSTREET
The TSX Venture Exchange skidded 0.73 points to 610.95.
Eight of the 12 TSX subgroups started the session lower, with gold down 1.3%, consumer staples off 1.2%, and materials, sliding 0.8%.
The four gainers were led by information technology, progressing 1.1%, financials, ahead 1.2%, and consumer discretionary stocks eking up 0.1%.
ON WALLSTREET
The S&P 500 rose slightly Friday, reaching the 4,300 benchmark for the first time since August 2022 as investors looked ahead to new inflation data set for release next week, along with the Federal Reserve’s latest policy announcement.
The Dow Jones Industrials gained 99.75 points to open Friday at 33,933.36.
The much-broader S&P 500 gained 26.01 points to 4,319.94.
The NASDAQ index leaped 133.34 points, or 1%, to 13,371.86.
For the week, the S&P 500 was up 0.5%, on track for its fourth straight weekly gain. That would be the index’s longest weekly winning streak since August. The NASDAQ was also up about 0.5%, on pace for its seventh straight advance one-week advance, which would be its longest streak of gains since November 2019.
Tesla shares popped 5% on news that General Motors will use its electric vehicle charging network. GM’s stock also climbed 0.5%. DocuSign shares, meanwhile, jumped 7% after the electronic agreements firm beat analysts’ first-quarter expectations on the top and bottom lines.
Investors have been encouraged by signs that a broader swath of stocks, including small-cap equities, was participating in the recent rally.
Prices for the 10-year Treasury lost ground, raising yields to 3.76% from Thursday’s 3.71%. Treasury prices and yields move in opposite directions.
Oil prices picked up nine cents to $71.38 U.S. a barrel.
Gold prices added 90 cents to $1,979.50 U.S. an ounce.
