Equities in Canada’s largest market had fallen by late morning on Friday, led by BlackBerry following quarterly results, but the index was set to post weekly gains.
The TSX Composite index let go of 42.43 points, as investors readied for lunch hour at 20,172.69.
The Canadian dollar rallied 0.22 cents to 81.38 cents U.S.
Blackberry beat Wall Street estimates for quarterly revenue on Thursday, lifted by a rebound in demand for its QNX operating software and cybersecurity products.
BlackBerry shares moved almost into noon hour Friday down $1.08, or 6.9%, to $14.57.
Canaccord Genuity erased earlier gains and fell two cents to $14.24, while Hudbay Minerals rose 16 cents, or 2%, to $8.25.
BlackBerry's fall was the most on the TSX, while the second biggest decliner was Westport Fuel, down 29 cents, or 4.1%, to $6.72.
A survey by Export Development Canada showed on Thursday confidence among Canadian exporters has surged to its highest level in more than 20 years, amid mounting optimism that a sustained global economic recovery is underway.
An indigenous group in Saskatchewan on Thursday said it had found the unmarked graves of an estimated 751 people at a now-defunct Catholic residential school, just weeks after a similar, smaller discovery in B.C. rocked the country.
ON BAYSTREET
The TSX Venture Exchange weakened 1.73 points to 948.46.
All but three of the 12 TSX subgroups were lower midday, as information technology clicked down 1.3%, while health-care ailed 0.9%, and gold was duller in price 0.7%.
The three gainers were financials, up 0.5%, while utilities inched up but 0.03%, and industrials cleared breakeven by only 0.02%.
ON WALLSTREET
U.S. stocks rose on Friday with the S&P 500 building on its rally to records, as investors bet that higher inflation will be temporary as the economy continues to recover from the pandemic.
The Dow Jones Industrials jumped 237.39 points to 34,434.21.
The S&P 500 hiked 11.73 points to 4,278.23,
The NASDAQ added 7.44 points to Thursday’s all-time record, to greet noon at 14,377.14.
The S&P 500, which closed at a record Thursday, is up 2.6% for the week so far, which would be its best gain since early April. The Dow is up 3.2% this week and the NASDAQ is up 2.6% since last Friday.
Nike’s stock surged 14%, helping to boost sentiment for the Dow. The company reported earnings and revenue that blew past Wall Street estimates. Digital sales also jumped 41% since last year and 147% from two years ago.
On the flipside, FedEx dipped 4% despite beating on the top and bottom lines of its earnings. FedEx also gave a strong yearly outlook.
Shares of Caterpillar jumped 2.6% on optimism around an infrastructure deal on Thursday. The shares were higher by another 1% Friday.
Wall Street extended gains after a key inflation indicator that the Federal Reserve uses to set policy rose 3.4% in May, the fastest increase since the early 1990s, the Commerce Department reported Friday. The reading matched the expectation from economists polled by Dow Jones. The core index rose 0.5% for the month, which actually was below the 0.6% estimate.
President Joe Biden announced Thursday that the White House struck an infrastructure deal with a bipartisan group of senators. The lawmakers have worked for weeks to craft a roughly $1-trillion package that could get through Congress with support from both parties.
The framework will include $579 billion in new spending on transportation like roads, bridges and rail, electric vehicle infrastructure and electric transit, among other things.
Prices for 10-Year Treasurys were lower, raising yields to 1.52% from Thursday’s 1.49%. Treasury prices and yields move in opposite directions.
Oil prices gained 59 cents to $73.89 U.S. a barrel.
Gold prices regained $4.60 to $1,781.30 U.S. an ounce.
