Stocks Lose Ground Yet Again as Week Ends

TD, TC in Forefront

Canada's main stock index struggled in the first hour on Friday, despite energy stocks as oil prices jumping nearly 3%, though upbeat earnings from Bank of Montreal boosted sentiment.

The S&P/TSX Composite headed down once again, 40.86 points to open the last session of a wild week at 20,721.17.

The Canadian dollar gained 0.29 cents at 78.30 cents U.S.

Toronto-Dominion Bank sounded a cautious note about next year's outlook due to inflation and the end of stimulus measures after better-than-expected earnings, while rival Canadian Imperial Bank of Commerce missed estimates due to higher expenses and loan-loss provisions.

TD shares dipped 45 cents to $96.05, while CIBC shares rocketed $1.69, or 1.2%, to $138.97.

Back to TD, RBC raised its target price on the bank’s stock to $104.00 from $91.00.

CIBC initiated coverage on Fairfax Financial Holdings with an outperform rating. Fairfax shares $6.15, or 1.1%, to $578.00.

JP Morgan raised the target price on TC Energy to $68.00 from $67.00. TC shares inched up a dime to $59.02.

ON BAYSTREET

The TSX Venture Exchange lost 0.79 points to kick off Friday at 909.43.

Seven of 12 TSX subgroups were in the red, weighed by health-care concerns, down 2.2%, information technology, off 1.5%, and gold, fading 0.6%.

The four gainers were led by energy, up 1.1%, consumer staples, ahead 0.3%, and communications, better by 0.2%. Real-estate issues were unchanged in the first hour.

ON WALLSTREET

The S&P 500 dipped in volatile trading on Friday, after a disappointing November jobs report, as the market nears the end of a roller-coaster week driven by COVID omicron variant developments.

The Dow Jones Industrials tailed off 28.59 points to 34,611.20, dragged down by a 2% loss in Boeing

The S&P 500 index fell 20.28 points to 4,555.14.

The NASDAQ tumbled 216.33 points, or 1.4%, to 15,164.99. The major averages are on pace for a losing week.

Despite a rebound on Thursday that saw the Dow rise more than 600 points, the Dow is down 0.8% for the week. The S&P 500 is down 0.6% and the NASDAQ has lost 1.3% since Monday.

Stocks tied closely to the virus have led the market on its week-long seesaw, and that continued Friday. Companies that benefit from the economic expansion, such as hotels and airlines, led losers. Las Vegas Sands was off 2% and Delta Air Lines fell 1.2%. Norwegian Cruise Line fell 2.7% and Carnival Corp. lost 3%.

On the positive side, vaccine leader Moderna was among the biggest gainers, with its shares rising about 3%.

Elsewhere in markets, Chinese ride-hailing giant Didi announced during Asia trading hours on Friday that it will start delisting from the New York Stock Exchange and make plans to list in Hong Kong instead. Shares fell 11%.

November’s jobs report showed slower-than-expected job creation last month. Non-farm payrolls increased by just 210,000 for the month, well below the 573,000 jobs predicted by economists polled by Dow Jones.

However, the unemployment rate fell sharply to 4.2%, better than estimates of 4.5%.

Prices for 10-year Treasurys gained some territory, lowering yields to 1.43% from Thursday’s 1.44%. Treasury prices and yields move in opposite directions.

Oil prices gained $2.03 to $68.53 U.S. a barrel.

Gold prices advanced $8.60 to $1,771.30 U.S. an ounce.