Canada's main stock index fell in thin trading on Friday, but was on course to mark its best year since 2009 thanks to massive stimulus, COVID-19 vaccine rollouts and hopes of global economic recovery.
The S&P/TSX Composite stumbled 112.07 points approaching noon hour Friday to 21,182.57
The Canadian dollar climbed 0.52 cents to 78.98 cents U.S.
Financials took a bruising in the last couple of hours, with Brookfield Asset Management sliding $1.53, or 2%, to $75.63, while Scotiabank dropped $1.83, or 2%, to $89.43.
Among health-care issues, Tilray trailed Thursday’s close by 15 cents, or 1.6%, to $9.10, while Well Health Technology skidded nine cents, or 1.8%, to $4.98.
In gold, Iamgold fell seven cents, or 1.8%, to $3.93, while Eldorado Gold flopped 15 cents, or 1.3%, to $11.80.
Only consumer staples held out against the negative tide, thanks to a 78-cent surge by Alimentation Couche-Tard, or 1.6%, to $49.67, while George Weston gained 27 cents to $147.23.
Ontario and Quebec announced fresh measures to combat COVID-19 on Thursday as the country faces a rise in cases that has forced tens of thousands into isolation, made tests difficult to access and burdened its health-care sector.
ON BAYSTREET
The TSX Venture Exchange inched up 2.37 points to 936.31.
All but one of the 12 TSX subgroups were lower, with financials and health-care each sinking 0.9%, and gold 0.8% lower.
Consumer staples proved the only positive subgroup, edging up but 0.1%.
ON WALLSTREET
U.S. stocks were marginally lower Friday morning as investors close out a stellar 2021.
The Dow Jones Industrials stayed in the red 11.34 points to 36,386.74.
The much-broader S&P 500 index subtracted 1.52 points to 4,777.21
The NASDAQ retreated 27.36 points at 15,714.20.
Pfizer led the S&P 500 on Friday, rising 1.6%. British regulators approved the use of Paxlovid – the drugmaker’s COVID-19 antiviral pill – for people over 18 with mild to moderate illness.
Ford Motors was also among the leaders in the S&P 500 on Friday, adding 1.3%, bringing its year-to-date return to more than 135%. The auto stock is one of the top performers in the benchmark index for the year.
The major averages are all up double-digits this year as the global economy began its recovery from the 2020 COVID lockdowns, while the Federal Reserve maintained supportive measures first implemented at the onset of the pandemic.
The U.S. has now recorded more than 53 million COVID cases and more than 820,000 deaths, according to CDC data as of Thursday.
Strong corporate earnings also boosted U.S. stocks. The estimated year-over-year earnings growth rate for 2021 is 45.1%, according to FactSet. That would mark the highest annual earnings growth rate for the index since FactSet began tracking the metric in 2008.
Entering Friday’s session, the S&P 500 was up 27.2% year to date. That puts the market benchmark on track for its third straight annual gain. Energy and real estate have been the best-performing sectors in the S&P 500 this year, surging more than 40% each. Tech and financials are also up more than 30%.
The 30-stock Dow was up 18.9% through Thursday’s close, also putting it on pace for its third consecutive yearly gain. Home Depot and Microsoft have led the Dow gains, rising more than 50% each.
The tech-focused NASDAQ has risen 22.1% this year, putting the composite on track for its ninth annual gain in 10 years. Names like Alphabet, Apple, Meta Platforms and Tesla have led NASDAQ’s gains this year.
Prices for 10-year Treasurys stayed the same, keeping yields at Thursday’s 1.51%.
Oil prices weakened 77 cents to $76.22 U.S. a barrel.
