Canada's main stock index opened lower on Friday, weighed by technology and cyclical stocks, while upbeat U.S. job data in May raised concerns about a tighter monetary policy.
The S&P/TSX let go of 170.48 points, to open the week’s last session at 20,861.33.
The Canadian dollar acquired 0.05 cents to 79.59 cents U.S.
CIBC raises the rating on Canadian National Railway to outperform from neutral. CN shares dumped 50 cents to $148.17.
National Bank of Canada started coverage on Dentalcorp Holdings with an outperform rating. Dentalcorp shares hiked 24 cents, or 2%, to $12.43.
CIBC cut the rating on Martinrea International to neutral from outperform. Martinrea shares handed back 37 cents, or 3.7%, to $9.88.
Ontario Premier Doug Ford claimed a sweeping election victory in Canada's most populous province on Thursday, as media projected a second term for his right-leaning Progressive Conservative party with an enhanced majority.
ON BAYSTREET
The TSX Venture Exchange lopped off 6.07 points to 722.40.
All but one of the 12 TSX subgroups were down in the first hour, with information technology sliding 2.8%, while consumer discretionary and health-care stocks each lost 1.8%.
Only consumer staples held out against the negative tide, forging up 0.1%.
ON WALLSTREET
U.S. stocks slid Friday as investors digested a stronger-than-expected jobs report and rising rates.
The Dow Jones Industrials dwindled 204.09 points to 33,044.19.
The S&P 500 fell 44.19 points, or 1.1%, to 4,132.63.
The NASDAQ Composite slumped 193.18 points, or 1.6%, to 12,123.71.
Technology shares retreated amid the rising rates. Micron Technology fell about 6% and Nvidia fell nearly 3%. Mega-cap tech names Google parent Alphabet and Facebook parent Meta Platforms each lost more than 1%.
Apple eased more than 2% after a negative research note from Morgan Stanley. The firm said slowing App Store growth could hurt the company in the near-term.
Tesla shares fell more than 6% after Reuters reported, citing an internal email, that CEO Elon Musk wants to cut 10% of jobs at the car maker. According to Reuters’ report, Musk also said in the email that he has a “super bad” feeling about the economy.
Hiring in the U.S. remained elevated in May. Non-farm payrolls added 390,000 jobs last month, the U.S. Bureau of Labor Statistics reported Friday. Economists expected 328,000 jobs added, according to Dow Jones.
Treasury prices sagged, raising yields to 2.95% from Thursday’s 2.91%. Treasury prices and yields move in opposite directions.
Oil prices gained 92 cents to $117.79 U.S. a barrel.
Gold prices lost $4.70 to $1,866.70 U.S. an ounce.
