Equities stepped back Friday from early gains, weighed by resource issues, while Russian President Vladimir Putin said there were
no plans for a further military mobilization.
The TSX Composite dipped 18.83 points to move into mid-morning Friday at 18,584.80.
The Canadian dollar retreated 0.37 cents to 72.30 cents U.S.
Among single stocks, Turquoise Hill Resources said its fifth-biggest investor, SailingStone Capital Partners, said that it will vote against Rio Tinto Group's $3.3-billion bid for the company, during a shareholder meeting on Nov. 1.
Turquoise Hill shares dropped 26 cents to $40.30.
Friday’s macroeconomic slate was a busy one, with August wholesale trade up 1.4%, while manufacturing sales declined 2.0% mainly on lower sales of petroleum and coal, chemical and primary metal products industries.
The Canadian Real Estate Association reported National home sales were down 3.9% on a month-over-month basis in September. Actual (not seasonally-adjusted) monthly activity came in 32.2% below September 2021.
ON BAYSTREET
The TSX Venture Exchange dipped 1.18 points to 585.21.
All but three of the 12 TSX subgroups sank, as information technology hiked 1.1%, while financials gained 0.5%, and consumer discretionary stocks eked 0.3% higher.
The naysayers were in materials, down 2.2%, gold, duller in price by 2%, and energy, off 1.3%.
ON WALLSTREET
Stocks slumped Friday, giving up gains from earlier in the session a day after posting a historic turnaround rally as investors digested inflation expectations.
The Dow Jones Industrials lost 116.71 points to 29.922.01
The S&P 500 fell back 34.84 points, or 1%, to 3,635.07
The NASDAQ Composite stumbled 139.53 points, or 1.3%, to 10,509.62.
Stocks fell to session lows after a consumer survey from the University of Michigan showed inflation expectations were increasing, sentiment that the Federal Reserve is likely watching closely.
Earlier in the session, bank stocks gained, leading the broader market, after four key earnings reports. Wells Fargo gained more than 2% after beating Wall Street’s revenue expectations. JPMorgan jumped more than 1%, and Citigroup rose more than 2%.
The positive moves come amid a negative outlook for the earnings season. Profit for S&P 500 companies increased a measly 2.4% in the third quarter, according to the latest analyst estimates collected by FactSet.
Treasury prices fell a bit, raising yields to 3.98% from Thursday’s 3.96%. Treasury prices and yields move in opposite directions.
Oil prices stumbled $2.92 to $86.19 U.S. a barrel.
Gold prices let go of $21.90 to $1,655.10 U.S. an ounce.
