Canada's resources-heavy stock index opened higher on Friday after data showed the domestic economy grew slightly more than expected in August, although material stocks came under pressure from sliding metal prices.
The TSX Composite found more upward momentum, 63.56 points to begin the week’s last session at 19,415.67.
The Canadian dollar dropped 0.20 cents to 73.51 cents U.S.
Rogers Communications, Shaw Communications and Quebecor have reportedly failed to mediate their differences with Canada's competition bureau over Rogers' $20-billion bid for Shaw.
Rogers shares sank 63 cents, or 2.7%, to $56.72, while Shaw shares subtracted $1.95, or 5.4%, to $34.30.
Quebecor shares skidded nine cents to $25.59.
On the economic front, Statistics Canada said real gross domestic product edged up 0.1% in August, led by services-producing industries.
ON BAYSTREET
The TSX Venture Exchange poked ahead 2.07 points to 595.74.
The 12 TSX subgroups were split down the middle, with energy soaring 0.9%, while consumer staples gained 0.8%, while financials acquired 0.6%.
Communications slid 0.9%, while health-care and materials each fell 0.7%.
ON WALLSTREET
Stocks rose on Friday despite a tumble in Amazon shares after economic data pointed to slowing inflation and a steady consumer.
The Dow Jones Industrials leaped 418.10 points, or 1.3%, to 32.451.38.
The S&P 500 recovered 35.76 points to 3,843.06.
The NASDAQ sprang back up 87.63 points to 10,880.30.
The Dow is set for gains of 4% on the week, and the S&P is on pace to end the week higher by about 2%. The NASDAQ looks to finish slightly lower.
For the Dow, it would be its fourth positive week in a row.
The market got a boost after the core personal consumption expenditures price index in September increased 0.5% from the previous month and 5.1% from a year ago, still high but mostly in-line with expectations. This is the preferred gauge of inflation for the Federal Reserve. Personal spending rose 0.6%, more than expected, the data showed.
The stock market has fractured this week as investors dump technology shares following weak results and outlooks from Microsoft, Alphabet and Meta and rotate into economically-sensitive stocks that will benefit if the U.S. economy can skirt a recession.
Amazon plunged by 13% after the company posted weaker-than-expected quarterly revenue and issued disappointing fourth-quarter sales guidance Thursday.
Apple shares were initially lower too in extended trading Thursday after the company reported weaker-than-anticipated iPhone revenue, but they have since reversed higher and were last up about 4%. The company beat Wall Street estimates for quarterly earnings and revenue.
Apple and other more positive performers including Intel have given investors places to cling to within the tech sector, subsequently providing upward pressure to the tech-heavy NASDAQ.
Treasury prices faded, raising yields to 4% from Thursday’s 3.92%. Treasury prices and yields move in opposite directions.
Oil prices sagged 72 cents to $88.36 U.S. a barrel.
Gold prices dipped $17.70 to $1,647.90 U.S. an ounce.
