Toronto stocks fell at the open on Friday, due to losses in rate-sensitive technology shares as investors feared interest rates will remain elevated for longer, while data showed producer prices grew by 0.4% in July from June.
The TSX continued its slide, losing 66.36 points to start the week’s last session at 19,745.87.
The Canadian dollar faded 0.08 cents to 73.74 cents U.S.
Air Canada said it was capping fares and adding flights on Thursday from Yellowknife, as the town faces an evacuation order due to wildfires, as social media users complain of soaring prices by multiple carriers. Shares in the Maple Leaf Airline lost altitude nine cents to $22.81.
Economically speaking, Statistics Canada says in July, the Industrial Product Price Index increased 0.4% month over month and fell 2.7% year over year. The Raw Materials Price index rose 3.5% month over month in July and was 11.1% lower compared with July 2022.
ON BAYSTREET
The TSX Venture Exchange fell 4.13 points to 581.59.
Eight of the 12 TSX subgroups were behind Thursday’s finish, with information technology down 1.4%, materials settling 0.6%, and gold off 0.5%.
The four gainers were led by health-care, surging 1.5%, utilities, eking up 0.2%, and energy, inching ahead 0.1%.
ON WALLSTREET
Stocks traded lower Friday, building on this week’s losses, as Wall Street’s August struggles continue.
The Dow Jones Industrials swooned 90.66 points to kick off the session at 34,384.17.
The S&P 500 index retreated 20.92 points to 4,349.44.
The NASDAQ index plunged 111.09 points to 13,205.84. All of the major averages were headed for a fourth consecutive day of losses.
The Dow is on pace for its worst week since March, lower by 2.6%. Meanwhile, the S&P 500 is headed for a third straight week of losses, a streak that hasn’t happened since February. The NASDAQ is also set for a third consecutive losing week for the first time since December.
Keysight Technologies shares lost more than 10% on the back of a disappointing earnings report. Deere and Estee Lauder also fell more than 3% after announcing their earnings. Meta shares continued their decline for the week, falling more than 2% Friday.
Prices for the 10-year Treasury gained, lowering yields to 4.23% from Thursday’s 4.28%. Treasury prices and yields move in opposite directions.
Oil prices gained 23 cents to $80.62 U.S. a barrel.
Gold prices recovered $7.40 to $1,922.60 U.S. an ounce.
