Equities in Canada’s largest market erased earlier gains and dropped in the first hour of business on Friday, weighed mostly by energy and real-estate concerns.
The TSX Composite fell 65.52 points to open Friday at 18,809.79.
The Canadian dollar skidded 0.17 cents at 72.20 cents U.S.
ON BAYSTREET
The TSX Venture Exchange changed direction and gained 2.67 points to 518.77.
All but three of the 12 TSX subgroups were negative in the first hour, with energy and real-estate each tumbling 0.9%, while health-care slid 0.8%.
The three gainers were gold, up 0.9%, materials, inching up 0.3%, and industrials, ahead 0.1%.
ON WALLSTREET
The NASDAQ Composite rose Friday, trying to recover some of this week’s steep losses. Amazon gave a boost to tech-related shares on the back of strong quarterly results.
The Dow Jones Industrials doffed 73.4 points to open Friday at 32,710.90.
The S&P 500 index forged ahead 6.6 points to 4,143.83.
The NASDAQ jumped 111.21 points, or 1.8%, to 12,595.60.
All three major averages are on track for steep weekly losses. The Dow is down 1%, on the week and S&P 500 trails last week 1.8%. The NASDAQ has fallen 2% in that time, dragged down from steep declines in Meta Platforms and Google-parent company Alphabet.
Amazon added 5% after the e-commerce giant trounced analysts’ expectations for revenue and earnings in the third quarter. Other mega-cap stocks such as Alphabet and Microsoft followed Amazon shares higher.
Ford dropped 3.8%, however, after the company missed third-quarter earnings expectations and pulled its guidance for the year, citing the UAW strike. Chevron shares were down more than 4% after the energy giant reported earnings.
Traders also weighed new inflation data after the core personal consumption expenditures reading for September was released.
Core PCE increased 0.3% in last month and 3.7% year over year, matching estimates from economists polled by Dow Jones. Consumer spending increased 0.7%, however, surpassing estimates of 0.5%. PCE is the Federal Reserve’s preferred inflation gauge.
Prices for the 10-year Treasury faded a mite, raising yields to 4.85% from Thursday’s 4.84%. Treasury prices and yields move in opposite directions.
Oil prices dropped a nickel to $83.16 U.S. a barrel.
Gold prices slipped $5.50 to $1,991.90.
