Canada's main stock index gave up some strength on Friday. investors took a breather after two weeks of record rallies, though optimism over a potential interest-rate cut by the Bank of Canada next week kept it on track for a weekly gain.
The TSX Composite Index waned 124.07 points to conclude Friday at 29,283.82. On the week, however, the index jumped 243 points, or 0.84%.
The Canadian dollar sagged 0.06 cents to 72.23 cents U.S.
The odds that the BoC will also resume its easing cycle on September 17 rose after data released last Friday showed that Canada's economy shed 65,500 jobs in August, while the unemployment rate climbed to 7.1%.
Among induvial stocks, Dollarama took the worst beating, down 1.9%, or 1%, to $188.79, while Gildan Activewear was bruised $1.78, or 2.3%, to $74.62.
In tech stocks, Descartes Systems Group wobbled $3.40, or 2.3%, to $144.53, while Sylogist retreated 16 cents, or 2.1%, to $7.51.
In industrials, Atkins-Realis dipped $2.01. or 1.9%, to $101.94, while GFL Environmental lost $1.31, or 2%, to $65.31.
Health-care tried to even things out, with Sienna Senior Living up 22 cents, or 1.2%, to $18.23, while Chartwell Retirement Residences plugged ahead eight cents to $19.20.
Utilities tried to help, with Capital Power taking $1.42, or 2.4%, to $59.73, while Brookfield Renewable Partners picked up 41 cents, or 1.2%, to $35.03.
In energy, Paramount Resources took on 50 cents, or 2.5%, to $20.53, while Nuvista Energy sprang forward 45 cents, or 3%, to $15.36.
In the macroeconomic realm, Statistics Canada reported in July, the total value of building permits issued in Canada edged down $10.8 million (-0.1%) to $11.9 billion.
ON BAYSTREET
The TSX Venture Exchange moved ahead 3.9 points Friday to 879.67, having gained 22 points, or 2.6%, on the week.
All but three of the 12 subgroups were negative on the day, as consumer discretionary stocks dipped 1%, while information technology sank 0.8%, while industrial issues faded 0.7%.
The three gainers were health-care, improving 0.7%, while utilities picked up 0.3%, and energy, grabbed 0.1%.
ON WALLSTREET
The NASDAQ Composite notched a new high on Friday as investors took signs of weakening jobs and tame inflation to mean the Federal Reserve will lower interest rates next week.
The Dow Jones Industrials dumped 273.78 points, to close the week at 45,834.22.
The S&P 500 eked down 3.18 points to 6,584.29.
The tech-heavy NASDAQ index gathered 98.03 points to 22,141.10, led by a surge in Tesla shares.
Having closed at record levels Thursday, with the Dow finishing above 46,000 for the first time, all three major averages now look to round out the weekly period with gains.
The S&P 500, which has risen 1.7% week to date, is on pace for its best weekly performance since early August and its fifth positive week in six.
The NASDAQ is on track for its second winning week in a row with its 2.1% advance in the period, and the Dow is poised to post its first positive week in three after seeing a week-to-date climb of 1.1%.
The Dow is also on pace for its first positive week in three.
The consumer price index showed a month-to-month increase of 0.4% for August, hotter than the 0.3% that economists polled by Dow Jones were expecting. However, the index’s 2.9% rise on a 12-month basis was in line with expectations.
The usually crucial inflation report was overshadowed by weekly jobless claims, which showed a surprise jump to the highest level since October 2021.
Workers filing for unemployment compensation for the week ended Sept. 6 increased 27,000 to 263,000, more than the 235,000 total expected.
Shares of Warner Bros. Discovery rose $2.69, or 16.6%, to $18.86, on Friday, a day after the stock saw its best day on record.
Prices for 10-year Treasury sagged, raising yields to 4.06% from Thursday’s 4.02%. Treasury prices and yields move in opposite directions.
Oil prices pushed higher 16 cents to $62.53 U.S. a barrel.
Gold prices recovered $10.10 to $3,683.50 U.S. an ounce.
