The carnage continued into the week’s end Friday, as stock markets continued to sustain negative numbers.
The TSX dumped 526.25 points or 1.6%, to end the day and the week at 33,083.72. On the week, the index shed 1,256.27 points, or 3.7%.
The benchmark snapped a four-week winning streak.
In corporate news, pipeline operator South Bow said it has moved to revive parts of Keystone XL pipeline, a move that could boost Canada's crude exports to the U.S. by more than 12%. South Bow lost eight cents, or 0.2%, to $45.47.
Excavating firm Badger Infrastructure slumped $4.07, or 5.8%, to $66.68 after quarterly results, logging the biggest percentage decline on the index.
Among individual movers, shares of Algonquin Power plunged $1.09, or 11.6% to $8.35. The energy firm forecast fiscal 2027 profit below analysts' estimates.
Blockchain farm operator Bitfarms dropped 28 cents, or 9.2%, to $2.76, as bitcoin prices dipped more than 3%, while e-commerce firm Shopify fell $4.22, or 2.3%, to $180.04.
In matters economic, the IVEY Purchasing Managers Index sprang to 56 in February from rose to 50.9 January. February 2025's reading was 55.2.
ON BAYSTREET
The TSX Venture Exchange forfeited 3.12 points to 1,057.04, for a loss on the week of 50.6 points, or 4.6%.
All 12 TSX subgroups were weaker on the day, as industrials bailed 2.7%, consumer discretionary stocks fell 2.6%, and financials were poorer 2.1%.
ON WALLSTREET
Stocks fell Friday, adding to their weekly declines, as oil prices spiked and traders reacted to an unexpected drop in new U.S. jobs data.
The Dow Jones Industrials faltered 453.19 points, or 1%, to 47,501.55.
The S&P 500 index dived 80.71 points, or 1.3%, to 6,740.
The NASDAQ capsized 361.31 points, or 1.6%, to 22,387.68
Shares of Royal Caribbean, which has fallen 10% this week amid increasing fuel costs, fell again on Friday, dropping 1%. Caterpillar shares, which have also suffered this week, were down more than 3%.
Oil prices hit their highs of the day after President Donald Trump said in a Truth Social post that there won’t be a deal to end the U.S.-Iran war without an “unconditional surrender” from the Middle Eastern country.
Non-farm payrolls fell by 92,000 in February, a sharp contrast from the downwardly revised January gain of 126,000 and far below the growth of 50,000 that economists polled by Dow Jones expected for the month. The unemployment rate also rose to 4.4% from 4.3%.
Qatar’s energy minister told The Financial Times that Gulf energy producers may need to call force majeure in the coming days, shutting down production in a move that could send oil to $150 a barrel. The conflict in the Middle East could “bring down the economies of the world,” he warned.
This week, the S&P 500 is on pace to shed more than 2%, while the 30-stock Dow has fallen 3%. The tech-heavy NASDAQ is tracking for a loss of more than 1%.
Prices for the 10-year Treasury sat back, raising yields to 4.15% from Thursday’s 4.13%. Treasury prices and yields move in opposite directions.
Oil prices climbed $9.67 to $90.68 U.S. a barrel.
Gold prices re-strengthened $86.90 to $5,165.60 U.S. an ounce.
