Equities ended the last week of July on a downward note, with resource stocks weighing the most.
The TSX dumped 279.7 points to close Friday at 35,226.14.
The index was down 143 points, or 0.4%, on the week.
The Canadian dollar retreated 0.02 cents at 71.35 cents U.S.
Markets in Canada were closed Monday for Civic Holiday.
Heavyweight miners were among the worst hit. Eldorado Gold ditched $3.5%, or 7.6%, to $42.54, Southern Cross Gold Consolidated flopped 70 cents, or 7.2%, to $9.03, and DPM Metals dipped $3.02, or 5.8%, to $49.28.
Telus Corp backpedaled $1.74, or 11.5%, to $13.34, leading losses on the benchmark index after it reported a second-quarter loss and reset its quarterly dividend, cutting annualized payout by 55% to focus on debt reduction.
Magna International raised its annual profit forecast following a second-quarter earnings beat. Shares in Magna dropped $1.52, or 1.6%, to $96.39.
TMX Group and Pembina Pipeline both posted a rise in second-quarter net income late on Thursday.
TMX shares docked 48 cents to $51.24, while Pembina shares dunked $2.02, or 2.9%, to $68.54.
Alimentation Couche-Tard said on Friday it plans to buy Poland's Zabka for about $8.7 billion. The deal is expected to close by December 2026. Couche-Tard shares gathered $1.23, or 1.4%, to $91.01.
On the economic front, Statistics Canada reports gross domestic product expanded 0.3% in May, as both goods-producing and services-producing industries expanded in the month.
ON BAYSTREET
The TSX Venture Exchange dropped 8.37 points, or 1%, to 867.13, making for a loss on the week of 1.7 points.
The 12 TSX subgroups were evenly divided, with telecoms down 3.2%, gold sliding 2.9%, and materials, off 2.6%.
The half-dozen gainers were led by health-care, haler 1.3%, while energy and industrial stocks were each up 0.7%.
ON WALLSTREET
The major averages were markedly higher Friday, the last trading session in July, as investors looked past rising bond yields and Amazon shares jumped.
The Dow Jones Industrials tallied 275.54 points to close Friday to 51,483.60.
The S&P 500 pulled ahead on the day 52.17 points to 7,489.80
The NASDAQ Composite raced 251.68 points, or 1%, to 25,373.85.
Despite the week’s sharp swings, the major averages remained on track to finish higher. The Dow was up about 0.9% for the week, along with the S&P 500. The NASDAQ Composite was ahead about 1.2%.
The moves come as investors lost faith in Fed Chairman Kevin Warsh’s commitment to curb inflation, leading yields to jump.
While Warsh indicated he is committed to the inflation fight, he did say this week, “We’ve got no magic wand.” On top of that, the Fed voted to keep rates steady.
Apple was more than 9% lower. The firm’s fiscal third-quarter revenue topped expectations, helped by a 22% jump in iPhone sales, though a shortfall in service revenue pushed its stock lower.
Amazon, in contrast, surged 11% after reporting better-than-expected second-quarter revenue. The results, which were aided by the strength of its cloud-computing business, reinforced investor confidence in artificial intelligence spending.
Despite the week’s sharp swings, the major averages remained on track to finish higher. The Dow was up about 0.9% for the week, along with the S&P 500. The NASDAQ Composite was ahead about 1.2%.
However, the S&P 500 and NASDAQ were headed for monthly losses, while the Dow was up marginally for July.
Prices for the 10-year Treasury sank, raising yields to 4.72% from Thursday’s 4.67%. Treasury prices and yields move in opposite directions.
Oil prices jumped $1.19 to $84.78 U.S. a barrel.
Gold prices slid $50.10 to $4,110.50 U.S. an ounce.
