Toronto's main stock index took its lumps soon after the opening on Friday, following the release of unexpectedly soft U.S. retail sales data.
The S&P/TSX index slumped 118.59 points, or nearly 1%, to begin Friday at 12,362.78
The Canadian dollar weakened 0.11 cents at 98.87 cents U.S.
Dollarama Inc reported a 21% rise in quarterly profit as it sold more items priced above $1.00 and it raised its dividend by 27%. Dollarama shares prospered 80 cents each to $65.44
Coal miner Walter Energy Inc, which is locked in a proxy fight with an activist hedge fund, said on Thursday that its first-quarter performance had improved from that of the fourth quarter of 2012. Walter stock took on 81 cents to $25.80.
Canadian Imperial Bank of Commerce said it will buy Atlantic Trust Private Wealth Management from money manager Invesco Ltd for $210 million to bulk up its U.S. money management business. CIBC shares ducked back 31 cents to $78.04.
Oil firm Suncor Energy Inc has drilled a dry well in the U.K. sector of the North Sea. Suncor shares dropped 55 cents to $29.13.
ON BAYSTREET
The TSX Venture Exchange docked 12 points to 1,036.54.
All but two of the 14 Toronto subgroups were lower at the outset, weighed mostly by the gold sector, down 2.9%, materials, sliding 2.3%, and energy, off 1.1%.
The two gainers were consumer staples, inching up 0.03%, and industrials, eking ahead 0.02%.
ON WALLSTREET
Looks like stocks are headed for a modest pullback Friday, following weak retail sales and as investors shrug off bank earnings.
The Dow Jones Industrials Average demurred 28.84 points soon after Friday's open from Thursday’s all-time record close, at 14,836.30
The S&P 500 index fell 5.67 points to 1,587.70. The tech-heavy NASDAQ Composite moved down 10.95 points to 3,289.20
Stocks have been on a tear this year. The Dow is less than 1% away from 15,000, while the S&P 500 is only 0.4% below 1,600.
JPMorgan reported a first-quarter profit that topped forecasts, but revenue missed estimates. Similarly, Wells Fargo also reported a jump in profit, but a decline in revenue.
In corporate news, NASDAQ executives will be getting their bonuses cut this year, and the bungled Facebook IPO is to blame.
J.C. Penney shares edged lower in pre-market trading following reports that it hired Blackstone to help the retailer raise $1 billion U.S.
The latest quarter is expected to have been a tough one for banks, which have been struggling to make profits with interest rates hovering near record lows.
On the economic front, the U.S. government reported that retail sales dropped 0.4% in March, dragged down by weakness in electronics and gasoline prices. That was weaker than expected.
The Producer Price Index fell 0.6% in March, a more dramatic drop than the 0.1% economists had forecast.
Prices on the 10-year U.S. Treasury surged, dropping yields to 1.76% from Thursday’s 1.79%. Treasury prices and yields move in opposite directions.
Oil prices sank $1.90 to $91.61 U.S. a barrel.
Gold prices hurtled earthward $28.60 to $1,536.30 U.S. an ounce.
