Markets in Toronto endured a lower open on Friday as investors took cues from weakening global markets due to a selloff in technology stocks.
The S&P/TSX composite index began Friday down 40.88 points to 14,267.12, following yesterday drop of more than 120 points.
The Canadian dollar stepped back 0.20 cents at 91.25 cents U.S.
Former Finance Minister Jim Flaherty, who steered Canada through the global financial crisis and then nearly eliminated the huge budget deficits he had run up in the process, died on Thursday just weeks after resigning.
Barclays, Canaccord Genuity both raised their target prices on Cogeco Cable, whose shares gained $1.50 to $62.30.
National Bank cut the rating on Innergex Renewable Energy to sector-perform from outperform. Innergex shares dipped two cents to $10.40.
Barclays, Canaccord Genuity also each raised their target prices on Shaw Communications, whose shares fell 48 cents to $26.10.
ON BAYSTREET
The TSX Venture Exchange inched up 1.82 points to 995.51
All but four of the 14 Toronto subgroups were lower at the outset, as industrials and health-care stocks each tailed off 0.7%, and information technology stepped back 0.6%.
The four gainers were led by real-estate and gold, each up 0.6%, and the metals and mining group, up 0.5%.
ON WALLSTREET
Stocks sank early Friday, extending this week's heavy losses, after JPMorgan reported earnings that fell short of investors' expectations.
The Dow Jones Industrial Average tumbled 104.04 points to 16,066.18. The S&P 500 dumped 10.75 points to 1,822.33, while the NASDAQ dipped 29.49 points to 4,024,62
It's been a tough week for so-called momentum stocks, with high-flying technology and health-care companies bearing the brunt. The NASDAQ is down more than 2% for the week.
All three big U.S. stock indexes are now negative for the year. Even the S&P 500 is off more than 1% year to date.
JPMorgan's results were hurt by weakness in bond trading, but consumer lending and deposits were a bright spot. Despite the lackluster quarter, CEO Jamie Dimon said he has "growing confidence in the economy."
Earnings reports from big banks for the first quarter are dominating investor sentiment. Given yesterday's tech selloff, investor queasiness could easily spread into other corners of the market. In fact, all but about 20 companies in the S&P 500 fell yesterday.
In corporate news, shares of H&R Block jumped after the company said it will sell its bank to Bofl Federal Bank. Shares of retailer GAP slid when the company said sales fell in March.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.61% from Thursday’s 2.63%. Treasury prices and yields move in opposite directions.
Oil prices grew 36 cents to $103.70 U.S. a barrel.
Gold prices dipped 50 cents to $1,320 U.S. an ounce.
