Equities in Canada’s largest market floundered on their way toward Friday’s closing bell, as losses in consumer stocks overshadowed advances in resource issues.
The S&P/TSX Composite Index tumbled 62.71 points to end Friday and the week at 15,128.65
The Canadian dollar sprang up 0.72 cents to 80.39 cents U.S.
Consumer discretionary issues weighed heaviest on the markets Friday, as Magna International $1.14, or 1.9%, to $59.42, while Gildan Activewear doffed 42 cents, or 1.1%, to $37.46.
Consumer staples did not fare much better, as Loblaw Companies shed 69 cents, or 1%, to $68.06, while Metro dipped 23 cents to $42.07.
Among telecoms, BCE hurtled lower 74 cents, or 1.3%, to $58.39, while TELUS Corporation fell 35 cents to $45.12.
Gold stocks tried to bump things up somewhat, as Barrick Gold marched ahead 22 cents, or 1.1%, to $20.98, while Goldcorp picked up 18 cents, or 1.1%, to $16.25.
Among materials, Lundin Mining gained 21 cents, or 2.5%, to $8.70.
On things macroeconomic, Statistics Canada reported that GDP grew 0.6% in May, with 14 of 20 industrial sectors increasing. This was the seventh consecutive monthly increase.
On an annual basis, GDP grew 4.6%, the fastest rate at which it’s done so in 17 years.
ON BAYSTREET
The TSX Venture Exchange nosed ahead 3.36 points Friday to 772.57.
All but two of the 12 TSX subgroups were negative on the day, with consumer discretionary stocks sliding 1.1%, and consumer staples backtracked 1%, and telecoms reared up 0.9%.
The two gainers were in gold, gaining 0.8%, and materials, ahead 0.1%.
ON WALLSTREET
U.S. equities traded off session lows on Friday investors shook off a sharp pullback from Amazon.com.
The Dow Jones Industrials improved 32.95 points on Thursday’s all-time high to 21,829.50
The S&P 500 shed 3.34 points to 2,472.08. Consumer staples led six sectors lower.
The NASDAQ dropped 7.51 points to 6,374.68. The tech heavy-index climbed its lows as Facebook, Netflix and Google-parent Alphabet erased earlier losses.
Shares of Amazon.com fell 4.3% on the back of much weaker-than-expected quarterly results. Amazon posted second-quarter earnings per share of 40 cents. Analysts expected earnings of $1.42 a share. Sales, however, came in above expectations.
The initial pullback in tech came a day after the sector dragged the broader market lower as investors took profits off the table. The major indexes notched a record high Thursday before tech rolled over midway through the session.
Tech has been the best-performing sector of the year, advancing approximately 22%.
The major indexes were on track for a mixed weekly performance, with the S&P and NASDAQ set for a loss while Dow looked at a 1% gain.
Stocks from other major tech companies also fell, including Apple. The fall came a day after the tech sector dragged the broader market lower as investors took profits off the table.
In economic news, the U.S. Commerce Department said economic growth for the second quarter released in-line with expectations.
The U.S. economy grew at an annualized rate of 2.6% matching estimates.
Meanwhile, consumer sentiment for July topped expectations at 93.4.
Prices for the benchmark 10-year Treasury note climbed, lowering yields to 2.29% from Thursday’s 2.32%. Treasury prices and yields move in opposite directions.
Oil prices gained 66 cents to $49.70 U.S. a barrel
Gold prices gained $8.50 to $1,268.50 U.S. an ounce.
