Canada's main stock index were in minus territory Friday, weighed down by lower oil prices as Russia said it would need more time before committing to deeper output cuts.
The TSX Composite Index docked 42.37 points from record levels in Friday’s first hour to 17,715.12
The Canadian dollar lost 0.15 cents to 75.11 cents U.S.
Canada Goose Holdings slashed its revenue and profit growth forecasts for fiscal 2020, citing a hit from the recent outbreak of the coronavirus in China.
Canada Goose shares tumbled $1.75, or 4%, to $42.40.
National Bank of Canada cut the price target on Agnico Eagle Mines to $101.00 from $103.00. Agnico shares fell nine cents to $79.15.
National Bank of Canada raised the price target on Newmont to $66.00 from $65.00. Newmont nicked higher seven cents to $59.11.
RBC cut the price target on Suncor Energy to $46.00 from $47.00. Suncor dived 39 cents, or nearly 1%, to $39.10.
In the economic docket, Statistics Canada reported employment increased by 35,000, or 0.2%, in January, all in full-time work. The unemployment rate fell 0.1 percentage points to 5.5%
Western University’s Ivey PMI jumped to 57.3 in January from 51.9 in the previous month and 54.7 in January 2019
ON BAYSTREET
The TSX Venture Exchange slid 0.9 points to begin Friday at 577.10.
Eight of the 12 TSX subgroups were negative, with health-care down 3.1%, energy skidding 1%, and consumer discretionary stocks flailing 0.7%.
The four gainers were led by utilities, up 0.5%, real-estate better by 0.4%, and gold ahead 0.3%.
ON WALLSTREET
Stocks fell on Friday as worries over the coronavirus’ impact persisted and overshadowed the release of stronger-than-expected U.S. jobs data.
The Dow Jones Industrials plunged 156.13 points to 29,223.64.
The S&P 500 subtracted 10.4 points at 3,335.38.
The NASDAQ dropped 35.91 points to 9,536.25. Those losses put the major averages on pace to snap a four-day winning streak.
The S&P 500 is up more than 3% week to date, and is on pace for its best weekly performance since early June. The Dow is up 3.3% for the week while the NASDAQ has gained 4.1%.
Caterpillar and Goldman Sachs led the 30-stock index lower, falling more than 1.5% each. Energy, materials and tech dragged down the S&P 500 as each sector fell at least 0.7%.
On the earnings front, more than 300 S&P 500 companies have posted calendar fourth-quarter earnings thus far, FactSet data shows. Of those companies, 71.3% have beaten analyst expectations.
Activision Blizzard and T-Mobile are among the companies that posted better-than-expected earnings. Shares of Activision rose more than 2% while T-Mobile traded 0.9% higher.
The U.S. economy added 225,000 jobs in January. Economists polled by Dow Jones expected a print of 158,000 jobs. Wages rose 3.1% on a year-over-year basis, also topping expectations.
China’s National Health Commission on Friday confirmed 31,131 cases of the deadly pneumonia-like virus in the country, with 636 deaths.
Prices for the 10-Year U.S. Treasury rose sharply, lowering yields to 1.59% from Thursday’s 1.64%. Treasury prices and yields move in opposite directions.
Oil prices backed off 33 cents to $50.62 U.S. a barrel.
Gold prices hiked $4.30 to $1,574.30 U.S. an ounce.
