Equities in Canada’s largest market opened lower on Friday, as sentiment was weighed by escalating tensions between the United States and China.
The S&P/TSX Composite Index lost 79.47 points to kick off the week’s last session at 15,939.18.
The Canadian dollar dipped 0.16 cents at 74.44 cents U.S.
Scotiabank raised the target price on Argonaut Gold to $3.50 from $3.25. Shares in Argonaut lost two cents to $2.50.
Scotiabank raises target price on Norbord Inc. to $44.00 from $36.00. Norbord shares deducted seven cents to $41.30.
Scotiabank raises target price on Interfor Corp. to $18.00 from $16.00. Interfor shares gave back a penny to $14.53.
ON BAYSTREET
The TSX Venture Exchange advanced 4.58 points to 684.78.
Eight of the 12 TSX subgroups were lower in the first hour, with health-care ailing 1.5%, information technology clicking lower by 1.4%, and consumer discretionary fell 0.9%.
The four gainers were led by gold, up 1.7%, materials, improving 0.8%, and communications, nicking ahead 0.1%.
ON WALLSTREET
Stocks fell on Friday, adding to a sharp decline from the previous session, as tensions between the U.S. and China keep rising and tech shares struggled once again.
The Dow Jones Industrials fell 121.98 points, to 26,530.55
The S&P 500 shed 21.46 points to 3,214.20.
The NASDAQ lost 160.65 points, or 1.5%, to 10,300.77.
The Dow has parted with 0.1%, while the NASDAQ entered Friday’s session down 0.4%, for the week and the S&P 500 was up 0.3% in that time. At this rate, the Dow would snap a three-week winning streak and the NASDAQ would log in its first back-to-back weekly declines since May.
China ordered the closure of a U.S. consulate in Chengdu, retaliating after Washington shut the Chinese consulate in Houston earlier this week. China markets plunged in response, with the Shanghai Composite dropping 3.9% overnight.
Shares of Big Tech also dampened market sentiment, with Amazon, Apple and Microsoft each down more than 1%. Intel shares plunged more than 17% after the chipmaker offered disappointing guidance for the third quarter. Tesla dropped more than 8%. Those losses come after tech posted sharp losses in the previous session, dragging down the broader market.
Big Tech has been the market leader this year as investors grapple with the coronavirus pandemic and its impact on corporate profits.
Amazon and Netflix were both up more than 47% year to date. Alphabet and Facebook are up over 13% over that time.
Prices for the 10-Year Treasury gained ground, weighing yields to 0.58% from Thursday’s 0.58%. Treasury prices and yields move in opposite directions.
Oil prices gave back eight cents to $40.99 U.S. a barrel.
Gold prices grabbed nine dollars to $1,889 U.S. an ounce.
