Canada's main stock index fell on Friday, hurt by energy stocks that fell after crude prices dropped on doubts over a recovery from the coronavirus crisis.
The S&P/TSX Composite Index lost 55.32 points to open for business Friday at 16,474.74
The Canadian dollar discarded 0.16 cents to 75.48 cents U.S.
BMO raised the price target on Goeasy Ltd to $71.00 from $65.00. Goeasy shares lost 72 cents, or 1%, to $68.33.
H.C. Wainwright cut the price target on Bellus Health to $10.00 from $28.00. Bellus shares shed eight cents, or 2.3%, to $3.41.
CIBC raises target price on Exchange Income Corp. to $35.5 from $30.00. Exchange Income shares dipped 21 cents to $31.82
On the macroeconomic front, Statistics Canada reported manufacturing sales rose by a record 20.7% to $48.7 billion in June, following an 11.6% increase in May.
ON BAYSTREET
The TSX Venture Exchange backpedaled 4.59 points, to open the week’s last session at 736.80.
All but three of the 12 TSX subgroups were lower in the first hour, with materials off 1.1%, health-care down 1%, and utilities sliding 0.8%.
The three gainers were consumer staples, up 0.5%, communications, ahead 0.2%, and industrials, inching up 0.01%.
ON WALLSTREET
Stocks were little changed on Friday as the S&P 500 attempts once more to reach its February record high.
The Dow Jones Industrials opened Friday down 68.01 points to 27,828.71.
The S&P 500 gave back 2.33 points to 3,371.08. The broader market index has also traded above its record closing high several times this week before falling short of the milestone.
The NASDAQ sank 20.04 points to 11,020.65.
This week’s back-and-forth action came as investors rotated between the major tech stocks — Facebook, Amazon, Apple, Alphabet, Netflix and Microsoft — and shares of companies that would benefit from the economy reopening.
Traders also pored over over mixed economic data and looked to Washington for clues on further coronavirus stimulus.
Retail sales for July rose 1.2%, the Commerce Department said. That’s below a Dow Jones estimate of 2.3%. Excluding autos, however, retail sales rose 1.9% to top a forecast of 1.2%.
In Washington, lawmakers seem unable to move forward with a coronavirus stimulus bill.
House Speaker Nancy Pelosi has said she will not restart talks with Republicans on the matter until they increase their aid offer by $1 trillion. White House economic advisor Larry Kudlow also reporters that the administration and Democrats were at a "stalemate."
Prices for the 10-Year Treasury regained strength, lowering yields to 0.70% from Thursday’s 0.72%. Treasury prices and yields move in opposite directions
Oil prices were unchanged at $42.24 U.S. a barrel.
Gold prices docked $16.30 to $1,954.10 U.S. an ounce.
