Canada's main stock index fell on Friday, pressured by losses in the energy sector, while a record daily rise in global coronavirus cases further dented investor sentiment.
The TSX stepped back 84.71 points to open the week’s and month’s last session at 15,585.99.
The Canadian dollar eked up 0.05 cents to 75.15 cents U.S.
Regions across North America revert to Standard Time on the weekend, and residents are urged to set their clocks back an hour before bed on Saturday. Remember: spring forward, fall backward.
SNC-Lavalin Group fell $2.42, or 11.7%, the biggest drop on the TSX, to $18.25, after the construction company reported a third-quarter loss, followed by Trillium Therapeutics, down 77 cents, or 4.5%, to $16.28.
The largest percentage gainers on the TSX were Aecon Group, which jumped 94 cents, or 6.9%, to $14.57, after the construction firm posted strong third-quarter results, and Gildan Activewear, which rose 47 cents, or 1.7%, to $28.97, after multiple brokerages turned bullish on the apparel maker.
Scotiabank raised the target price on First Quantum Minerals to $17.50 from $17.00. First Quantum lost 15 cents, or 1%, to $14.50.
RBC cut the price target TCP Energy to $72.00 from $81.00. TCP shares dropped 54 cents, or 1%, to $52.28.
On the economic slate, Statistics Canada said the economy progressed in August, with the Gross Domestic Product growing 1.2%, as 15 of 20 industrial sectors were up and two were essentially unchanged in the month.
Elsewhere, the raw materials index fell 2.2%, pulled downward mainly by lower prices for crude energy products, while the industrial product price index edged down 0.1% in September, led by lower prices for energy and petroleum products.
ON BAYSTREET
The TSX Venture Exchange gained, however, 3.19 points to kick off Friday at 690.33.
All but three of the 12 TSX subgroups were lower in the first hour of trade, weighed by utilities and communications, each off 1.3%, and consumer staples, down 1.1%.
The three gainers were energy, acquiring 0.4%, while gold improved 0.2%, and materials, inching up 0.02%.
ON WALLSTREET
Stocks fell on Friday, with Wall Street set to wrap up a difficult week as U.S. fiscal stimulus talks broke down, coronavirus cases rose and a slew of companies reported quarterly earnings.
The Dow Jones Industrials slid 315.26 points, or 1.2%, to 26,343.85.
The S&P 500 skidded 47.02 points, or 1.4%, to 3,310.11
The NASDAQ swooned 248.28 points, or 2.2%, to 10,937.31.
The Dow has fallen 6.7%, and the S&P 500 is down 5.4%, for the week and were on track for their biggest weekly losses since March. The NASDAQ has lost more than 4% over that time period and was also headed for its worst one-week performance since March.
Shares of Apple fell 3.5% after the tech giant reported a 16% decline in iPhone sales and failed to offer investors any guidance for the quarter ahead. Amazon dipped 2.2% even after the e-commerce giant reported blowout third-quarter results with a big beat on the top line.
Shares of Alphabet soared 7% after the Google parent company posted quarterly results that topped Wall Street expectations. Meanwhile, Twitter dropped more than 15% after the social media company reported user growth that fell short of expectations.
Earlier in the week, Senate Majority Leader Mitch McConnell adjourned the Senate until Nov. 9, making it unlikely for Democrats and Republicans to reach a deal on new fiscal stimulus. Treasury Secretary Steven Mnuchin, meanwhile, accused House Speaker Nancy Pelosi of miscasting the state of the stalled negotiations, calling it a "political stunt."
Prices for the 10-Year Treasury sank, raising yields to 0.84% from Thursday’s 0.83%. Treasury prices and yields move in opposite directions.
Oil prices dropped 69 cents at $35.48 U.S. a barrel.
Gold prices jumped $14.40 to $1,882.40
Stocks Plummet, Heading for Worst Week Since March
