Canada's main stock index fell on Friday amid broader losses led by technology shares, while markets assessed Federal Reserve Chair Jerome Powell's comments urging a cautious approach towards U.S. interest-rate cuts going forward.
The TSX was in the minus column 140.76 points by noon EST Friday at 24,908.91. On the week so far, though, the index had gained 150 points, or 0.6%.
The Canadian dollar dipped 0.09 cents to 71.02 cents U.S.
In corporate news, space company MDA Space reported its third-quarter results and forecast annual revenue above estimates. MDA shares shed 72 cents, or 2.8%, to $25.13.
In matters economic, Statistics Canada said manufacturing sales declined 0.5% in September, mainly on lower sales of petroleum and coal products as well as lower production of aerospace products and parts. Wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) rose 0.8% to $82.3 billion in September.
New motor vehicle sales totaled 168,500 in September, slightly better than August's 166,000.
The Canadian Real Estate Association said MLS listings increased 7.7% on a month-over-month basis in October, reaching its highest level since April 2022.
ON BAYSTREET
The TSX Venture Exchange has gained 1.01 points on the day to 591.52, for a loss on the week of 12 points, or more than 2%.
All 12 subgroups lost ground, weighed most by consumer staples, down 1%, information technology, off 0.7%, and financials, down 0.6%.
ON WALLSTREET
Stocks tumbled on Friday as the post-election rally fizzled, placing the major averages on track for sharp weekly losses.
The Dow Jones Industrials fell 321.28 points to 43,429.58.
The S&P 500 dived 78.45 points, or 1.3%, to 5,870.72.
The NASDAQ Composite slid 413.14 points, or 2.2%, to 18,694.51.
Declines in pharmaceutical stocks weighed on the 30-stock Dow and the S&P 500, with Amgen down 5% and Moderna off by more than 7%. President-elect Donald Trump said on Thursday that he planned to nominate vaccine skeptic Robert F. Kennedy Jr. to lead the U.S. Department of Health and Human Services.
The information technology sector of the S&P 500 was the worst performing corner of the market, down more than 2% as Nvidia, Meta Platforms, Alphabet and Microsoft tumbled more than 2% each. Tesla was a rare exception among its Magnificent Seven peers, as shares of the electric vehicle giant and so-called “Trump Trade” were higher by more than 3%.
Stocks took a leg down Thursday afternoon after Federal Reserve Chairman Jerome Powell said during an event in Dallas that the central bank wasn’t “in a hurry” to cut interest rates
Prices for the 10-year Treasury lost ground, pushing yields up to 4.46% from Thursday’s 4.45%. Treasury prices and yields move in opposite directions.
Oil prices sagged 98 cents to $67.72 U.S. a barrel.
Prices for gold eased four dollars an ounce to $2,568.90 U.S.
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