Canada's main stock index struggled to find direction on Friday as investors were uncertain whether U.S. President Donald Trump would follow through on his threats to impose tariffs on Canada and Mexico this weekend.
The TSX had gained 31.02 points by noon EST to 25,839.27.
The Canadian dollar poked ahead 0.13 cents at 69.12 cents U.S.
For the week, the index is set to post gains of over 1%, its third straight weekly rise, helped by strong earnings from Wall Street.
With just a day remaining before Trump's self-imposed Feb. 1 deadline to issue trade duties on trading partners, including Canada, investors factored in the potential implications on both economies.
Companies, consumers and farmers across North America could be impacted by the punitive duties, potentially disrupting nearly $1.6 trillion in annual trade.
In corporate news, Algonquin Power said on Friday Rod West will succeed Chris Huskilson as its new chief executive officer, effective March 7. Algonquin shares climbed 29 cents, or 4.6%, to $6.54.
Imperial Oil shares fell $3.87, or 3.7%, to $99.62, as the oil producer posted a fall in fourth-quarter profit.
On the macroeconomic front, Statistics Canada told us GDP decreased 0.2% in November with decreases in both services-producing and goods-producing industries.
ON BAYSTREET
The TSX Venture Exchange progressed 3.88 points to 631.81.
Seven of the 12 subgroups were in the red midday, weighed most by health-care, down 1.7%, consumer discretionary stocks, settling 0.8%, and communications, off 0.4%.
The five gainers were led by information technology, climbing 1.9%, utilities, up 0.9%, and gold, brighter 0.5%.
ON WALLSTREET
Stocks moved higher Friday as investors analyzed earnings reports from Apple and other well-known companies, alongside the release of a closely followed inflation report.
The Dow Jones Industrials ditched 24.17 points to 44,857.96, weighed down by a decline in Chevron
The S&P 500 index gained 35.85 points to 6,107.02
The NASDAQ Composite bounced 221.64 points, or 1.1%, to 19,903.39.
Investors honed in on Apple, which saw shares rise 1% after the company exceeded fiscal first-quarter expectations. While Apple reported disappointing sales tied to the iPhone, services revenue appeared to take the spotlight. Shares of Chevron and Exxon Mobil respectively dipped 4% and 1% on the back of disappointing fourth-quarter results.
The December data for the personal consumption expenditures price index — the Federal Reserve’s preferred inflation gauge — showed an increase of 0.3% from November and a 2.6% annual rate. While this yearly advance was in line with economists’ expectations, it marked an acceleration from the prior month’s rate of 2.4% — raising some concerns that inflation remains sticky. Excluding food and energy, core PCE also increased 0.2% monthly and 2.8% on an annual basis.
Friday’s action follows a winning — but volatile — trading session for the three major indexes. Technology has been a major focus of investors this week given Monday’s big sell-off sparked by developments out of China’s DeepSeek artificial intelligence startup and earnings reports from key players over recent days.
After tumbling 3.07% on Monday, the NASDAQ Composite has since clawed back most of its losses and was last down marginally on the week. The S&P 500 and blue-chip Dow are poised to finish the week 0.1% and 1% higher, respectively. Nvidia, which plunged nearly 17% on Monday, has since trimmed its weekly losses to about 12%.
Friday also marks the last day of what has been a rocky January for traders. Nevertheless, the three major averages are on pace for monthly gains, with the S&P 500 up 3.9% and the NASDAQ on pace for a 3.1% advance. The Dow outperformed in the period, on track for a 5.5% jump.
Prices for the 10-year Treasury faded, raising yields to Thursday’s 4.52%. Treasury prices and yields move in opposite directions.
Oil prices nicked 10 cents to $72.83 U.S. a barrel.
Prices for gold jumped $4.40 an ounce to $2,849.60 U.S.
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