A brutal day on markets ended with heavy losses Friday, as doubts crept into investors’ minds as to the stability of the economy in both Canada and the U.S.
The TSX Composite Index sank 367.05 points, or 1.4%, to close Friday at 25,147.03. On the week, the index tumbled 296 points or 1.16%.
The Canadian dollar shed 0.3 cents to 70.29 cents U.S.
In earnings-driven moves, Storagevault rose 27 cents, or 7.2%, to $4.00, after the company beat full-year revenue estimates.
Elsewhere, tech stocks took it on the chin, with Shopify bruised $10.49, or 6%, to $164.48, while BlackBerry were beaten back and blue, 44 cents, or 5.6%, to $7.47.
Materials were also roughed up, primarily, Ivanhoe Mines, sinking $1.90, or 11.3%, to $14.97, while Fortuna Mining woozed 55 cents, or 8.1%, to $6.28.
In gold plays, Eldorado Gold staggered $1.73, or 8.3%, to $19.06, while Seabridge Gold sank $1.19, or 6.9%, to $16.07.
Telecoms proved one of the few bright spots, with BCE capturing 69 cents, or 2.1%, to $34.10, while those for Telus gained 37 cents, or 1.7%, to $22.19.
In utilities, the only other positive subgroup, Innergex took on 43 cents, or 5.1%, to $8.95, while Boralex progressed 53 cents, or 2%, to $27.16.
Prime Minister Justin Trudeau and Ukrainian President Volodymyr Zelenskiy have underscored the importance of including Kyiv in any peace talks aimed at ending the war.
On the economic platform, retail sales increased 2.5% to $69.6 billion in December. Sales were up in all nine subsectors and were led by increases at food and beverage retailers and motor vehicle and parts dealers.
ON BAYSTREET
The TSX Venture Exchange hurtled lower 9.4 points, or 1.5%, to 634.69, for a loss on the week of 4.6 points, or 0.7%.
All but two of the 12 subgroups were lower by Friday’s close, weighed most by information technology, sliding 3%, while gold and materials each stepped back 2.8%
The two positive subgroups were telecoms, soaring, and utilities, up 0.5%.
ON WALLSTREET
Stocks sold off on Friday as new U.S. data sparked concern among investors over a slowing economy and sticky inflation, leading them in search of safer assets.
The Dow Jones Industrials let go of 748.63 points, or 1.7%, Friday to end the week at 43,428.02, The decline brings the index’s two-day losses to more than 1,200 points. Friday’s loss was its biggest of the young year.
The S&P 500 index shed 104.39 points, or 1.7%, to 6,013.13, falling for a second day after closing at a record on Wednesday.
The NASDAQ fell 438.36 points, or 2.2%, to 19,524.01.
Walmart shares were down for a second day after the company issued a weaker-than-expected forecast that also soured the outlook for the consumer and the economy.
Investor favorites like Nvidia and Palantir saw steep losses on Friday as they shifted toward traditionally safer assets. Procter & Gamble climbed more than 1%, while General Mills and Kraft Heinz advanced more than 2% each.
For the week, the S&P 500 is about 1.6% lower, while the Dow dumped 2.5% and the NASDAQ has lost 2.4%.
The University of Michigan consumer sentiment index fell to 64.7 in January, a decline of 10% and a steeper drop than expected as consumers feared higher inflation ahead. The five-year inflation outlook in the survey was 3.5%, the highest since 1995.
Prices for the 10-year Treasury gained ground, lowering yields to 4.43% from Thursday’s 4.51%. Treasury prices and yields move in opposite directions.
Oil prices backed off $2.26 to $70.22 U.S. a barrel.
Prices for gold fell $7.70 an ounce to $2,948.40 U.S.
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