Canada's main stock index recouped early losses to rise on Friday, as investors parsed domestic and U.S. employment data, but remained on track for its biggest weekly fall since September 2023.
The TSX Composite Index gave up earlier gains and was behind 87.4 points, to reach noon EST Friday at 24,496.64. The index had lost nearly 900 points this week, or 3.5%.
The Canadian dollar sagged 0.49 cents to 69.47 cents U.S.
Throughout the week, investors navigated a roller coaster of trade uncertainties. On Tuesday, U.S. President Donald Trump's 25% tariffs on imports from Canada and Mexico took effect.
But, in the latest twist on Thursday, Trump announced an exemption for goods from both nations under a North American trade pact, lasting a month.
In corporate news, Circle-K owner Alimentation Couche-Tard said on Friday that its top executives will visit Tokyo to speak with media about its $47-billion bid to buy 7-Eleven convenience store operator Seven & I Holdings.
Couche-Tard shares handed back 65 cents to $73.41.
Elsewhere, MDA Space jumped $2.71 or 11.9%, to $25.50 after the space technology company forecast first-quarter revenue above estimates.
Conversely, Algonquin Power & Utilities Corp lost 34 cents, or 5%, to $6.49 after the utility firm's fourth-quarter profit missed estimates.
On the economic beat, Statistics Canada reported the economy created only 1,100 jobs in February. The unemployment rate was unchanged at 6.6%.
Incidentally, this is the weekend for the clocks to go ahead, with the end of Standard Time on Sunday morning (around 2 a.m.)
ON BAYSTREET
The TSX Venture Exchange eked ahead 1.42 points to 606.66, for a loss of eight points on the week, or 1.3%,
Seven of the 12 TSX subgroups lost ground by noon, as information technology flopped 1.7%, while financials lost 0.6%, and health-care ailed 0.4%.
The five gainers were led by telecoms, ahead 1.8%, while energy progressed 1.7%, and utilities picked up 1%.
ON WALLSTREET
The Dow Jones Industrial Average retreated on Friday, with the benchmark headed for its worst week in about two years as the salvo of trade policy actions unnerved investors.
The blue-chip index tailed off 370.72 points to 42,208.36
The S&P 500 index fell 65.31 points, or 1.1%, to 5,674.
The NASDAQ Composite collapsed 271.6 points, or 1.6%, to 17,797.66.
This market rout put the three major averages on course for their worst weeks this year. The Dow and S&P 500 have slid 3.7% and 4.7%, respectively, now poised to each notch their worst weeks since March 2023.
The NASDAQ Composite has dropped 5.4%, on track for its worst week going back to September. The NASDAQ is officially in correction territory, which means the tech-heavy index closed 10% off its recent high.
A weaker-than-expected jobs report released Friday raised further concerns about an economic softening and sent rates lower. Nonfarm payrolls increased by 151,000 jobs in February, less than the consensus forecast for 170,000 from economists polled by Dow Jones.
The unemployment rate ticked higher to 4.1%.
That came as stocks have been on a roller-coaster ride this week with President Donald Trump’s tariff policies worrying investors about future U.S. growth and inflation.
Trump said on Thursday that a swath of goods from Canada and Mexico that are covered by the North American trade agreement known as USMCA would be exempt from the announced duties until April 2.
That move effectively walked back much of the original plan. But the market has still sold off this week, with uncertainty mounting amid constant updates and a lack of clarity around what to expect longer term.
This market rout put the three major averages on course for their worst week since September 2024. The S&P 500 is off 3.4% week to date, while the 30-stock Dow is down 3%. The NASDAQ has dropped 3.7% so far this week and fell into correction territory, meaning it closed 10% off its all-time high.
Friday’s market got upward momentum from Broadcom’s rally of more than 6% on strong earnings. Nvidia, another artificial intelligence giant, also rose in the session.
Prices for the 10-year Treasury edged higher, lowering yields to 4.23% from Thursday’s 4.28%. Treasury prices and yields move in opposite directions.
Oil prices gained 82 cents to $67.18 U.S. a barrel.
Prices for gold fell off $2.20 an ounce to $2,924.40 U.S.
Stocks Head for Worst Week in 2 Yrs. On Trade Uncertainty
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