Canada's main stock index dipped on Friday in choppy trading as investors evaluated domestic jobs data, which hit the expectations of the Bank of Canada cutting interest rates in March.
The TSX faded 92.62 points to move into Friday afternoon at 25,441.87
The Canadian dollar eked up 0.3 cents at 69.92 cents U.S.
In corporate news, cloud services provider Converge Technology will be acquired by alternative investment firm H.I.G. Capital in a deal valued at $1.3 billion. Converge shares began Friday’s session with a bang, with a jump of $1.89, or 53.5%, to $5.42.
On the TSX, communication shares lost as much as 1.3%. BCE Inc was down $1.29, or 3.8% to $32.41,
The health-care sector slipped about 1%.
The fall came as shares of cannabis firm Canopy Growth sank 97 cents, or 24.3% to $3.02, after posting a bigger third-quarter loss, triggering pot stocks Cronos Group to lose 10 cents, or 3.5%, to $2.78, and Tilray Brands to tumble eight cents, or 5.3%, to $1.44.
Statistics Canada reported this morning employment increased by 76,000 (+0.4%) in January and the unemployment rate declined 0.1 percentage points to 6.6%.
ON BAYSTREET
The TSX Venture Exchange unloaded 0.78 points to 638.73.
All but one of the 12 subgroups lost ground midday, weighed most by health-care, down 2.4%, communications, down 1.5%, and information technology, lower by 1.4%.
Only energy held out against the negative tide, gaining 0.9%.
ON WALLSTREET
Stocks moved lower on Friday as a mix of news related to tariffs and inflation worried traders to close out the week.
The Dow Jones Industrials plunged 327.94 points to 44,419.69.
The much-broader index dumped 47.96 points to 6,035.63
The tech-heavy NASDAQ tumbled 261.89 points, or 1.3%, to 19,530.27
Amazon lost 4% after guidance from the e-commerce giant disappointed investors. The company called for revenue growth of 5% to 9% in the first quarter — its weakest growth on record. The outlook overshadowed top- and bottom-line beats in the fourth quarter. Alphabet continued to fall following somewhat disappointing results earlier in the week.
Meanwhile, January’s jobs report released Friday showed 143,000 jobs were added for the month, but traders were concentrating on other parts of the report. The unemployment rate actually fell to 4% from 4.1%, and December’s and November’s jobs figures were revised up significantly. Average hourly earnings for January were also higher than expected, raising inflation fears.
Consumer sentiment fell in February to 67.8, according to a preliminary reading of the University of Michigan’s consumer sentiment index. Economists polled by Dow Jones had expected 71.3.
Prices for the 10-year Treasury eased a bit, raising yields to 4.49% from Thursday’s 4.44%. Treasury prices and yields move in opposite directions.
Oil prices gained 17 cents to $70.78 U.S. a barrel.
Prices for gold gained $5.60 an ounce to $2,882.30 U.S.
Dow Tumbles on Inflation, Tariff Fears
