Canada’s primary stock index declined on Friday, influenced by falling commodity prices, while investors anticipated crucial U.S. economic data.
The TSX Composite Index sank 153.81 points as morning became afternoon on Friday to 25,445.67.
The Canadian dollar shed 0.12 cents to 70.42 cents U.S.
For the week, the health-care sector was on course to be the standout performer, with an impressive 4.3% gain, whereas the technology sector faced challenges, losing 2.9% and set to emerge as the week’s weakest performer.
In earnings-driven moves, Storagevault rose 24 cents, or 6/3%, to $3.97, after the company beat full-year revenue estimates.
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 dipped 2.94 points to 641.16.
All but two of the 12 subgroups were lower midday, weighed most by gold, down 2.3%, materials, off 1.9%, and health-care, backpedaling 1.3%.
The two positive subgroups were telecoms and utilities, each up 0.6%.
ON WALLSTREET
Stocks pulled back on Friday, as a mix of weak consumer sentiment data and a decline in UnitedHealth stock added further pressure to what has been a rocky week for Wall Street.
The Dow Jones Industrials plummeted 363.08 points Friday to 43,813.57
The S&P 500 index shed 33.43 points to 6,084.09
The NASDAQ fell 141.93 points to 19,820.44
UnitedHealth dropped 9% to weigh on the Dow, after The Wall Street Journal reported that the insurer is under investigation by the Justice Department. The decline put the stock on pace for its worst day since March 2020.
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.
For the week, the S&P 500 is marginally lower, while the Dow has dropped 1.4%, and the NASDAQ has lost 0.2%.
Prices for the 10-year Treasury gained lowering yields to 4.46% from Thursday’s 4.51%. Treasury prices and yields move in opposite
directions.
Oil prices backed off $1.49 to $70.99 U.S. a barrel.
Prices for gold fell $6.20 an ounce to $2,949.0 U.S.
