Downward Journey Continues for TSX

Canada's main stock index extended its losses from the previous session on Friday, hurt by mining and energy shares, while investors grappled with global economic uncertainty and tariff threats, weighing on the market sentiment. The TSX lost 146.78 points to reach noon on Friday at 25,263.93, for a loss on the week so far of 427 points, or 1.7%. The Canadian dollar ditched 0.09 cents to 70.24 cents U.S. In corporate news, the U.S. Federal Reserve said on Thursday it had approved an application by Scotiabank to buy up to 14.99% of the voting shares in U.S. regional lender KeyCorp, as the Canadian bank looks to boost its exposure to developed markets. Scotiabank shares gained four cents to $78.62. The information technology sector received a boost from electronics firm Celestica that scaled to a record high, gaining $7.34, or 5.7%, to $136.76. Among other stocks, Enghouse Systems dropped $3.18, or 10.1% to the bottom of the TSX at $28.23, after the software and services firm missed fourth-quarter revenue estimates. In economic news, motor vehicle sales registered at 163,600 in October, less than the 166,600 figures from August. Manufacturing numbers increased 2.1% in October, mainly on higher sales of petroleum and coal products as well as of transportation equipment. Sales in the paper subsector declined the most. Wholesale sales rose 1.0% to $83.7 billion in October. ON BAYSTREET The TSX Venture Exchange slid 7.11 points to 604.77, for a weekly loss of 5.5 points. All but two of the 12 TSX subgroups lost ground early Friday, weighed most by gold, slipping 2.2%, materials, down 2.1%, and health-care, off 1.4% The two gainers were consumer staples, up 0.3%, while information technology eked up 0.2%. ON WALLSTREET The S&P 500 was little changed on Friday but is still on pace for its first weekly decline in four weeks. The Dow Jones Industrial index misfired 78.78 points Friday to 43,835.34, after six straight losing days. The much-broader index slid 8.01 points to 6,043,24 The tech-heavy NASDAQ sank 30.69 points to 19,872.15. Nvidia tumbled 3% and Meta Platforms fell nearly 2%. Amazon shares were also down 1%. On the other hand, Broadcom hit $1 trillion in market cap, rallying more than 19% after posting fiscal fourth-quarter adjusted earnings that beat estimates and reporting that artificial intelligence revenue soared 220% for the year. For the week, the Dow is heading for a 1.6% decline, while the S&P 500 is on pace for slide of 0.7%. The latter is on pace to end a three-week winning streak. The NASDAQ is on track for a 0.03% loss for the period. Prices for the 10-year Treasury shrank, raising yields to 4.38% from Thursday’s 4.33%. Treasury prices and yields move in opposite directions. Oil prices revived $1.16 to $71.18 U.S. a barrel. Prices for gold settled $28.70 an ounce to $2,680.70 U.S.

MarkZuckerberg

Dec 15, 2024 - 08:55

5450

Canada's main stock index extended its losses from the previous session on Friday, hurt by mining and energy shares, while investors grappled with global economic uncertainty and tariff threats, weighing on the market sentiment.

The TSX lost 146.78 points to reach noon on Friday at 25,263.93, for a loss on the week so far of 427 points, or 1.7%.

The Canadian dollar ditched 0.09 cents to 70.24 cents U.S.

In corporate news, the U.S. Federal Reserve said on Thursday it had approved an application by Scotiabank to buy up to 14.99% of the voting shares in U.S. regional lender KeyCorp, as the Canadian bank looks to boost its exposure to developed markets. Scotiabank shares gained four cents to $78.62.

The information technology sector received a boost from electronics firm Celestica that scaled to a record high, gaining $7.34, or 5.7%, to $136.76.

Among other stocks, Enghouse Systems dropped $3.18, or 10.1% to the bottom of the TSX at $28.23, after the software and services firm missed fourth-quarter revenue estimates.

In economic news, motor vehicle sales registered at 163,600 in October, less than the 166,600 figures from August. Manufacturing numbers increased 2.1% in October, mainly on higher sales of petroleum and coal products as well as of transportation equipment. Sales in the paper subsector declined the most. Wholesale sales rose 1.0% to $83.7 billion in October.

ON BAYSTREET

The TSX Venture Exchange slid 7.11 points to 604.77, for a weekly loss of 5.5 points.

All but two of the 12 TSX subgroups lost ground early Friday, weighed most by gold, slipping 2.2%, materials, down 2.1%, and health-care, off 1.4%

The two gainers were consumer staples, up 0.3%, while information technology eked up 0.2%.

ON WALLSTREET

The S&P 500 was little changed on Friday but is still on pace for its first weekly decline in four weeks.

The Dow Jones Industrial index misfired 78.78 points Friday to 43,835.34, after six straight losing days.

The much-broader index slid 8.01 points to 6,043,24

The tech-heavy NASDAQ sank 30.69 points to 19,872.15.

Nvidia tumbled 3% and Meta Platforms fell nearly 2%. Amazon shares were also down 1%. On the other hand, Broadcom hit $1 trillion in market cap, rallying more than 19% after posting fiscal fourth-quarter adjusted earnings that beat estimates and reporting that artificial intelligence revenue soared 220% for the year.

For the week, the Dow is heading for a 1.6% decline, while the S&P 500 is on pace for slide of 0.7%. The latter is on pace to end a three-week winning streak. The NASDAQ is on track for a 0.03% loss for the period.

Prices for the 10-year Treasury shrank, raising yields to 4.38% from Thursday’s 4.33%. Treasury prices and yields move in opposite directions.

Oil prices revived $1.16 to $71.18 U.S. a barrel.

Prices for gold settled $28.70 an ounce to $2,680.70 U.S.