Markets started Friday on the right foot, as energy provided the engine.
The S&P/TSX Composite recovered from Thursday’s losses and flexed higher 63.42 points to start the week’s last session at 21,595.14
The Canadian dollar jumped 0.25 cents at 78.7 8 cents U.S.
Magna International reported a 13.7% fall in quarterly revenue on Friday, hammered by semiconductor shortages that have wreaked havoc on global automobile production. Magna shares lost $2.90, or 2.8%, to $100.15.
RBC raises target price on Constellation Software to $2,800 from $2,700. Constellation shares acquired $6.86 to $$2,183.86.
RBC raised the target price on Definity Financial to $35.00 from $32.00. Shares chucked 25 cents to $30.40.
ATB Capital Markets raised the target on Precision Drilling to $98.00 from $91.00. Precision shares leaped $5.05, or 8.3%, to $65.78.
National Bank of Canada raised target price on TELUS to $36.00 from $35.00. TELUS took on nine cents to $31.49.
Canada will seek to join the United Kingdom, the U.S. and Australia to be included in consultations as part of the European Union’s dispute with China at the World Trade Organization over Beijing’s alleged trade curbs on Lithuania.
ON BAYSTREET
The TSX Venture Exchange eked higher 0.11 points to 872.99.
All but three of the 12 TSX subgroups gained ground in the first hour, energy jumping 1.8%, gold perking 1.3%, and health-care haler by 0.8%.
The three laggards were consumer discretionary stocks, down 0.8%, utilities, off 0.1%, and industrials, retreating 0.03%.
ON WALLSTREET
Stocks were modestly higher on Friday morning as investors tried to determine the next step for the Federal Reserve amid the highest inflation in decades.
The Dow Jones Industrials climbed 54.55 points to open Friday at 35,296.14.
The S&P 500 slipped 4.13 points to 4,499.95
The NASDAQ fell 63.4 points to 14,122.24.
Despite a slide on Thursday that saw the Dow shed more than 500 points, the major averages are on pace to post their third positive week in a row with modest gains.
In earnings news, shares of Newell Brands jumped 8.8% after the company beat estimates on the top and bottom lines for the fourth quarter. Shares of Under Armour dropped 9.9% after the apparel company highlighted supply chain issues in its quarterly report.
In individual stocks, shares of Zillow rallied strongly, rising 11% the day after the real estate website operator posted a surprise profit of $1.07 against an expected loss of 42 cents per share.
Friday’s moves followed a sharp selloff in bonds and stocks in the previous session. Treasury yields spiked in reaction to data that showed consumer prices surged more than 7% last month, the highest gain since February 1982.
Goldman Sachs shifted its expectations for the Fed this year, calling for seven rate hikes in an effort to cool an economy that has generated inflation far more persistent than policymakers had anticipated.
On the economic front, the University of Michigan’s preliminary consumer sentiment reading for February came in at 61.7, falling from 67.2 the previous month and missing expectations.
Prices for 10-year Treasurys strengthened, lowering yields to 2.01% from Thursday’s 2.05%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.15 to $91.03 U.S. a barrel.
Gold prices fell $4.20 to $1,833.20 U.S. an ounce.