Canada’s main stock index fell for a third straight session on Friday, was set to log a more than 1% fall for the week, weighed down by weakness in commodity-linked stocks and consumer firms.
The TSX Composite Index plummeted 244.87 points, or 1.1%, to break for noon hour at 21,405.54.
The Canadian dollar faded 0.68 cents to 78.74 cents U.S.
Bank of Canada Governor Tiff Macklem said on Thursday supply pressures were showing no signs of easing and the central bank will be watching the impact of higher interest rates on inflation to gauge how much it needs to tighten policy.
The materials sector was punished the worst, with First Quantum Minerals settling $1.87, or 4.8%, to $37.45, while Ivanhoe Mines dropped 46 cents, or 4%, to $10.96.
On the economic front, Statistics Canada reported retail sales edged up 0.1% to $59.9 billion in February.
Higher sales at clothing and clothing accessories stores and gasoline stations were offset by lower sales at motor vehicle and parts dealers.
The agency’s industrial product price index The Industrial Product Price Index rose 4.0% month over month in March, the largest monthly change on record since the series began in 1956.
Year over year, the index increased 18.5%, its biggest gain since December 1974,
StatsCan’s raw materials price index was up 11.8% on a monthly basis in March and 42.7% year over year.
ON BAYSTREET
The TSX Venture Exchange let go of 11 points, or 1.3%, to 844.61.
All 12 TSX subgroups were lower midday, with materials off 1.8%, gold capsizing 1.7%, and energy backpedaling 1.6%.
ON WALLSTREET
Stocks sank on Friday as the S&P 500 headed toward its third down week in a row amid busy earnings and rising bond yields.
The Dow Jones Industrials cratered 614.23 points, or 1.8%, to 34,178.53.
The S&P 500 skidded 76.21 points to 4,317.45.
The NASDAQ Composite turned away from gains and plunged 188.05 points, or 1.4%, to 12,986.61.
For this week, the Dow is down 0.07% and on pace for its third losing week in a row. The S&P is down 0.8% on the week and attempting to break a two-week losing streak. The NASDAQ is down 1.6% week to date, on track to post its third negative week in a row.
Companies reporting disappointing quarterly results led the market decline Friday. HCA Healthcare dropped 18% to become the worst-performing stock in the S&P 500. The decline came as the company posted weak full-year earnings and revenue guidance. The healthcare S&P 500 sector was also the biggest laggard among the 11 groups, down 2.8%.
Verizon shares fell 6% after the company reported a loss of 36,000 monthly phone subscribers in the first quarter.
Gap shares plunged 13% after the company announced the CEO of its Old Navy division, Nancy Green, is leaving the business this week
Treasury prices were slightly lower, pushing yields up to 2.9% from Thursday’s 2.89%. Treasury prices and yields move in opposite directions.
Oil prices subtracted $1.88 at $101.91 U.S. a barrel.
Gold prices dipped $14.30 to $1,933.90 U.S. an ounce.