Equities in Toronto opened higher on Friday as miners got a boost from firmer metal prices and investors digested upbeat retail sales data for May.
The TSX gained 12.44 points to open the week’s last session at 19,075.29
The Canadian dollar was ahead 0.26 cents to 77.90 cents U.S.
Haywood Securities cut the rating on Adventus Mining Corp. to hold from buy. Adventus shares grabbed five cents, or 11.1%, to 45 cents.
Haywood Securities cut the rating on Canada Nickel Company to hold from buy. Canada Nickel shares were unchanged at $1.50.
Haywood Securities cut the rating on Copper Mountain Mining to hold from buy. Copper Mountain dropped two coppers, or 1.4%, to $1.44.
H.C. Wainwright initiated coverage on East Side Games Group with a buy rating and a price target of $4.50. East Side Games faded 12 cents, or 6.6%, to $1.70.
On the economic front, Statistics Canada reported retail sales increased 2.2% to $62.2 billion in May.
The agency adds sales were up in eight of 11 subsectors, led by higher sales at gasoline stations and motor vehicle and parts dealers.
ON BAYSTREET
The TSX Venture Exchange edged up 0.53 points to 616.78
Eight of the 12 TSX subgroups gained in the first hour, with gold storming higher 1.4%, materials better 1.1%, and real-estate increasing 0.8%.
The four laggards were weighed most by information technology, down 1.4%, health-care, shedding 1%, and energy, off 0.3%.
ON WALLSTREET
The NASDAQ fell Friday as investors digested a fresh batch of corporate earnings that included disappointing results from Snap, which sent social media shares reeling.
The Dow Jones Industrials gained 26.58 points to begin Friday at 32,063.28.
The S&P 500 picked up 39.05 points, or 1%, to 3,998.95.
The NASDAQ faded, however, 63.79 points to 11,995.81.
The three major averages are set for weekly gains, with the NASDAQ on course to close out the week 4.8% higher. The Dow is on track for a 2.9% advance, while the S&P 500 is set to rise 3.6%.
Shares of Snap plummeted a whopping 35% after the Snapchat parent posted second-quarter results that fell short of analysts’ expectations and noted that it plans to slow hiring. The report was followed by a slew of analyst downgrades on the stock.
The results from Snap weighed on other social media and technology stocks investors feared could get impacted by slowing online advertising sales. Shares of Meta Platforms and Pinterest fell 5% and 10%, respectively, while Alphabet lost more than 2%.
Twitter declined slightly after reporting disappointing second-quarter results that missed on earnings, revenue and user growth. The social media company blamed challenges in the ad industry, as well as “uncertainty” around Elon Musk’s acquisition of the company, for the miss.
Verizon dropped more than 4% after the wireless network operator cut its full-year forecast, as higher prices dented phone subscriber growth.
A robust report from American Express boosted the Dow. The credit card company jumped 5% after posting an earnings beat, citing record spending in travel and entertainment.
Nearly 21% of S&P 500 companies have reported earnings so far. Of those, 70% have beaten analyst expectations, according to FactSet.
Treasury prices moved sharply higher, lowering yields to 2.79%, from Thursday’s 2.90%. Treasury prices and yields move in opposite directions.
Oil prices gained 29 cents to $96.64 U.S. a barrel.
Gold prices moved up $24.20 to $1,737.60 U.S. an ounce.