The TSX Composite slumped 242.51 points, or 1.2%, to begin the week’s last session at 19,317.65.
The Canadian dollar fell 0.28 cents to 75.19 cents.
Cannabis concerns took a pasting Friday, with Cronos Group bruised 22 cents, or 5.2%, to $4.01, while Canopy Growth slid 22 cents, or 5%, to $4.33.
In energy stocks, Spartan Delta shed 38 cents, or 3.2%, to $11.64, while Vermilion Energy lost $!.88, or 5.7%, to $31.05.
On the economic front, Canada Mortgage and Housing Corporation reported housing starts of 267,309 units in August, up from 264,467 units in July.
Statistics Canada came out saying wholesale sales fell 0.6% in July, largely due to declines in the personal and household goods sub-sector.
Also, foreign investors acquired $14.8 billion of Canadian securities, while Canadian investors added $4.3 billion of foreign securities to their holdings.
ON BAYSTREET
The TSX Venture Exchange let go of 7.7 points, or 1.2%, to 629.79
All 12 TSX subgroups took it on the chin, with health-care surrendering 3%, energy sputtering 2.4%, and information technology clicking lower 2%.
ON WALLSTREET
Stocks fell Friday as Wall Street headed toward a big losing week, and traders absorbed an ugly earnings warning from FedEx about the global economy.
The Dow Jones Industrials dumped 227.12 points to begin Friday to 30,734.70
The S&P 500 sank 40.83 points, or 1.1%, to 3,860.52.
The NASDAQ Composite subtracted 164.43 points, or 1.4%, to 11,387.92.
Shares of FedEx plunged 24% after the shipments company withdrew its full-year guidance and said it will implement cost-cutting initiatives to contend with soft global shipment volumes as the global economy “significantly worsened.”
Transport stocks are typically seen as a leading economic indicator, so FedEx’s announcement could contribute to broader declines on Friday.
The three major averages were on pace to notch their fourth losing week in five as a comeback rally looks increasingly like a bear market bounce. The Dow Jones Industrial Average has declined 4.9% this week, while the S&P 500 is 5.3% lower. The NASDAQ is down 6.1%, headed toward its worst weekly loss since June.
The University of Michigan’s consumer sentiment index preliminary September reading came in at 59.5, just below a Dow Jones estimate of 60. That print was still slightly above August’s final reading of 58.2.
Treasury prices gained, lowering yields to 3.43% from Thursday’s 3.45%. Treasury prices and yields move in opposite direction.
Oil prices poked up 35 cents to $85.45 U.S. a barrel.
Gold prices dropped $1.70 to $1,675.60 U.S. an ounce.