Stocks in Toronto played a bit of catch-up by lunch hour Friday, as gains in materials offset losses in consumer stocks, with investors weighing the impact of employment numbers Friday.
The TSX Composite Index recovered 26.53 points Friday noon to 22,252.14. The index forged ahead 24 points, over a short week following holiday Monday.
The Canadian dollar inched up 0.04 at 72.84 cents U.S.
Utilities were weighed down by a fall of 84 cents, or 9.9%, in Algonquin Power & Utilities Corp to $7.65, after it announced it would sell its renewable energy business, excluding hydropower operations, for up to $2.5 billion.
Canopy Growth dipped 89 cents, or 9.4%, to $8.60 despite a smaller-than-expected core loss for the first quarter.
On the economic beat, Statistics Canada said Friday the economy ditched 2,800 jobs in July, but the unemployment rate was unchanged at 6.4%.
ON BAYSTREET
The TSX Venture Exchange lost 3.67 points to 537.92, for a loss on the week of nearly 17 points, or 3.2%.
Eight of the 12 TSX subgroups had lost ground midday, weighed most by consumer discretionary stocks, down 0.7%, industrials, siding 0.6%, and information technology, dumping 0.4$.
The four gainers were led by materials, up 0.9%, while financials headed higher 0.4%, and gold, brighter 0.3%.
ON WALLSTREET
The S&P 500 was flat on Friday as the stock market’s incredible comeback from Monday’s violent rout continued. The benchmark was inches away from completely wiping out the losses for the week.
The Dow Jones Industrial index remained negative 55.09 points to 39,391.40.
The S&P 500 index stepped back 0.29 points to 5,319.02.
The NASDAQ fell 30.65 points to 16,629.37.
This week marked the most volatile week of 2024 for the market. The Dow on Monday tumbled 1,000 points, while the S&P 500 lost 3% for its worst day since 2022. Disappointing U.S. payrolls data from the prior week and concerns the Federal Reserve was too late with rate cuts were the main culprits for the selling, along with the unwinding of a popular currency trade by hedge funds.
The S&P 500 advanced 2.3% in Thursday’s session, its best day since November 2022, while the 30-stock Dow surged roughly 683 points. The tech-heavy NASDAQ Composite added 2.9%.
Nonetheless, the major averages remain negative on a week-to-date basis. The S&P 500 is off 0.5% this week, while the NASDAQ is off 0.7%, and the Dow is down 0.9%. Both the broad-market S&P 500 and the NASDAQ are on pace for their fourth losing week.
Stocks like Megacap Tech leader Meta and weight-loss drug darling Eli Lilly have led the comeback from the lows. Meta was up 5% on Friday, while Eli Lilly surged 11%.
Prices for the 10-year Treasury gained ground lowering yields to 3.94% from Thursday’s 3.99%. Treasury prices and yields move in opposite directions.
Oil prices regrouped 50 cents at $76.64 U.S. a barrel.
Gold prices took on $7.60 to $2,470.90.