TSX Firmly in Red at Noon

·3 min read

Equities in Canada’s largest market were on the down side looking up on Friday, as weaker crude oil prices weighed on energy stocks, putting the benchmark index on course for its biggest weekly drop since early December.

The S&P/TSX Composite came off its lows of the morning, but still trailed Thursday’s close by 178.91 points to 20,879.27, approaching noon EST on Friday.

The Canadian dollar remained negative 0.15 cents at 79.83 cents U.S.

Among stricken energy stocks, Birchcliff Energy trundled lower 34 cents, or 5.6%, to $5.75, while Vermilion Energy lost 69 cents, or 3.6%, to $18.33.

In real-estate, Crombie REIT gave up 52 cents, or 2.9%, to $17.48, while Boardwalk REIT jettisoned $1.27, or 2.3%, to $54.33.

In health-care stocks, Bausch Health Companies acquired 70 cents, or 2.3%, to $31.88, while Tilray squeezed up nine cents, or 1.2%, to $7.51.

Utilities were also positive, as Brookfield Infrastructure Partners gained 94 cents, or 1.2%, to $76.49, while Fortis gathered 30 cents to $58.63.

On the economic calendar, Statistics Canada reported retail sales gained 0.7% to $58.1 billion in November. The increase was led by higher sales at gasoline stations, building material and garden equipment and supplies dealers and food and beverage stores.

The agency’s new housing price index grew 0.2% its slowest pace since June 2020. Nationally, new home prices rose 11.6% year over year in December.

Elsewhere, Alberta Premier Jason Kenney on Thursday called on the federal government to pause a COVID-19 vaccine mandate for cross-border truckers that companies say will disrupt the supply chain and fuel inflation.

ON BAYSTREET

The TSX Venture Exchange plunged 18.17 points, or 2%, to 872.18.

All but three of the 12 TSX subgroups were lower, with energy falling 1.8%, real-estate and materials each down 1%.

The three gainers were health-care, up 0.6%, utilities eking up 0.1%, and consumer discretionary, surpassing breakeven by only 0.02%.

ON WALLSTREET

Read:

The NASDAQ was on pace for its worst week since 2020 on Friday as sharp losses in streaming giant Netflix dragged the technology-focused index deeper into correction territory.

The Dow Jones Industrials swooned 97.75 points to 34,617.64.

The S&P 500 sank 24.75 points to 4,457.98.

The NASDAQ suffered 114.16 points to 14,039.86.

The NASDAQ is down 5.9% since Monday, track for its worst week since October 2020. The Dow fell about 70 points. The S&P 500 was down 0.6%. Both the Dow and S&P 500 are on track for a third straight week of losses.

Netflix’s disappointing quarterly report is the latest setback for technology investors. Shares of the streaming giant tumbled 21% on Friday after the company’s fourth-quarter earnings report showed a slowdown in subscriber growth. Its competitors’ shares also declined, with Dow component Disney, which operates the Disney+ streaming service, off 5%.

Netflix is the first major tech stock to report earnings this season, with Apple and Tesla slated to post earnings next week. Tesla lost nearly 4% on Friday. Other tech names like Amazon dropped 3.6% while and Meta Platforms gave back 2%,

Meanwhile, Peloton shares rebounded 10% on Friday. The maker of interactive fitness bicycles and treadmills plunged 23.9% during regular trading on Thursday after reports that the company is temporarily halting production of its fitness products.

Prices for 10-year Treasurys leaped, lowering yields to 1.76% from Thursday’s 1.82%. Treasury prices and yields move in opposite directions.

Oil prices ditched 67 cents to $84.88 U.S. a barrel.

Gold prices retreated $9.20 to $1,833.40 U.S. an ounce.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting