Canada's main stock index faded on Friday as investors welcomed favourable U.S. inflation and domestic GDP datasets, while major losses in energy sector diluted overall gains.
The TSX Composite Index sank 60.14 points midday Friday at 23,167.35. On the week, the index ditched 118 points, or 0.5%.
The Canadian dollar tailed off 0.05 cents at 74.09 cents U.S.
Markets on both sides of the border will be closed Monday for Labour Day.
In corporate news, Pluribus Technologies reported a bigger second-quarter net loss, primarily due to an impairment charge taken against the goodwill of Social5, a social media marketing company it acquired in 2022. Still, the stock didn’t move from last night’s perch of 12 cents.
The banking sector benefitted from recent earnings reports from the major domestic lenders.
Among individual stocks, Laurentian Bank of Canada fell $1.22, or 4.5%, to $25.74 after the lender reported smaller third-quarter profit.
On the economic slate, Statistics Canada says gross domestic product increased 0.5% in the second quarter after rising 0.4% in the first quarter. On a per capita basis, GDP fell 0.1% in the second quarter, the fifth consecutive quarterly decline.
ON BAYSTREET
The TSX Venture Exchange reversed 1.2 points to 566.72. On the week, the index fell 11 points, or 1.96%.
Eight of the 12 TSX subgroups had dipped by noon hour EDT, with energy retreating 2.1%, gold dipping 0.7%, and materials fell 0.5%.
The four gainers were led by financials, up 0.4%, while health-care and communications each squeezed 0.3% higher.
ON WALLSTREET
Stocks climbed Friday as investors looked to end a volatile month of trading on a high note, while assessing crucial inflation data closely watched by the Federal Reserve.
The Dow Jones Industrials changed course and lost 90.24 points to pause for lunch Friday at 41,244.81.
The S&P 500 inched up 7.4 points to 5,599.36.
The NASDAQ gathered 51.47 points to 17,567.90.
As August’s trading winds down, the S&P 500 is on pace for a nearly 1.7% gain during the month, while the Dow is on track to add 1.3%. The NASDAQ Composite has lagged and was last unchanged on the month. The S&P 500 was on pace for its fourth straight winning month.
The personal consumption expenditures price index, the Federal Reserve’s preferred inflation gauge, rose 0.2% on a monthly basis and 2.5% from a year ago, coming in line with estimates from economists polled by Dow Jones. Excluding food and energy, it also rose 0.2%.
Prices for the 10-year Treasury gained slightly, lowering yields to 3.87% from Thursday’s 3.88%. Treasury prices and yields move in opposite directions.
Oil prices skidded two dollars to $73.91 U.S. a barrel.
Gold prices settled $23.00 to $2,537.30
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