Canada's main stock index was lower as morning became afternoon on Friday and was set for a weekly decline. Heavyweight energy stocks fell amid uncertain prospects ?of a resumption of U.S.-Iran negotiations.
The TSX Composite Index stayed in the minus column 75.17 points to move into noon hour EDT at 33,837.76.
The Canadian dollar restrengthened 0.07 cents at 73.07 cents U.S.
The TSX was on track for declines this week, its first in four, with oil prices over $100 a barrel as little progress on the conflict front dampened investor appetite. The main index has jettisoned 508 points, or 1.5%, since last Friday.
Israel and Lebanon extended their ceasefire for three weeks, while U.S. President Donald Trump said he was prepared to wait for "the best deal" to end his war with Iran.
A majority of economists polled ?by Reuters reportedly expect the Bank of Canada to remain on hold through the year, in contrast to LSEG ?data that shows markets pricing in a rate hike by end-2026.
The BoC might have to reassess its plans to hold if high energy prices persist into the second and third ?quarters
Sun Life Financial gained $1.33, or 1.4%, to $98.20, after the National Bank of Canada upgraded the stock to "outperform."
In the economic world, Statistics Canada says retail sales increased 0.7% to $72.1 billion in February. Sales were up in seven of nine subsectors, led by increases at motor vehicle and parts dealers.
ON BAYSTREET
The TSX Venture Exchange docked 4.7 points to 1,015.53, for a loss on the week so far of 39 points, or 3.7%.
Eight of the 12 TSX subgroups were still in the losing territory. with energy stocks trailing 1.2%, while telecom letting go of 0.8%, and information technology off 0.6%.
The four gainers were led by health-care, haler 2.8%, gold, brighter 1.5%, and consumer discretionary stocks, nicking ahead 0.2%.
ON WALLSTREET
The S&P 500 rose Friday after investors were given a hopeful sign that peace talks between the U.S. and Iran would soon take place in Pakistan.
The Dow Jones Industrial Average skidded 182.95 points to 49,127.37.
The much broader index hiked 31.76 points to 7,140.16.
The NASDAQ revived 259.34 points, or 1.1%, to 24,697.84.
For the three major averages, however, the week is shaping up to be mixed. The S&P 500 is on track to end the period up 0.2%, while the Dow is tracking for a 0.6% decline. The NASDAQ has risen 1% this week.
The Middle East conflict has evolved into a naval standoff over the Strait of Hormuz as the U.S. and Iran have seized commercial ships. U.S. President Trump said in a Truth Social post on Thursday that he had ordered the U.S. Navy to “shoot and kill any boat” that is laying mines in the strait.
Given Thursday’s reversal from all-time highs for the S&P 500 and NASDAQ, headlines coming from the Middle East still can sway the market, even as traders attempt to look past the conflict and focus on corporate earnings reports.
The move higher in S&P 500 on Friday was supported by Intel shares, which soared $15.41, or 23.2% to $82.25. The chipmaker posted first-quarter earnings that beat Wall Street’s expectations and shared an upbeat forecast for its current quarter.
That adds to the rally semiconductor stocks have seen this week.
Prices for the 10-year Treasury turned lower, restoring yields to Thursday’s 4.32%. Treasury prices and yields move in opposite directions.
Oil prices lost 51 cents to $95.34 U.S. a barrel.
Gold prices restored $16.40 to $4,740.40 U.S. an ounce.
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