Equities in Canada’s largest centre went for a slide Friday, as resource issues bore much of the brunt of investor indifference.
The TSX tumbled 280.33 points to 36,663.92. On the week, however, the index hung onto gains of 43.69 points, or 0.12%.
The Canadian dollar subsided 0.29 cents to 71.91 cents U.S.
Consumer staples affected by a four-cent loss in Alimentation Couche-Tard to $83.36. The firm said on Wednesday it was launching a voluntary tender offer for all shares of Polish convenience store chain Zabka at 32 zlotys each.
Gold weighed most on this downward progress, as Eldorado Gold dripped $3.16, or 5.7%, to $63.44, while Torex Gold spilled $3.80, or 5.2%, to $68.73.
In materials, AbraSilver gave up a dollar, or 6%, to $15.95, while Trekor Metals slid 69 cents, or 5.1%, to $12.75.
Energy suffered, too, as Spartan Delta fell 56 cents, or 4.1%, to 2.9%, to $13.60.
Consumer discretionary stocks tried to cushion the fall, as Canadian Tire gained $1.81, or 1%, to $190.32, while Magna International cleared breakeven 73 cents to $91.77.
In financial concerns, Great-West Lifeco climbed $1.15, or 1.3%, to $90.16, while Trisura Group gained 82 cents, or 2%, to $42.18.
In the real-estate sector, Boardwalk REIT captured 64 cents, or 1%, to $64.19, while FirstService picked up $1.66 to $197.12.
Separately, U.S. President Donald Trump renamed Lake Ontario "Lake America" on Thursday, deepening a dispute with Canada that has already spawned tariffs on tens of billions of dollars in cross-border trade.
Meanwhile, Canada's ambassador to Washington, Mark Wiseman, said on Thursday that the nation cannot accept a trade deal with the U.S. unless it ensures the survival of a robust Canadian auto assembly and parts industry.
Traders raised expectations for a Fed rate hike in September after Warsh said recent inflation data did not signal a shift in trend, adding that the Fed still had "more work to do" before it could be confident inflation was moving toward its 2% target.
The Bank of Canada is widely expected to keep interest rates unchanged in September, with traders pricing in a 45.9% chance of a rate hike in December,
On the economic front, Statistics Canada reported gross domestic product increased 0.8% in the second quarter of 2026, led by higher exports, household spending and business capital investment.
ON BAYSTREET
The TSX Venture Exchange swooned 14.93 points, or 1.5%, to 989.16. On the week, the index managed to salvage 0.79 points worth of gains or 0.8%.
All but three of the 12 TSX subgroups were in minus country, with gold plummeting 3.2%, while materials chucked 2.7%, and energy slumped 1.1%.
The three gainers were consumer discretionary, better by 0.4%, financials, nicking higher 0.1%, and real-estate issues up 0.04%.
ON WALLSTREET
The S&P 500 fell on Friday, but still headed for a winning week, after Federal Reserve Chairman Kevin Warsh conveyed some worry over current inflation trends.
The Dow Jones Industrials dipped 9.45 points to 53,559.99.
The S&P 500 slumped 19.23 points to 7,711.76.
The NASDAQ Composite weakened 138.93 points to 26,402.42.
With Friday’s gains, the three major indexes were on track to end the week higher. The Dow is heading for a gain of nearly 1%. If the Dow ends positive, it would mark the blue-chip index’s first winning week in three. The S&P 500 and NASDAQ are on pace for an advance of roughly 1% and almost 2%, respectively.
In his remarks at the central bank’s annual symposium in Jackson Hole, Wyoming, Warsh said, “While this summer’s PCE and CPI readings were better than expected, they do not tell me that underlying trends have meaningfully improved.”
He also said, “We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do. That’s our job . . . our mandate . . . and our charge to keep.”
Investors also digested more earnings results. Gap shares jumped 13% despite a mixed quarterly report as the retail announced a new chief executive for the struggling Old Navy brand.
Marvell Technology slid about 10% after issuing current-quarter guidance for non-GAAP gross margin that disappointed the Street.
Prices for the 10-year Treasury were sharply lower, raising yields to 4.73% from Thursday’s 4.67%. Treasury prices and yields move in opposite directions.
Oil prices handed back 12 cents to $83.41 U.S. a barrel.
Gold prices faltered $148.00 to $4,516 U.S. an ounce.
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