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TSX Plummets on Day, Week

Nvidia Declines Yet Again

Equities in Canada’s largest market ended the week on a down note, as resource stocks weighed Friday.

The TSX Composite Index dropped 26.49 points to close Friday and the week at 21,554.86, for a decline of 84 points, or 0.39%.

The Canadian dollar weakened 0.06 cents to 73.02 cents U.S.

Energy stocks proved the chief culprit, as PrairieSky Royalty stumbled $1.26, or 4.6%, to $25.90, while Enerplus went south 93 cents, or 3.4%, to $26.78.

Among materials, Ivanhoe Mines dropped 74 cents, or 4.1%, to $17.24, while First Majestic Silver peeled off 37 cents, or 4.2%, to $8.38.

Gold dulled in price as well, as Iamgold handed back 18 cents, or 3.4%, to $5.07, while Equinox Gold jettisoned 25 cents, or 3.3%. to $7.34.

Tech stocks, however, tried to restore the balance, with Dye & Durham gaining 55 cents, or 4.9%, to $11.79, while Lightspeed Commerce jumped 49 cents, or 2.7%, to $18.73.

Among consumer staples, Alimentation Couche-Tard grabbed 75 cents, or 2.7%, to $18.73, while Metro added 37 cents to $73.85.

On the economic docket, retail trade in this country increased 0.7% to $66.8 billion in April. The Industrial Product Price Index was unchanged month over month in May and rose 1.8% on a yearly basis. The Raw Materials Price Index declined 1.0% month over month in May and increased 7.6% year over year.

Housing prices rose 0.2% in April, exactly the same rate of increase as April 2023.


The TSX Venture Exchange handed back 1.72 points, or 1.2%, to 570.71, for a dip on the week of 3.4 points, or 0.59%.

Eight of the 12 TSX subgroups ended the day in the red, as energy lost 1.5%, while materials slid 1.4%, and gold lost 1.1%.

The four gainers were led by information technology, up 1%, consumer staples, taking on 0.5%, and consumer discretionary stocks, ahead 0.3%.


The Dow Jones Industrials inched up 15.57 points to 39,150.33.

The much-broader index shed 8.55 points to 5,464.62.

The NASDAQ dipped 32.23 points to 17,689.36.

The S&P 500 notched an intraday record of 5,505.53 earlier in the week, and it registered a 0.6% weekly advance. The NASDAQ finished the week flat, while the Dow rose 1.45% for its best weekly performance since May.
market, and that’s really been a key driver of the market action as of late.”

Nvidia shares declined 3.2%. On Thursday, the stock hit an all-time high before closing more than 3% lower. Nonetheless, the chipmaker is still up 155% year to date, and it briefly beat Microsoft as the most valuable public company on Tuesday.

Trading on Friday could also be more volatile than normal due to triple witching, the expiration of stock options, stock index options and stock index futures options.

Prices for the 10-year Treasury slipped a bit, raising yields back to Thursday’s 4.26%. Treasury prices and yields move in opposite directions.

Oil prices fell 66 cents at $80.63 U.S. a barrel.

Gold prices lost $33.70 to $2,335.30