Canada's resources-heavy stock index were in minus territory midday Friday, led by a jump in energy stocks, while investors braced for interest rate decisions from major central banks next week.
The TSX deleted 40.67 points to pause for lunch at 20,659.83. Even so, the index is on track for its fourth straight weekly gain.
The Canadian dollar was unchanged cents at 75.07 cents U.S.
National Bank of Canada raised TransAlta to "outperform" from "sector perform". Shares in the electricity generator company took on eight cents to $12.80.
ON BAYSTREET
The TSX Venture Exchange edged higher 0.46 points to 621.60.
Eight of the 12 subgroups were lower, with gold sliding 1.4%, materials dipping 1%, and utilities 0.6%.
The four gainers were led by energy, advancing 0.8%, information technology, gathering 0.7%, and health-care, up 0.4%.
ON WALLSTREET
The S&P 500 rose slightly Friday, but all the major averages headed for a winning week fueled by better-than-expected economic growth and a pop in market-darling Tesla.
The Dow Jones Industrials came off its highs of the morning, but still led Thursday’s close by 3.86 points to 33,953.23.
The S&P 500 picked up 8.13 points to 4,068.56.
The NASDAQ Composite moved higher 63.15 points to 11,575.56.
Earnings season pressed on, with strong guidance boosting American Express 11% despite a top-and bottom-line miss. Chips stocks rose even as Intel slumped 8% on a dismal earnings report that missed on the top and bottom lines.
All the major averages are positive for the week and month. The Dow has added 1.4% and the S&P 500 has gained 1.4% and 2% this week. The NASDAQ is up 3.3% on the week and is set to notch its best monthly performance since July. The NASDAQ has gained the last four weeks.
Tesla rose 6% Friday, building on a more than 27% weekly gain after reporting record revenue.
So far this year, markets have bucked 2022's selloff trend. The Dow is up 2.2%, while the S&P has gained 5.6%. The NASDAQ has surged more than 10%.
Stocks are coming off a positive session. Investors cheered a better-than-expected fourth quarter gross domestic product report that stoked hopes that the U.S. economy can experience a soft landing as the central bank hikes rates to tame inflation.
Prices for the 10-year Treasury fell, raising yields to 3.52% from Thursday’s 3.47%. Treasury prices and yields move in opposite directions.
Oil prices retreated 84 cents to $80.17 U.S. a barrel.
Gold prices eked higher $1.20 to $1,931.20 U.S. an ounce.
