Canada's main stock index opened sharply lower on Friday, tracking losses ?on Wall ?Street, as stronger-than-expected U.S. and ?domestic payrolls ?data fueled expectations of ?a ?tighter monetary policy.
The TSX Composite Index sank 430.8 points, or 1.2%, to begin Friday’s session to 34,786.26. Even so, the index remained buoyant 17 points on the week.
The Canadian dollar was static at 71.90 cents U.S.
Iran-backed Hezbollah militia rejected a new Lebanon ceasefire on ?Thursday while Israel said it would not withdraw troops, undermining ?U.S. President Donald Trump's efforts to halt fighting there and forge peace with Tehran.
On the economic beat, Statistics Canada reported the economy added 88,000 jobs in May and the unemployment rate fell 0.3 percentage points to 6.6%.
The IVEY School presents its Purchasing Managers’ Index rose to 58.2 in May, from 57.7 in April, and 48.9 in May 2025.
ON BAYSTREET
The TSX Venture Exchange swooned 38.13 points, or 3.7%, to 982.63. On the week so far, the index is down nearly 29 points, or 2.9%.
The 12 TSX subgroups were evenly split, with gold dulling 5%, materials losing 4.8% of their strength, and information technology, off 3.2%.
The half-dozen gainers were led by health-care, haler 1.4%, consumer staples, up 1.2%, and telecoms, moving upward 0.4%.
ON WALLSTREET
The S&P 500 and NASDAQ Composite fell on Friday, bogged down by a selloff in key chip stocks and rising Treasury yields following a much stronger-than-expected jobs report for May.
The Dow Jones Industrials loosened 142.3 points to 51,419.63.
The much broader staggered 80.59 points, or 1.1%, to 7,503.72.
The tech-heavy NASDAQ shed 500.67 points, or 1.9%, to 26,330.29.
The S&P 500 is down less than 1% on the week, on track for its first negative week in 10. The Dow is poised to end the week up less than 1%, while the NASDAQ is heading for a roughly 2% loss.
Shares in Broadcom were about 3% lower after tumbling more than 12% on Thursday. Marvell Technology dropped more than 8%, while Micron Technology was down 6%.
The moves came after the Bureau of Labor Statistics reported Friday that nonfarm payrolls increased by 172,000 in May, well above the 80,000 jobs that economists polled by Dow Jones had expected to be added. The unemployment rate also held steady from April at 4.3%, in line with expectations.
Prices for the 10-year Treasury sank sharply, raising yields to 4.53% from Thursday’s 4.78%. Treasury prices and yields move in opposite directions.
Oil prices fell $1.85 to $91.19 U.S. a barrel.
Gold prices toppled $111.30 to $4,393.70 U.S. an ounce.
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