Canada's main stock index fell on Friday as major mining stocks tracked weakness in metal prices on prospects of a tighter monetary policy, while gains in the energy sector helped limit losses.
The S&P/TSX Composite made progress, but stopped short 31.21 points of breakeven to pause for lunch Friday at 20,512.90.
The Canadian dollar shed 0.19 cents at 78.26 cents U.S.
Resource stocks proved the biggest anchor Friday morning, as Capstone Mining scaled back in price 24 cents, or 4.2%, to $5.49, while Ero Copper docked 71 cents, or 4.5%, to $15.19.
In gold stocks, Barrick Gold forked over 48 cents, or 2%, to $23.35, while B2Gold lost eight cents, or 1.8%, to $4.35.
Cannabis led the parade of winners, as Canopy Growth picked up 46 cents, or 5.3%, to $9.19, while Cronos Group advanced 20 cents, or 4.8%, to $4.39.
In tech issues, Converge Technology jumped 58 cents, or 6.6%, to $9.44, while Celestica gained 74 cents, or 5%, to $15.53.
ON BAYSTREET
The TSX Venture Exchange docked 1.32 points to 828.90.
Seven of the 12 TSX subgroups were higher into the afternoon Friday, with information technology better by 2.7%, health-care, up 2.1%, and energy surging 0.5%.
The five laggards were weighed by materials, sliding 1.6%, gold down 1.4%, and industrials weaker by 1%.
ON WALLSTREET
The market is set to wrap up a roller-coaster week with the S&P 500 headed for its worst month since March 2020.
The Dow Jones Industrials stepped out of the shadows to gain points as morning became afternoon, gaining 85.85 points to 34,246.63.
The S&P 500 recovered 37.1 points to 4,363.61.
The NASDAQ gained 213.2 points, or 1.6%, to 13,565.98, buoyed by Apple’s post-earnings gain.
Shares of Apple rose more than 5% after stellar quarterly results, providing some stability to the stock averages. The company reported its largest single quarter in terms of revenue ever even amid supply challenges and the lingering effects of the pandemic. Visa also added more than 8% after a strong earnings report.
On downside, Chevron shares fell more than 4% after missing Wall Street earnings expectations. Dow component Caterpillar dipped roughly 6% even after it topped profit estimates.
The major indexes have experienced outsized swings each day this week — including the Dow making up a more than 1,000-point intraday deficit to close higher on Monday for the first time ever.
The Dow and S&P 500 are both headed for four consecutive losing weeks. The NASDAQ has dropped 3% this week, on track for its fifth straight negative week.
December’s core personal consumption expenditures price index, the Fed’s preferred inflation gauge, jumped 4.9% from the year prior, the Commerce Department reported Friday.
The PCE jump is higher than economists expected and the hottest reading since September 1983. Along with the inflation numbers, personal income rose 0.3% for the month, a touch lower than the 0.4% estimate.
Prices for 10-year Treasurys were higher, weighing yields to 1.79% from Thursday’s 1.81%. Treasury prices and yields move in opposite directions.
Oil prices hiked $1.44 to $88.05 U.S. a barrel.
Gold prices retreated $10.30 to $1,784.70 U.S. an ounce.
