Equities in Canada’s largest centre followed their American cousins downward Friday, as disappointing jobs numbers south of the line sparked fears of greater inflation.
The TSX Composite Index hurtled lower 495.58 points, or 2.2%, to end Friday and the week at 22,227.63. The index was set to log its worst week since September 2023. On the week, the index tumbled 587 points, or 2.6%.
The Canadian dollar forged ahead 0.08 cents at 72.12 cents U.S.
Techs endured the most wreckage Friday, with Bitfarms losing 42 cents, or 12.2%, to $3.02, while Lightspeed Commerce fell $1.88, or 10.3%, to $16.40.
In energy issues, Baytex Energy plunged 40 cents, or 8.2%, to $4.47, while Precision Drilling faded $7.99, or 7.7%, to $95.84.
Health-care concerns also suffered Bausch Health Companies backpedaled 69 cents, or 8.2%, to $7.78, while Tilray lost 18 cents, or 6.5%, to $2.59.
Communications stocks tried to level things off, with scant success, BCE added 49 cents, or 1%, to $47.56, while Telus gained 24 cents, or 1.1%, to $22.92.
Utilities were also in the green, with Fortis Inc. tacking on $1.07, or 1.8%, to $58.97, while Hydro One gathered 68 cents, or 1.6%, to $43.73.
Markets in Toronto will be closed Monday for Civic Day.
ON BAYSTREET
The TSX Venture Exchange tumbled 17.08 points, or 3%, to 555.56. On the week, the index fell 23.8, or 4.1%.
All but two of the 12 TSX subgroups were lower, weighed most by information technology, dropping 4.8%, energy, trailing 4.7%, and health-care, off 3.4%
The two gainers proved to be communications, up 0.8%, and utilities, ahead 0.2%.
ON WALLSTREET
Stocks fell sharply on Friday, as a much weaker-than-anticipated jobs report for July ignited worries that the economy could be falling into a recession.
The Dow Jones Industrial index jettisoned 610.71 points, or 1.5%, to 39,737.26.
The much-broader index slid 100.12 points, or 1.8%, to 5,346,56.
The NASDAQ hesitated 417.98 points, or 2.4%, to 16,776.16.
The NASDAQ is the first of the three major benchmarks to enter correction territory — down more than 10% from its record high. The S&P 500 sank 5.7% off its all-time high and the Dow was 3.9% its peak.
Friday’s stock pullback would have added to a steep selloff from the previous session. The Dow and S&P 500 each fell more than 1% on Thursday, while the NASDAQ slid 2.3%. Those declines sent ripples around the world, with the Japanese Nikkei losing 5.8% overnight.
July job growth in the U.S. slowed more than expected, while the employment rate rose to the highest since October 2021. Non-farm payrolls grew by just 114,000 last month, the Labor Department reported, a slowing from 179,000 jobs added in June and below the 185,000 expected by economists polled by Dow Jones. The unemployment rate increased to 4.3%.
Prices for the 10-year Treasury popped, with yields falling to 3.80% from Thursday’s 3.97%. Treasury prices and yields move in opposite directions.
Oil prices slumped $2.33 at $73.98 U.S. a barrel.
Gold prices moved lower $1.90 to $2,478.90.
