Canada's main stock index rose on Friday, led by consumer discretionary and mining shares, after a softer-than-expected U.S. inflation data strengthened hopes for a Fed rate cut.
The TSX recovered from Thursday’s plunge, went airborne 542.37 points, or 1.7% to move into Friday afternoon at 33,007.65. On the week so far, the index has gained 536 points, or 1.65%.
The Canadian dollar faded 0.03 cents at 73.43 cents U.S.
Agnico Eagle reported quarterly profit above estimates on higher gold prices. Air Canada forecast 2026 core profit marginally above estimates. Agnico shares leaped $13.57, or 4.9%, to $293.19, while those in the “Maple Leaf airline” took flight 59 cents, or 3.5%, to $20.21.
Magna International soared $14.17, or 18%, to $92.80, after a strong annual profit forecast.
Colliers slumped $10.89, 6.8%, to $149.73, after missing quarterly revenue estimates.
Markets will be shuttered Monday, in Canada, for Family Day, in the U.S., for Presidents’ Day.
ON BAYSTREET
The TSX Venture Exchange restocked 13.3 points, or 1.4%, to 996.51 but remained down for the week by 19.7 points, or 1.9%.
All but one of the 12 TSX subgroups were in the green midday, headed by gold’s 5.5% gain, materials’ 4.5% improvement and consumer discretionary, picking up 4.3%.
Only telecoms missed the party, retreating 0.8%.
ON WALLSTREET
The S&P 500 rose on Friday after a key consumer inflation report came in slightly lighter than expected, but stocks were still on pace for a losing week.
The Dow Jones Industrial Average rebounded 203.91 points to 49,602.98.
The broader index surged 40.42 points to 6,873.18.
The NASDAQ recovered 119.72 points to 22,716.87.
Though stocks moved higher Friday, the three major averages are on track for weekly losses. The S&P 500 and 30-stock Dow are both off 1%, and the tech-heavy NASDAQ is set for a nearly 2% slide in the period.
AI disruption fears rattled the market this week, spreading beyond the recent pressure seen in software and into notable areas such as the real estate, trucking, and financial services. Financial stocks Charles Schwab stooped 10% and Morgan Stanley has fallen 5% this week, respectively, while software stock Workday is down 9% in the period. Shares of commercial real estate firm CBRE have lost 15% week to date.
Those fears widened to the media industry as well, hitting media stocks such as Walt Disney and Netflix. Disney shares have declined 3% on the week, while Netflix shares have dropped 6%.
The Bureau of Labor Statistics reported that the consumer price index — which measures the costs for goods and services in the U.S. economy — rose 0.2% in January, reflecting a gain of 2.4% on an annualized basis. The inflation gauge was expected to show a 0.3% increase on a month-over-month basis and a 2.5% advance from a year earlier, according to economists polled by Dow Jones.
When excluding volatile food and energy prices, core CPI came in line with expectations at 0.3% on the month and 2.5% year over year.
Prices for the 10-year Treasury gained, lowering yields to 4.06% from Thursday’s 4.10%. Treasury prices and yields move in opposite directions.
Oil prices slid 13 cents to $62.71 U.S. a barrel.
Gold prices tumbled $85.30 to $5,033.70 U.S. an ounce.
