The damage will be felt on stock markets throughout the weekend in North America, as resource stocks tumbled Friday.
The TSX Composite Index cratered 803.42 points, or 2.3%, to conclude Friday to 34,413.64. On the week, the index shed 355 points, or 1%.
The Canadian dollar lost 0.2 cents to 71.70 cents U.S.
Materials took the brunt of the negativity Friday, with Ero Copper down $6.85, or 16.1%, to $35.81, while Hudbay Minerals withering $6.16, or 14.7%, to $35.75.
Gold also took some blows, as Novagold dipped $1.21, or 10.6%, to $10.18, while Seabridge Gold shed $6.37, or 13.5%, to $40.94.
In the tech field, Celestica sank $72.44, or 12.3%, to $518.57, while Firan Technology handed over $2.77, or 11%, to $22.75.
Health-care stocks tried to buoy things, as Curaleaf jumped $11.14, or a staggering 219.7%, to $16.21.
Consumer staples gained, with Metro surging $3.88, or 4.4%, to $92.64, while George Weston gained $3.78, or 3.8%, to $103.47.
Among real-estate issues, units of Canadian Apartment REIT picking up 78 cents, or 2.3%, to $35.01, while Granite REIT units advanced $1.52, or 1.6%, to $96.96.
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 64.15 points, or 6.3%, to 956.51. On the week, the index was down 54.9 points, or 5.4%.
Seven of the 12 TSX subgroups were down, as materials slid 8.2%, gold was off 7.8%, and information technology retreated 4.5%.
The five gainers were led by health-care, climbing 3.7%, consumer staples, up 2.8%, and real-estate, inching up 0.9%.
ON WALLSTREET
U.S. equities tumbled on Friday because of a violent selloff for chip stocks. The tech-heavy NASDAQ Composite Index lost 4% for its biggest decline since the tariff turmoil of early 2025.
The Dow Jones Industrials loosened 695.15 points, or 1.4%, to 50,866.78.
The S&P 500 staggered 200.57 points, or 2.7%, to 7,383.74.
The tech-heavy NASDAQ shed 1,450.21 points, or 4.8%, to 25,709.73.
Shares in Broadcom were more than 7% lower after tumbling more than 12% on Thursday. Marvell Technology and Micron Technology dropped 12% and 11%, respectively, Friday. Intel dropped more than 9%, while Advanced Micro Devices fell 10%.
Micron, the memory chipmaker that’s been the latest star of the bull market, was down 11% after dropping 8% on Thursday.
Investors rotated into health-care and staples stocks on Friday as they dumped tech shares. Colgate-Palmolive and Coca-Cola both were up more than 3%. Johnson & Johnson was up 2%.
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 4.54% from Thursday’s 4.78%. Treasury prices and yields move in opposite directions.
Oil prices fell $2.76 to $90.28 U.S. a barrel.
Gold prices toppled $161.40 to $4,343.60 U.S. an ounce.
