Canada's main stock index remained solidly in the red on Friday, weighed down by weaker mining shares as gold prices fell, while Telus dropped after the telecom firm cut its full-year service revenue outlook.
The TSX weakened 158.49 points to move into noon EDT at 35,347.35.
The index is down so far on the week 21.75 points, or 0.6%.
The Canadian dollar retreated 0.08 cents at 71.29 cents U.S.
Heavyweight miners were among the worst hit. Eldorado Gold ditched $3.35, or 7.3%, to $42.54, Southern Cross Gold Consolidated flopped 74 cents, or 7.6%, to $8.99, and DPM Metals dipped $2.27, or 4.3%, to $50.03.
Telus Corp backpedaled $1.78, or 11.8%, to $13.30, leading losses on the benchmark index after it reported a second-quarter loss and reset its quarterly dividend, cutting annualized payout by 55% to focus on debt reduction.
Magna International raised its annual profit forecast following a second-quarter earnings beat. Shares in Magna dropped $3.77, or 4%, to $94.01.
TMX Group and Pembina Pipeline both posted a rise in second-quarter net income late on Thursday.
TMX shares increased 88 cents, or 1.7%, to $52.60, while Pembina shares dunked $1.70, or 2.4%, to $68.87.
Alimentation Couche-Tard said on Friday it plans to buy Poland's Zabka for about $8.7 billion. The deal is expected to close by December 2026. Couche-Tard shares gathered $2.62, or 2.9%, to $92.40.
In company news, Imperial Oil forked over 34 cents, to $180.50, while Enbridge fell 82 cents, or 1.1%, to $76.85, and TC Energy fell 75 cents to $94.56. All three beat second-quarter profit estimates.
On the economic front, Statistics Canada reports gross domestic product expanded 0.3% in May, as both goods-producing and services-producing industries expanded in the month.
ON BAYSTREET
The TSX Venture Exchange dropped 6.77 points to 868.73, making for a loss on the week of 0.09 points.
Seven of the 12 TSX subgroups lost ground by noon, weighed most by telecoms, faltering 3.5%, gold, down 3.1%, and materials, off 2.5%.
The five gainers were led by consumer staples, ahead 1.2%, health-care, up 1%, and energy, acquiring 0.7%
ON WALLSTREET
U.S. stocks whipsawed on Friday, eventually resuming their earlier rally as bond yields jumped and investors digested earnings from hyperscalers, including Apple.
The Dow Jones Industrials gained 97.43 points mid-Friday to 51,305.49.
The S&P 500 waned 0.72 points to 7,436.91.
The NASDAQ Composite dipped 14.84 points to 25,107.33.
Despite the week’s sharp swings, the major averages remained on track to finish higher. The Dow was up about 0.9% for the week, along with the S&P 500. The NASDAQ Composite was ahead about 1.2%.
The moves come as investors lost faith in Fed Chairman Kevin Warsh’s commitment to curb inflation, leading yields to jump.
While Warsh indicated he is committed to the inflation fight, he did say this week, “We’ve got no magic wand.” On top of that, the Fed voted to keep rates steady.
Apple was more than 9% lower. The firm’s fiscal third-quarter revenue topped expectations, helped by a 22% jump in iPhone sales, though a shortfall in service revenue pushed its stock lower.
Amazon, in contrast, surged 11% after reporting better-than-expected second-quarter revenue. The results, which were aided by the strength of its cloud-computing business, reinforced investor confidence in artificial intelligence spending.
Prices for the 10-year Treasury sank, raising yields to 4.74% from Thursday’s 4.67%. Treasury prices and yields move in opposite directions.
Oil prices jumped $1.41 to $85.00 U.S. a barrel.
Gold prices slid $62.50 to $4,088.30 U.S. an ounce.
