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Inflation Fears Weigh on N. American Markets
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.
