Profit-Taking Marks Friday

Canada's main stock index posted broad-based declines on Friday as the prospect of a slower pace of Federal Reserve interest rate cuts spurred investors to take some profits on gains made since the U.S. presidential election.

The TSX was in the minus column 158.99 points to close Friday at 24,890.68. On the week, though, the index gained 131 points, or 0.5%.

The Canadian dollar dipped 0.14 cents to 70.98 cents U.S.

In corporate news, space company MDA Space reported its third-quarter results and forecast annual revenue above estimates. MDA shares shed 88 cents, or 3.4%, to $24.97.

Health-care stocks took a pounding, as Tilray lost seven cents, or 3.6%, to $1.90, while Bausch Health Companies staggered 35 cents, or 2.8%, to $11.98.

Energy stocks fell as well, as Advantage Oil slipped 44 cents, or 4.9%, to $8.61, while Canadian Natural Resources gave up $1.24, or 2.6%, to $46.61.

One bright spot was a modest gain for the shares of BCE… seven cents to $37.81, BCE pays a dividend in excess of 10%, but the shares have been in a downward spiral since the company's announcement of a U.S. acquisition earlier this month.

In matters economic, Statistics Canada said manufacturing sales declined 0.5% in September, mainly on lower sales of petroleum and coal products as well as lower production of aerospace products and parts. Wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) rose 0.8% to $82.3 billion in September.

New motor vehicle sales totaled 168,500 in September, slightly better than August's 166,000.

The Canadian Real Estate Association said MLS listings increased 7.7% on a month-over-month basis in October, reaching its highest level since April 2022.

ON BAYSTREET

The TSX Venture Exchange picked up 0.71 points on the day to 591.22, for a loss on the week of 12.7 points, or 2.1%.

All but two 12 subgroups lost ground, weighed most by health-care, down 1.3%, energy, off 1.1%, and industrials, sliding 0.9%

Only utilities, picking up 0.1%, and consumer discretionary stocks, ahead 0.1%, resisted the negative tide.

ON WALLSTREET

Stocks tumbled on Friday as the post-election rally fizzled and investors fretted over the path of interest rates.

The Dow Jones Industrials fell 305.87 points to 43,444.99.

The S&P 500 dived 78.55 points, or 1.3%, to 5,870.62.

The NASDAQ Composite staggered 427.53 points, or 2.2%, to 18,680.13.

The S&P 500 posted a weekly loss of 2.1%, while the NASDAQ Composite slid about 3.2%. The 30-stock Dow fell 1.2% in the period.

Declines in pharmaceutical stocks weighed on the Dow and the S&P 500, with Amgen down about 4.2% and Moderna off by 7.3%.

President-elect Donald Trump said on Thursday that he planned to nominate vaccine skeptic Robert F. Kennedy Jr. to lead the U.S. Department of Health and Human Services.

October retail sales data on Friday showed a 0.4% increase, slightly better than the 0.3% forecast from economists polled by Dow Jones. That finding follows an October consumer inflation report that was in line with economists’ projections.

Prices for the 10-year Treasury regained strength, lowering yields to 4.44% from Thursday’s 4.45%. Treasury prices and yields move in opposite directions.

Oil prices sagged $1.66 to $67.04 U.S. a barrel.

Prices for gold eased $5.90 an ounce to $2,567,99 U.S.