Stocks Weaken Slightly by Closing Bell

Canada's resource-heavy stock index fell slightly by the close on Friday, weighed mostly by gold and energy issues. Investors also had to overcome a worldwide tech outage before markets were back on track.

The TSX Composite Index dipped 36.37 points to 22,690.39. Over a volatile week, the index gained 17.8 points, or 0.08%

The Canadian dollar swooned 0.14 cents to 72.85 cents U.S.

Of the losing subgroups, gold lurched lowest, as Seabridge Gold slid 51 cents, or 2.5%, to $19.86, while New Gold let go of seven cents, or 2.2%, to $3.06.

Energy was also in the red, with Mattr. Corp. handing back 66 cents, or 3.7%, to $17.37, while Precision Drilling sank $3.44, or 3.4%, to $98.18.

In consumer discretionary stocks, Magna International skidded $2.15, or 3.5%, to $59.97, while Sleep Country Holdings snoozed 74 cents, or 2.6%, to $27.28.

Consumer staples tried to raise investors’ moods, as George Weston acquired $4.61, or 2.2%, to $210.90, while Metro climbed $2.12, or 2.6%, to $82.80.

In health-care, Bausch Health Companies pointed higher 34 cents, or 3.4%, to $10.46, while Chartwell Retirement Residences picked up six cents to $13.12.

Tech concerns were in the green, too, with Bitfarms up 15 cents, or 4.1%, to $3.83, while Docebo increased in price 63 cents, or 1.2%, to $51.46.

On the economic beat, Statistics Canada says retail sales decreased 0.8% to $66.1 billion in May. Sales were down in eight of nine subsectors, led by decreases at food and beverage retailers.

The industrial product price index was unchanged in June and increased 2.8% year over year. The raw material price index declined 1.4% month over month in June and was up 7.5% year over year.

Markets are pricing in a 91% likelihood of a 25-basis points rate cut in the next policy meeting this coming Wednesday.
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ON BAYSTREET

The TSX Venture Exchange nicked ahead 1.24 points, to 580.09, but sustained a loss on the week of 13.61 points, or 2.29%.

Eight of the 12 TSX subgroups fell, weighed mostly by gold, down 0.9%, while energy settled 0.8%, and consumer discretionary dropped 0.5%.

The four gainers were led by consumer staples, up 1.1%, while information technology and health-care issues each climbed 0.4%.

ON WALLSTREET

Stocks collapsed Friday, as Wall Street wrapped up the week defined by a rotation out of this year’s megacap winners in favor of smaller names.

The Dow Jones Industrials cratered 377.59 points to 40,287.43

The S&P 500 index faded 39.5 points to 5,505.09.

The NASDAQ dipped 144.28 points to 17,726.94.

The S&P 500 has dropped 2%, on pace for its worst week since April. The NASDAQ has slipped more than 3%, which would also be its biggest weekly loss since April and snap a six-week win streak. On the other hand, the Dow is around 0.6% higher.

Friday’s moves mark another day of declines across the board. But a shift toward names viewed as bigger beneficiaries of interest rate cuts from the Federal Reserve, like small caps, still appears to be theme of the week.

Those moves comes after stocks declined across the board on Thursday, with the Dow falling more than 500 points to snap a six-day winning streak. Despite Thursday’s broad selloff, a market rotation toward names viewed as bigger beneficiaries of lower interest rates, like small caps, still appears to be theme of the week.

The S&P 500 has dropped more than 1%, on pace for its worst week since April. The NASDAQ has slipped close to 3%, putting a six-week winning streak at risk. On the other hand, the Dow is more than 1% higher.

CrowdStrike tumbled more than 8% following a major information technology outage that impacted business around the world. The New York Stock Exchange and NASDAQ both said trading did not appear impacted.

Prices for the 10-year Treasury waned, raising yields to 4.24% from Thursday’s 4.20%. Treasury prices and yields move in opposite directions.

Oil prices slipped $2.53 at $80.29 U.S. a barrel.

Gold prices flopped $54.50 to $2,401.90