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TSX Fights Way Higher
The TSX inched out gains of 15.85 points to open the week’s last session at 19,826.54.
The Canadian dollar recovered 0.38 cents to 75.19 cents U.S.
In stock news, Hudbay Minerals Chief Executive Peter Kukielski told the media the mining firm would entertain acquisition offers, provided the price is right.
Hudbay shares began Friday up 35 cents, or 5.7%, to $6.45.
Economically speaking, it’s jobs day on both sides of the border, with Statistics Canada reporting employment increased by 60,000 in June, driven by gains in full-time work. The unemployment rate, however, rose to 5.4%.
What’s more, the IVEY PMI measured 50.2 in June, less than May's 53.5, and less than the 53.8 reading in June 2022.
ON BAYSTREET
The TSX Venture Exchange docked 0.85 points to 614.37.
Eight of 12 TSX subgroups had forged higher, with health-care leading the pack, up 1%, gold, better 0.8%, and materials up 0.7%.
The four laggards were weighed most by utilities, down 0.8%, while communications and industrials each off 0.5%.
ON WALLSTREET
Stocks wobbled on Friday but headed for a losing week after a slightly weaker-than-expected June jobs report failed to subdue fears that the Federal Reserve may start hiking rates again.
The Dow Jones Industrials decreased 29.61 points to begin Friday trading at 33,892.65.
The S&P 500 eked up 3.85 points to 4,415.44.
The NASDAQ index recovered 47.78 points to 13,726.83.
All three major averages are headed for a losing week. The S&P 500 is off by about 0.95%, while the Nasdaq is on pace for a 0.7% decline.
The Dow is the underperformer of the three, tracking for a 1.6% loss.
Edison International, Alliant Energy, Evergy and WEC Energy led the declines, last down more than 1% each.
Consumer staples stocks marked the second-biggest losers, with the sector last down about 0.7%. Some laggards included PepsiCo, Kimberly-Clark, Hershey, Costco and Tyson Foods, last down more than 1% each.
The U.S. Labor Department’s June jobs report showed payrolls increase less than expected and a cooldown in growth from May. Nonfarm payrolls rose by 209,000, while the unemployment rate came in at 3.6%. Economists polled by Dow Jones had anticipated 240,000 positions added and a similar jobless level.
But parts of the report may give the Federal Reserve reason to resume hiking later this month. The closely watched wages numbers came in slightly stronger than expected. Average hourly earnings increased by 0.4% in June and 4.4% from a year ago. Meanwhile, the unemployment rate declined from 3.7% in May.
Prices for the 10-year Treasury were stationery keeping yields at Thursday’s 4.04%.
Oil prices gained 86 cents to $72.66 U.S. a barrel.
Gold prices regained $15.10 to $1,930.50 U.S. an ounce.
