Big Close to Week in Toronto

Equities in Canada’s largest market ended Friday with big gains, but with moderate losses on the week, as investors were still spooked by the promise of higher interest rates.

The TSX Composite gained 208.59 points, or 1.1%, to close the day and the week at 19,449.81. On the week, the index backtracked 21 points, or 0.1%-%.

The Canadian dollar hurtled 1.16 cents to 73.93 cents U.S.

Gold stocks had a field day, with Equinox Gold climbing 58 cents, or 16.9%, to $4.02, while Yamana Gold acquired $1.02, or 18.3%, to $6.60.

Materials were only slightly behind, as Capstone Mining captured 44 cents, or 13.1%, to $3.80, while Osisko Mining jumped 33 cents, or 11.6%, to $3.17.

Among financials, Canaccord Genuity vaulted 56 cents, or 8.1%, to $7.48, while Trisura Group took on $2.97, or 7.4%, to $43.38.

Techs didn’t have such a good day, however, as Shopify was clobbered $2.98, or 6.4%, to $43.41, while Telus International handed back $2.29, or 7.1%, to $29.88.

In health-care, Canopy Growth backpedaled 29 cents, or 6.2%, to $4.42, while Bellus Health retreated 64 cents, or 5.2%, to $11.70.

Energy also took a pasting, as Parex Resources sank $1.89, or 8.2%, to $21.26, while Baytex Energy dropped 19 cents, or 2.6%, to $7.56.

On the economic slate, Statistics Canada reported the economy created 108,000 jobs, or 0.6%, in October, keeping the unemployment rate steady at 5.2%.

Moreover, Western University’s IVEY School of Business’ PMI registered at 50.1 in October, much lower than its 59.5 reading in September, and way off its 59.3 level from October 2021.

ON BAYSTREET

The TSX Venture Exchange took on 8.54 points, or 1.5%, to 593.57, to minimize the loss on the week to 3.3 points, or 0.6%.

All but three of the 12 TSX subgroups were positive by the close, with gold sprinting 7.3%, materials better by 5.8%, and financials, ahead 1.7%.

The three laggards were information technology, down 4%, health-care, fading 0.8%, and energy, off 0.2%.

ON WALLSTREET

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Stocks rose Friday, with all the major averages on pace for weekly declines, as investors drew conflicting conclusions about what the latest payroll numbers mean for future Federal Reserve rate hikes.

The Dow Jones Industrials gained 401.97 points, or 1.3%, to conclude Friday at 32,403.22.

The S&P 500 advanced 50.66 points, or 1.4%, to 3,770.55

The NASDAQ was ahead of Thursday’s close by 132.31 points, or 1.3%, to 10,475.25.

All the major averages are on track to close out the week with losses, with the Dow down 2.5% and set to end four weeks of gains.

The S&P and lost 4.5%, and the NASDAQ is down 5.9%, on pace to break two-week winning streaks. The tech-heavy NASDAQ is also on course for its worst weekly performance since January 2022.

A better-than-expected October non-farm payrolls report on Friday further fueled some concerns that the Fed will persist with its tightening campaign. The report showed 261,000 payrolls added in October, surpassing a Dow Jones estimate of 205,000 additions. However, the unemployment rate came in at 3.7%, slightly above the expected 3.5%.

China stocks higher Friday, although the government hasn’t formally announced a pivot. Pinduoduo, JD.com and Alibaba shares surged.

Corporate earnings season continued, with mobile payment company Block surging 17% after beating expectations. Carvana shared dropped 20% as it posted a wider-than-expected loss, while Twilio and Atlassian both plummeted on disappointing guidance.

Treasury prices gave up its gains, raising yields to 4.18% from Thursday’s 4.15%. Treasury prices and yields move in opposite directions.

Oil prices jumped $4.40 to $92.57 U.S. a barrel.

Gold prices hiked $52.90 to $1,683.80 U.S. an ounce.