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Miners, Energy Issues as TSX Slumps
Equities in Canada’s largest centre dropped sharply at market open on Friday, with declines led by energy and mining stocks, while prospects of global monetary policy tightening weighed on sentiment.
The TSX lost 144.08 points to begin Friday at 19,436.82.
The Canadian dollar subtracted 0.36 cents to 75.7 cents U.S.
All but one of the 12 TSX subgroups were negative, with energy plummeting 1.5%, while health-care lost 1.2%, and financials trailed 1%.
Only gold held out against the negative tide, gaining 0.9%.
ON BAYSTREET
The TSX Venture Exchange let go of 3.7 points to 597.17.
ON WALLSTREET
Stocks fell Friday, with Wall Street on track to post a losing week as a rally that carried the broader market in recent months appeared to run out of steam.
The Dow Jones Industrials decreased 167.90 points to begin the week’s last session at 33,778.81.
The S&P 500 sank 31.48 points to 4,350.41.
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The pullback was broad-based with more than 440 S&P 500 stocks trading in negative territory. Information technology was the biggest laggard, down more than 1%. Semiconductor names such as On Semiconductor and Fortinet were each lower by more than 2%.
In contrast, CarMax shares jumped more than 9% after the used car retailer exceeded first-quarter revenue expectations.
The NASDAQ index plunged 161.79 points to 13,468.81.
All three major averages are set to break multiweek win streaks. The Dow and S&P 500 have lost more than 1% each since the start of the week. The NASDAQ is also down 1%, on pace to snap an eight-week win streak and post its worst weekly stretch since April.
Prices for the 10-year Treasury jumped, lowering yields to 3.72% from Thursday’s 3.80%. Treasury prices and yields move in opposite directions.
Oil prices fell $1.06 to $68.45 U.S. a barrel.
Gold prices took on $20.80 to $1,944.50 U.S. an ounce.
