Toronto Stocks Bruised to End Rough Week

Equities in Canada followed their American brethren Friday as weakness in health-care and utilities weighed on the index.

The TSX lost 162.67 points to finish out Friday at 19,418.23, for a loss of 557 points on the week, or 2.8%, its steepest weekly drop since March.

The Canadian dollar subtracted 0.24 cents to 75.82 cents U.S.

Chief culprit among losing groups was the health-care sector, as Canopy Growth staggered 10 cents, or 13%, to 67 cents, while rival Tilray dropped 12 cents, or 5.7%, to $2.00.

In utilities, Algonquin Power fell 32 cents, or 2.9%, to $10.67, while TransAlta removed 35 cents, or 2.7%, to $12.28.

In financials, IA Financial lost $3.72, or 4.1%, to $86.80, while EQB shares skidded $1.66, or 2.5%, to $65.95.

Gold stocks were winners, though, with B2Gold climbing 11 cents, or 2.4%, to $4.72, while Equinox jumped 14 cents, or 2.2%, to $6.06.

Among tech stocks, HUT 8 Mining gathered 16 cents, or 4.4%, to $3.84, while Quarterhill gained four cents, or 3.2%, to $1.30.

All but two of the 12 TSX subgroups were negative, with health-care hesitating 1.2%, utilities backpedaling 1.1%, and financials sinking 1%.

The two gainers were gold, up 0.2%, and information technology, nosing up 0.02%.

ON BAYSTREET

The TSX Venture Exchange fell 2.13 points to 598.74, for a loss on the week of 14.83 points, or 2.42%.

ON WALLSTREET

Read:

• Supply Shortage Could Drive Up Uranium Prices

• Novel Mechanisms Leading the Charge in Fight Against Cancer, Opening Door to New Drugs & Therapies

• Significant Oncology Results Set to be Delivered as Oral Presentations at ASCO 2023

• Promising New Cancer Treatment Data to Be Presented at 2023 ASCO Annual Meeting

• Global Lithium Supply Under Pressure as South American Nations Discuss "Lithium OPEC"

Stocks fell Friday, with Wall Street posting 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 218.02 points to end the week at 33,728.69.

The S&P 500 sank 33.54 points to 4,348.35.

The NASDAQ index stumbled 138.09 points, or 1%, to 13,492.52.

All three major averages broke multi-week winning streaks. The S&P 500 has lost more than 1% since the start of the week, ending five consecutive weeks of gains. The NASDAQ is also down more than 1%, snapping an eight-week win streak and posting its worst weekly performance since March.

The pullback was broad-based with more than 460 S&P 500 stocks trading in negative territory. Information technology was the biggest laggard, down more than 1%. Notably, shares of Nvidia, a major AI beneficiary, were down 2%.

Meanwhile, Goldman Sachs declined after reports the investment bank likely faces a large writedown for its 2021 acquisition of fintech firm GreenSky. The stock was down about 1%, weighing on the Dow.

In contrast, CarMax shares jumped more than 9% after the used car retailer exceeded first-quarter revenue expectations.

Prices for the 10-year Treasury jumped, lowering yields to 3.74% from Thursday’s 3.80%. Treasury prices and yields move in opposite directions.

Oil prices fell 20 cents to $69.31 U.S. a barrel.

Gold prices took on $5.50 to $1,929.20 U.S. an ounce.