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TSX Flops at Friday Open

Equities in Canada’s largest centre opened lower on Friday as data showing a surge in U.S. consumer prices stoked fears that the Federal Reserve would continue on its aggressive policy tightening path to tame soaring inflation.

The S&P/TSX forked over 217.1 points, or 1.1%, to begin Friday at 20,346.79.

The Canadian dollar lost 0.48 cents to 78.23 cents U.S.

National Bank of Canada initiated coverage on Airboss of America with an outperform rating and a $38 price target.

Airboss shares dipped four cents to $18.02.

Canaccord Genuity cut the target price on D2L Inc to $15.00 from $20.00. D2L shares gained seven cents, or 1%, to $7.07.

CIBC cut the target price on Saputo to $35.00 from $36.00. Saputo shares jumped 38 cents, or 1.5%, to $26.64.

On the economic front, Statistics Canada reported the economy created 40,000 jobs in May, bringing the unemployment rate down to 5.1%.

The number of Canadians who own cryptoassets is growing rapidly and efforts to regulate the sector need to start keeping pace, a senior Bank of Canada official said, noting many people may not understand the risk of investing in products like bitcoin.


The TSX Venture Exchange dropped 11.37 points, or 1.6%, to 700.51.

All but two of the 12 TSX subgroups were negative in the first hour, with information technology fading 2.1%, health-care less well 1.8%, and industrials weaker 1.7%.

The two gainers were gold, up 0.2%, and energy, scraping by breakeven by 0.04%.


Stocks dropped on Friday morning after a highly anticipated inflation report showed a faster-than-expected rise in prices.

The Dow Jones Industrials plummeted 809.38 points, or 2.5%, to 31,464.53.


The S&P 500 handed back 111.85 points, or 2.8%, to 3,905.97.

The NASDAQ Composite plunged 389.12 points, or 3.3%, to 11,365.11.

The selloff was broad, with nearly every member of the 30-stock Dow in the red. Apple dropped 2.9%, while Microsoft and Dow, Inc. fell more than 3%.

The drop for stocks means that Wall Street is headed for yet another losing week. Entering Friday, the Dow was lower by 1.9%, on track for its 10th down week in the past 11. The S&P 500 and NASDAQ Composite were both off by more than 2%, on pace for their ninth losing week in 10.

Tech stocks were under pressure as investors grappled with higher rates and a potential recession. Shares of Netflix dropped nearly 5% following a downgrade from Goldman Sachs. Chip giant Nvidia slid 4%.

Banks and cyclical stocks also moved lower, possibly reflecting recession fears. Shares of Wells Fargo shed 4%. Boeing dropped 3.6%.

The May consumer price index report came in at its highest level since 1981, putting pressure on the stock market. The report showed prices rising 8.6% year over year, and 6% when excluding food and energy prices. Economists surveyed by Dow Jones were expecting year over year increases of 8.3% for the main index and 5.9% for the core index.

The hot inflation flamed concerns about a potential recession for the U.S. economy. Elsewhere, the preliminary June reading for the University of Michigan consumer sentiment index came in well below expectations, hitting a record low.

Treasury prices sagged, raising yields to 3.11% from Thursday’s 3.05%. Treasury prices and yields move in opposite directions.

Oil prices dropped 20 cents to $121.31 U.S. a barrel.

Gold prices forked over $16.30 to $1,836.50 U.S. an ounce.