Canada’s main stock index opened lower on Friday, hurt by metal mining shares, as worries over looming tariffs overshadowed domestic and U.S. economic data.
The TSX Composite Index ditched 68.09 points to open the last session of the week and the month at 25,060.15.
The Canadian dollar was flat at 69.22 cents U.S.
In corporate news, Laurentian Bank reported first-quarter profit above analysts’ estimates. Laurentian shares lost 70 cents, or 2.5%, to $27.05.
On the economic calendar, Statistics Canada says this country’s GDP increased 0.6% in the fourth quarter, after rising 0.5% in the third quarter.
Growth in the fourth quarter was driven by higher household final consumption expenditures and increased exports and business investment.
ON BAYSTREET
The TSX Venture Exchange faded 8.53 points, or 1.4%, to 607.31
Seven of the 12 subgroups were negative in the first hour, weighed most by information technology, poorer by 2.1%, while gold dropped 1.8%, and materials slid 1.5%.
The five gainers were led by industrials, up 0.5%, while financials and telecoms each grabbed 0.2%.
ON WALLSTREET
The S&P 500 rose Friday after the latest personal consumption expenditures price index came in-line with expectations, as Wall Street wrapped up a losing week and month.
The Dow Jones Industrials gained 258.38 points to 43,497.88,
The much-broader index recovered 16.92 points, to 5,878.49
The NASDAQ Composite gained 42.61 points to 18,587.03,
Month to date, the NASDAQ has led the way down, sliding around 4.9% in February due largely to a 4.3% drop this week. The technology-heavy NASDAQ is on pace for its worst month since September 2023.
The S&P 500 has declined 2% for the week and around 2.5% in February. The broad market index is on track for its worst week since September 2024 and biggest monthly decline since April 2024.
The Dow has managed to eke out a gain of 0.1% this week. Month to date, however, the 30-stock index has ticked down 2.4%.
Investors have been rattled in recent days by President Donald Trump’s promise of tariffs and recent economic reports flashing warning signs. A decline of 8.5% in megacap tech titan Nvidia in Thursday’s session the back of earnings threw more cold water on investor sentiment.
The latest PCE reading showed that inflation eased slightly in January, according to a report from the Commerce Report. The PCE price index, which is the Federal Reserve’s preferred inflation measure, increased 0.3% for the month and 2.5% on an annual basis.
Prices for the 10-year Treasury gained, lowering yields to 4.24%, compared to Thursday’s 4.28%. Treasury prices and yields move in opposite directions.
Oil prices slid 97 cents to $73.07 U.S. a barrel.
Prices for gold faded $45.10 an ounce to $2,880.80 U.S.
