Baystreet.ca - Canada's main stock index opened lower on Friday, dragged down by mining stocks, while domestic jobs data kept alive expectations for a December interest rate cut by the Bank of Canada.
The TSX dropped 131.53 points to open Friday at 24,714.40.
The Canadian dollar lost 0.18 cents to 71.93 cents U.S.
Lundin Mining (TSX:LUN) reported third-quarter earnings below analysts' estimates. Lundin shares collapsed 73 cents, or 5.1%, to $13.72.
On the economic slate, Statistics Canada reported the job picture was fairly static, growing only 15,000 jobs, and leaving the unemployment rate at 6.5% Investors will watch the figures to get possible clues on the Bank of Canada's interest rate decision next month.The top bank slashed its key policy rates by 50 basis points last month, and traders see a 64% chance for a similar reduction in December.
ON BAYSTREET
The TSX Venture Exchange handed back 2.49 points to 610.91.
Eight of the 12 subgroups were negative, with materials drooping 2.1%, energy failing 1.6%, and gold dulling 1.2%.
The four gainers were led by communications, up 1.1%, consumer staples pointing higher 0.5%, and utilities, progressing 0.2%.
ON WALLSTREET
The S&P 500 pushed higher on Friday as traders digested this week’s postelection rally and the latest Federal Reserve monetary policy moves.
The Dow Jones Industrials zoomed 229.46 points to 43,958.80.
The S&P 500 index improved 17.13 points to 5,990.23.
The NASDAQ scaled back, though, 18.38 points to 19,251.08
All three of the major averages are on pace for strong weekly gains, thanks in large part to Wednesday’s huge rally in the wake of President-elect Donald Trump’s victor. Entering Thursday, the S&P 500 was up about 4.4% and the Dow was higher by 4.2%. Both indexes are on track for their best week since November 2023. The NASDAQ is the outperforming even those moves, toting a 5.7% advance through Thursday’s close.
Prices for the 10-year Treasury barreled ahead, lowering yields to 4.28% from Thursday’s 4.33%. Treasury prices and yields move in opposite directions.
Oil prices stumbled $2.16 to $70.20 U.S. a barrel.
Prices for gold waned $11.50 an ounce to $2,694.30 U.S.