Baystreet.ca - The S&P/TSX Composite Index fell on Friday, retreating for the third consecutive session amid pressure from the materials and energy sector, while investors digested the latest retail and producer prices data.
The TSX Composite Index dipped 43.57 points to 22,683.19.
The Canadian dollar swooned 0.14 cents to 72.85 cents U.S.
Declining bullion prices for a third straight session, dragged down major mining stocks Barrick Gold (NYSE:GOLD) (-2.6%), Wheaton Precious Metals (TSX:WPM) (-2.4%), Franco-Nevada (-2%), and Agnico Eagle (-1.8%).
Similarly, the energy sector fell by an average of 0.7% due to lower oil prices, with Suncor (TSX:SU), Canadian Natural Resources (TSX:CNQ), and Cenovus (TSX:CVE) each losing over 0.8%
On the economic beat, Statistics Canada says retail sales decreased 0.8% to $66.1 billion in May. Sales were down in eight of nine subsectors, led by decreases at food and beverage retailers.,
The industrial product price index was unchanged in June and increased 2.8% year over year. The raw material price index declined 1.4% month over month in June and was up 7.5% year over year.
ON BAYSTREET
The TSX Venture Exchange removed 0.44 points, to 578.41.
Nine of the 12 TSX subgroups fell, weighed mostly by gold, down 0.9%, while consumer discretionary and communications stocks, each off 0.7%.
The three gainers were consumer staples, up 0.5%, information technology issues, picking up 0.4%, and real-estate, stronger 0.1%.
ON WALLSTREET
The Dow Jones Industrials cratered 400.1 points, or 1%, to 40,264.92
The S&P 500 index faded 31.2 points to 5,513.39.
The NASDAQ dipped 122.56 points to 17,748.67.
Those moves comes after stocks declined across the board on Thursday, with the Dow falling more than 500 points to snap a six-day winning streak. Despite Thursday’s broad selloff, a market rotation toward names viewed as bigger beneficiaries of lower interest rates, like small caps, still appears to be theme of the week.
The S&P 500 has dropped more than 1%, on pace for its worst week since April. The NASDAQ has slipped close to 3%, putting a six-week winning streak at risk. On the other hand, the Dow is more than 1% higher.
CrowdStrike (NASDAQ:CRWD) tumbled more than 8% following a major information technology outage that impacted business around the world. The New York Stock Exchange and NASDAQ both said trading did not appear impacted.
Prices for the 10-year Treasury waned, raising yields to 4.24% from Thursday’s 4.20%. Treasury prices and yields move in opposite directions.
Oil prices slipped $1.22 at $81.60 U.S. a barrel.
Gold prices flopped $51.00 to $2,405.40