Toronto Stocks Subdued on Suspense over Trump-Putin Deal
Canada's main stock index was flat on Friday as investors awaited a high-stakes meeting between U.S. President Donald Trump and Russian leader Vladimir Putin on a potential path to ending the war in Ukraine.
The TSX Composite Index faded 37.51 points to pause for lunch Friday at 27,878.48.
Still, it’s been a bonanza week in the country’s largest market, the TSX having collected 858 points, or 3.2%, over the last five days.
The Canadian dollar inched up 0.02 cents to 72.41 cents U.S.
Health-care led weekly gains after a 3.7% rise on the day, boosted by a jump of 69 cents, or 5.9%, in Bausch Health Companies to $10.99.
It’s a busy day on the economic slate, home sales across Canada rose 6.6% in July from a year earlier, according to the Canadian Real Estate Association. Home sales rose 3.8% on a month-over-month basis from June, with transactions up a cumulative 11.2% since March of this year.
Statistics Canada says manufacturing sales rose by 0.3% in June, driven by higher sales of petroleum and coal as well as food products. Meanwhile, the transportation equipment subsector posted the largest decline.
New motor vehicle sales totaled 177,313 in June, increasing 6.2% from June 2024, and wholesale sales rose 0.7% to $84.7 billion in June.
ON BAYSTREET
The TSX Venture Exchange moved up 9.32 points to 789.13, up nearly two points, or 0.24%.
Seven of the 12 TSX subgroups were still positive midday helped mostly by health-care, progressing 1.9%, gold, up 0.7%, and materials, improving 0.5%.
The five laggards were led by consumer discretionary stocks, off 0.5%, energy, down 0.2%, and information technology, losing 0.1%.
ON WALLSTREET
The S&P 500 slipped on Friday after hitting a record high, as investors took some gains off the table after a strong week.
The Dow Jones Industrial Average grew 89.83 points to 45,001.09, thanks to a 14% jump in UnitedHealth.
The much-broader index sagged 18.44 points midday to 6,450.10.
The NASDAQ fell back into negative country 105.18 points to 21,605.49.
A decline in chip stocks and weak consumer sentiment data hurt in the market Friday. Applied Materials fell 13%. Nvidia also lost 2%.
The major averages remained on solid footing for the week, however. The Dow outperformed, up 2%. The S&P 500 and NASDAQ gained more than 1% week to date, thanks to new consumer inflation data that raised hopes for a Federal Reserve rate cut next month.
Meanwhile, the University of Michigan’s consumer sentiment index fell to 58.6 in August from 61.7 last month due to worries over inflation.
The major averages remained on solid footing for the week, however. The Dow outperformed, up 2%. The S&P 500 and NASDAQ gained more than 1% week to date, thanks to new consumer inflation data that raised hopes for a Federal Reserve rate cut next month.
July’s retail sales data, released on Friday morning, also painted a still-healthy picture for the U.S. consumer. Retail sales rose 0.5% last month, meeting expectations from the Dow Jones consensus. Retail sales excluding automobiles gained 0.3%, also matching estimates.
Meanwhile, the University of Michigan’s consumer sentiment index fell to 58.6 in August from 61.7 last month due to worries over inflation.
Prices for 10-year Treasury lost ground Thursday, raising yields to 4.32% from Thursday’s 4.29%. Treasury prices and yields move in opposite directions.
Oil prices dipped 86 cents to $63.10 U.S. a barrel.
Gold prices registered higher $3.20 to $3,386.40 U.S. an ounce.
