TSX Fades Friday, Gains on Week

Stocks in Canada’s largest centre dipped slightly by Friday’s closing bell, as weakness in tech stocks overshadowed momentum in health-care.

The TSX Composite Index slid 8.43 points to close Friday at 26,497.57. The index gained 68.44 points on the week, or 0.26%.

The Canadian dollar dipped 0.25 cents to 72.77 cents U.S.

E-commerce giant Shopify, up $2.53, or 1.8%, was among the index's top percentage gainers, reaching a price of $146.23.

Techs tumbled, however, as Sylogist shares dropped 28 cents, or 3.2%, to $8.58, while Lightspeed Commerce ditched 35 cents, or 2.3%, to $14.96.

In consumer stocks, Jamieson Wellness skidded $1.06, or 2.9%, to $35.50, while Alimentation Couche-Tard faltered $1.18, or 1.7%, to $69.69.

In utilities, Boralex withered 53 cents, or 1.6%, to $32.23, while Brookfield Renewable Partners handed over 53 cents, or 1.5%, to$34.30.

Health-care stocks tried to balance things out, with Bausch Health Companies taking on 23 cents, or 2.8%, to $8.46, while Sienna Senior Living nosed ahead eight cents to $18.60.

In telecoms, Quebecor fired ahead 49 cents, or 1.2%, to $40.60, while TELUS Corp. gained nine cents to $21.95.

Financials were also in the green, with goeasy Ltd. climbing $2.82, or 1.8%, to $163.15, while Trisura Group grabbed 44 cents, or 1.1%, to $42.22.

The White House said on Thursday President Donald Trump will decide on whether to join Israel in the war in the next two weeks.

Diplomatic efforts are also underway, with the U.K., French and German delegates scheduled to meet Iranian officials in Geneva later in the day.

In other major developments, Prime Minister Mark Carney said on Thursday Canada could increase counter tariffs on U.S.-produced steel and aluminum if he does not reach a broader trade deal with Trump within 30 days.

The economic calendar was a busy one Friday, with retail sales hiking 0.3% to $70.1 billion in April.

The new housing price index decreased by 0.2% percent in May from -0.4% in April.

Statistics Canada also reported its Industrial Product Price Index declined 0.5% month over month in May and increased 1.2% year over year. Its Raw Materials Price Index fell 0.4% month over month and declined 2.8% year over year.

ON BAYSTREET

The TSX Venture Exchange weakened 4.79 points to 711.18. Over the last five sessions, the index slumped 9.95 points, or 1.38%.

All but three of the 12 TSX subgroups were lower Friday, weighed most by information technology, slipping 0.8%, while consumer staples 0.6%, and utilities sank 0.4%.

The three gainers proved to be health-care and telecoms, tied at 0.4% each, while financials crawled upward 0.02%.

ON WALLSTREET

The S&P 500 fell on Friday as investors contemplated the path of future interest rate cuts by Federal Reserve and monitored the latest developments out of the Middle East.

The Dow Jones Industrials gained 35.16 points to end the week at 42,206.82.

The much-broader index retreated 13.03 points to 5,967.84.

The NASDAQ Composite sank 98.84 points, to 19,447.41.

Chip stocks came under pressure following a report by the Wall Street Journal that the U.S. may revoke waivers for some semiconductor manufacturers. Nvidia was down more than 1%, while Broadcom retreated 1% and Taiwan Semiconductor Manufacturing fell more than 2%.

Markets were closed Thursday for the “Juneteenth” holiday.

Stocks were relatively unchanged on Friday after Federal Reserve Governor Christopher Waller said inflation was tame enough that the central bank could cut rates at its next meeting, a more optimistic view than Chair Jerome Powell gave on Wednesday.

Fed Chair Jerome Powell said Wednesday the central bank was in no hurry to cut benchmark rates and will remain data dependent, especially as it remains unclear how Trump’s tariffs will impact the economy. Stocks closed slightly lower that day following those remarks.

Trump ripped into Powell again Thursday, saying the Fed Chair is costing the U.S. “hundreds of billions of dollars” by delaying rate cuts.

Investor fears around the conflict between Israel and Iran, which has yet to cool, were tamed after Trump said Thursday that he would decide whether to strike Iran within the next two weeks but wanted to allow for “a substantial chance of negotiations.”

Prices for the 10-year Treasury were higher, weighing yields to 4.38% from Wednesday’s 4.39%. Treasury prices and yields move in opposite directions.

Oil prices doffed 14 cents to $75.00 U.S. a barrel.

Gold prices slid $27.40 to $3,380.70 U.S. an ounce.