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TSX Fights to Reach Breakeven

Baystreet - Fri Oct 6, 2023
Canada's main stock index remained in the red midday Friday, marking its third consecutive weekly decline, as domestic and U.S. data showed more-than-expected job additions in September, spurring speculation of another interest rate hike this year.

The TSX Composite stayed behind 62.5 points to lurch closer to noon EDT Friday at 19,075.31.

The Canadian dollar changed direction and eked higher 0.08 cents at 73.03 cents U.S.

The healthcare sector slipped weighed down by a fall of eight cents, or 2.7%, in Tilray Brands shares to $2.85, as TD Cowen slashed its price target for the cannabis-lifestyle company.

Canada's largest airline, Air Canada, fell four cents to $18.88, after CIBC cut its price target on the stock over fuel hike concerns.

On the economic slate, Statistics Canada reported that the economy created 64,000 in September, following an increase of 40,000 in August. jobs in September. The unemployment rate was unchanged in September and stood at 5.5% for the third consecutive month.

ON BAYSTREET

The TSX Venture Exchange had climbed to within 0.42 points of breakeven to 527.48.

All but three of the 12 TSX subgroups were negative approaching lunch hour, with health-care ailing 2.3%, utilities off 1.2%, and real-estate weaker 1.1%.

Gold led the three gainers, up 1%, while information technology took on 0.5%, and materials were better by 0.3%.

ON WALLSTREET

Stocks rose Friday as Treasury yields jumped following the release of stronger-than-expected U.S. jobs data.

The Dow Jones Industrials reversed directions and jumped sharply, 207.92 points, to stop for noon hour at 33,327.49.

The S&P 500 index regrouped 25.81 points to 4,284.

The NASDAQ index hiked 108.65 points to 13,328.48.

The U.S. economy added 336,000 jobs in September, the Labor Department said. Economists polled by Dow Jones expected 170,000 jobs. To be sure, wages rose less than expected last month.

Friday’s jobs report raised concern among investors that the Federal Reserve will need to keep rates higher for longer to tame inflation.

The utilities sector, which is sensitive to high rates, fell 1.4% Friday. AES lost 5%, while Dominion Energy and Sempra shed 2% each. Consumer staples also declined 2.1%, with Church & Dwight, McCormick and Kellanova all down 3% and more.

All the major averages are headed toward a losing week. The S&P 500 is down 1.4% week to date. This marks the broad market index’s fifth consecutive week of losses, which would be its longest weekly slide since May 2022. The Dow is down 1.7%, while the NASDAQ is 0.9% lower for the week.

Prices for the 10-year Treasury tailed off, raising yields to 4.76% from Thursday’s 4.72%. Treasury prices and yields move in opposite directions.

Oil prices poked higher 13 cents to $82.44 U.S. a barrel.

Gold prices climbed $16.50 to $1,848.30.

Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.