Stocks played dipsy-doodle with investors on Friday, as strength in resource stocks were compensated for by consumer stocks. All in all, it was a rough finish to the day, week, month and third quarter.
The TSX Composite descended from early gains to only 2.38 points ahead of breakeven to close out Friday at 18,444.22. On the week, the index gave back more than 36.7 points, or 0.2%.
The Canadian dollar subsided 0.73 cents to 72.40 cents U.S.
For the month, the TSX was on pace to fall 4.2%, and headed for its second straight quarterly decline in what will be its longest losing streak since 2018.
Real-estate was an unlikely leader among gaining stocks, with units of Boardwalk REIT adding two dollars, or 4.5%, to $46.45, while Summit REIT took on 72 cents, or 4.4%, to $17.17.
In gold stocks, Wesdome Gold gained 46 cents, or 5.2%, to $9.36, while Kinross Gold rocketed 30 cents, or 6.1%, to $5.23.
In materials, Osisko Mining leaped 42 cents, or 15.6%, to $3.11, while Fortuna Silver Mines galloped 23 cents, or 7.1%, to $3.48.
On the downside, consumer staples took some knocks, with Loblaw Companies off $1.43, or 1.3%, to $111.35, while Premium Brands settled $1.08, or 1.3%, to $85.19.
Among consumer discretionary stocks, BRP lost $1.76. or 2%, to $85.19, while Magna International demurred 73 cents, or 1.2%, to $65.68.
In industrial issues, Bombardier capsized $1.01, or 3.9%, to $24.61, while TFI International gave up $3.45, or 2.7%, to $125.54.
The TSX Venture Exchange regained 10.65 points, or 1.8%, to 593.24. On the week, the index gained 14 points, or 2.45%.
Seven of the 12 TSX subgroups were positive by the closing bell, with real-estate climbing 2.7%, gold brighter 2.5%, materials soaring 2.3%.
The five laggards were led by consumer staples, off 0.8%, consumer discretionary and industrial stocks each fell short 0.6%.
Stocks fell in choppy trading Friday as Wall Street closed out a terrible week, month and quarter that brought the S&P 500 to a new 2022 low.
The Dow Jones Industrials collapsed 500.1 points, or 1.7%, to close a dreadful week at 28,725.51, to finish below 29,000 for the first time since November 2020.
The S&P 500 ducked 54.85 points, or 1.5%, to 3,585.62, closing out its worst month since March 2020.
The NASDAQ Composite dropped 161.89 points, or 1.5%, to 10,575.62.
Friday marked the last day of the month and the third quarter. For September, the Dow is down 8.8%, while the S&P 500 is down 9.3%. The NASDAQ lost 10.5%.
Nike shares fell sharply in its worst day since 2001 after the company reported that sales increased, but supply chain and inventory issues hampered the bottom line in its fiscal first quarter. The stock closed down 12.8%.
Quarter to date, the S&P 500 and Nasdaq wrapped up their first three-quarter losing streak since 2009, losing 5.3% and 4.1%, respectively.
The Dow is down 6.7% in the third quarter and saw a third-straight losing quarter for the first time since 2015.
For the week, the major averages posted sharp losses. The S&P 500 is off 2.9% for the week. The Dow is down 2.9% and the NASDAQ is 2.7% lower.
Quarter to date, the S&P 500 and NASDAQ are headed for their first three-quarter losing streak since 2009, the S&P losing 4% and the NASDAQ bleeding red ink 2.7%. The Dow was down 5.4% in the third quarter and is on pace to post a third-straight losing quarter for the first time since 2015.
An inflation report closely watched by the Federal Reserve released Friday showed that prices continued to increase at a rapid pace.
Treasury prices skidded, raising yields to 3.82% from Thursday’s 3.77%. Treasury prices and yields move in opposite direction.
Oil prices lost $1.59 to $79.64 U.S. a barrel.
Gold prices advanced $1.50 to $1,682.40 U.S. an ounce.