Equities in Canada’s largest centre moved closer to breakeven by the time morning became afternoon on Friday, as progress in energy stocks was overridden by weakness in consumer discretionary interests.
The TSX remained in the minus category by 19.14 points to pause for lunch hour Friday at 20,578.61.
In earnings-driven moves, Magna International slumped 12.9% after the auto parts maker reported a nearly 80% slump in its quarterly profit, as it struggled with higher engineering costs in its electrification and self-driving businesses. Magna
Enbridge posted a quarterly loss, compared with a year-ago profit, as it took a $2.5-billion hit from higher cost of capital related to its gas transmission reporting unit. Shares of the pipeline operator, however, rose 64 cents, or 1.2%, to $53.54..
On the economic calendar, Statistics Canada said the economy created 150,000 jobs in January, keeping the unemployment rate at 5%.
The TSX Venture Exchange backpedaled 6.55 points, or 1.1%, to 609.86.
Seven of the 12 subgroups remained lower midday, as consumer discretionary declined 4%, information technology caved 2.1%, and health-care lost 1.7%.
The five gainers were led by energy, up 2%, consumer staples, better by 1%, and industrials, edging higher 0.9%.
The S&P 500 fell as Wall Street looked to the end of what’s shaping up to be a losing week.
The Dow Jones Industrials eked up 5.66 points to move into noon hour at 33,705.54.
The much-broader index ducked 16.82 points to 4,064.68.
The NASDAQ Composite got bruised 156.60 points to 11,632.98.
Each major index is on track to end the week with losses. Down 1.4%, the S&P 500 is poised for its first weekly decline in three weeks. The index is also on track for its largest one-week loss since December. Meanwhile, the Dow looks to be behind 0.6%, and the NASDAQ is on pace to lose 2.4%.
Ride-hailing platform Lyft tanked more than 35% after a disappointing fiscal fourth-quarter report. Expedia also saw its shares fall by more than 8% after its earnings and revenue fell below analysts’ expectations.
Those are the latest reports in what has been considered an underwhelming quarter for Wall Street. With nearly 70% S&P 500 companies reporting, around 70% of those companies beat analyst expectations for the quarter. That’s a smaller share of companies surpassing expectations than the three-year historical average of 79%
Prices for the 10-year Treasury blundered, raising yields to 3.74% from Thursday’s 3.67%. Treasury prices and yields move in opposite directions.
Oil prices gathered $1.72 to $79.78 U.S. a barrel.
Gold prices faded $8.40 to $1,870.10 U.S. an ounce.