Canadian stocks fell hard on Friday as U.S. inflation figures revealed rising price pressures, exacerbating investor worries already heightened by tariffs.
The TSX Composite Index hesitated 401.91, or 1.6%, to close Friday and the week at 24,759.15. The index capsized 210 points this week, or 0.8%.
The Canadian dollar settled 0.06 cents to 69.83 cents U.S.
On TSX, Blockchain farm operator Bitfarms dropped 16 cents, or 11.8%, to $1.20, as bitcoin fell 3.7%. Elsewhere in tech stocks, Docebo bowed $2.22, or 5%, to $42.07.
Health-care stocks took a pounding, too, as Tilray lost six cents, or 5.9%, to 95 cents, while Bausch Health Companies went earthward 37 cents, or 3.8%, to $9.28.
Among industrial plays, TFI International stumbled $7.23, or 6.2%, to $110.20, while Cargojet endured a harsh landing, $3.43, or 4%, to $82.62.
In utilities, Emera Incorporated gained $1.15, or 1.9%, to $6038, while Atco Incorporated picked up 92 cents, or 1.9%, to $49.97.
Consumer discretionary fell as Restaurant Brands International declined the most, down $6.00, or 6.1%, to $92.41.
Prime Minister Mark Carney said on Thursday that he would respond with unspecified trade actions if Trump does impose the tariffs.
The country’s general election, expected to be closely contested, is scheduled for April 28.
Economically speaking, Statistics Canada’s reported Gross Domestic Product rose 0.4% in January with increases coming from both goods-producing and services-producing industries.
ON BAYSTREET
The TSX Venture Exchange was wounded 4.36 points to 636.06. The index dropped 5.4 points this week, or 0.8%.
All but one of the 12 TSX subgroups were in the red at Friday’s close, with information technology sliding 3.2%, industrials off 2.2%, and health-care failing 2.1%.
Utilities proved the lone gainer, up only 0.6%.
ON WALLSTREET
Stocks sold off Friday, pressured by growing uncertainty on U.S. trade policy as well as a more grim outlook on inflation.
The Dow Jones Industrials cratered 715.8 points, or 1.7%, to 41,583.90.
The S&P 500 Index swooned 112.37 points, or 2%, to 5,580.94
The NASDAQ let go of 481.04 points, or 2.7%, to 17,323.99
Shares of several technology giants dropped, putting pressure on the broader market. Google-parent Alphabet and Amazon lost about 5% each, while Microsoft and Meta each shed more than 3.5%.
Those losses put the S&P 500 and NASDAQ on pace for their fifth weekly decline in six weeks.
The S&P 500 was down more than 1% for the week, while the NASDAQ had lost over 2%. The Dow was headed for a 0.8% decline.
Stocks took a leg lower after the University of Michigan’s final read on consumer sentiment for March reflected the highest long-term inflation expectations since 1993.
Trump this week announced a 25% tariff on “all cars that are not made in the United States,” hitting auto stocks and raising concerns of an economic slowdown.
Bloomberg reported on Friday that the European Union is identifying concessions it could make to Trump’s administration to reduce the reciprocal tariffs from the U.S. that are set to increase after April 2, when Trump is expected to announce further tariff plans.
Prices for the 10-year treasury rocketed, hiking yields to 4.26% from Thursday’s 4.37%. Treasury prices and yields move in opposite directions.
Oil prices stepped back 81 cents to $69.11 U.S. a barrel.
Prices for gold gained $23.00 to $3,113.90 U.S.