The S&P/TSX Composite Index slipped 0.1% to close at 36,730 on Friday, easing back from the record set in the previous session as losses in technology and retail weighed on the market. Technology stocks mirrored weakness in major US cloud and platform providers, with Shopify down 3%, Constellation Software off 2.3%, and Celestica dropping 4%.
Retailers also declined following weaker-than-expected US data that signaled a slowdown in the sector. Alimentation Couche-Tard (ATD) fell 0.7%, while Loblaw shed 1.1%. Industrial stocks were mostly lower as well, with Enbridge slipping 1.2% despite new figures showing an increase in Canadian factory sales.
By contrast, financials largely advanced even as energy-driven inflationary pressures persisted, with mounting signs of economic softness in the US bolstering expectations that the Federal Reserve will keep rates on hold at its next FOMC meeting. TD Bank rose 0.5% and CIBC gained 0.8%.
Rising gold prices, supported by those same US monetary policy expectations, boosted mining shares. Agnico Eagle climbed 2.9%, while Wheaton Precious Metals (WPM) and Barrick Gold each added 1.3%.
