S&P/TSX Composite closes, US markets mixed

TORONTO — Canada’s main stock index closed lower on Friday, weighed down by losses in base metals shares, while U.S. stock markets were mixed.

Markets were generally in a slight pullback because there was nothing to push them higher, said Ilana Schonwetter, investment adviser and portfolio manager at BlueShore Financial.

“The markets have had so much growth that what we need now is some good news to get things going,” she said.

“In other words, when there’s no good news to come, the market tends to go a little bit sideways, or a little bit of profit as well.

The S&P/TSX composite index ended up 26.49 points at 21,554.86.

In New York, the Dow Jones industrial average closed up 15.57 points at 39,150.33. The S&P 500 was down 8.55 points at 5,464.62, while the Nasdaq composite was down 32.23 points at 17,689.36.

The TSX has come under pressure from resources, including energy and base metals, pointing to a lower growth outlook, Schonwetter said.

“It’s definitely a little bit more pessimistic when we see materials and energy moving a little bit, but there’s been no news this week that’s been significant on the upside or the downside.”

For the week, the S&P 500 hit a fresh high above 5,500 points, though it has since pared some of those gains.

Walmart hit a new high in the U.S. on Friday, while Alimentation Couche-Tard Inc. and Dollarama Inc. were on the rise in Canada.

“Consumers are still spending, they’re just, in some cases, redirecting how they’re spending their dollars. So they’re trying to stretch their dollar even further,” Schonwetter said.

That was bolstered by Statistics Canada’s retail sales on Friday, which showed they rose 0.7 per cent to $66.8 billion in April, helped by higher sales at gas stations as well as retailers food and beverage retail.

While there hasn’t been much news this week, the impending change in Canada’s capital gains tax inclusion rate on June 25 is having some effect on market activity, Schonwetter said.

“I can say that in my practice here at BlueShore, we’re definitely seeing higher activity around the people that we’ve looked at, and we think it makes more sense for them to trigger some capital gains now, rather than pushing that.” , she said. .

“I would encourage everyone to really assess with their adviser and accountant to see how they would benefit most.”

The Canadian dollar traded at 72.98 US cents, compared with 73 US cents on Thursday.

The August crude oil contract was down 56 cents at $80.73 a barrel and the August natural gas contract was down 2 cents at $2.84 per mmBTU.

The August gold contract was down $37.80 at $2,331.20 an ounce, and the July copper contract was down 12 cents at $4.44 a pound.

This report by The Canadian Press was first published on June 21, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

Ian Bickis, Canadian Press