Equities Sink on Energy Prices| MENAFN.COM

Saturday, 02 July 2022 01:59 GMT

Equities Sink on Energy Prices

(MENAFN- Baystreet.ca) Equities Sink on Energy Prices
Peloton in Focus

Stocks in Toronto opened lower on Friday and was set for its worst weekly performance since early December as weaker crude prices weighed on energy stocks.
The S&P/TSX Composite lost 209.01 points, or 1%, to 20,849.17.
The Canadian dollar slid 0.23 cents at 79.76 cents U.S.
CIBC raised the target price on Empire Company to $49.00 from $48.00. Empire shares jumped 65 cents, or 1.8%, to $37.59.
CIBC cut the target price on George Weston to $171.00 from $175.00. Weston shares fell 89 cents to $133.57.
CIBC raised the target price on Metro to $68.00 from $67.00. Metro shares backed off 32 cents to $64.44.
On the economic calendar, Statistics Canada reported retail sales gained 0.7% to $58.1 billion in November. The increase was led by higher sales at gasoline stations, building material and garden equipment and supplies dealers and food and beverage stores.
The agency's new housing price index grew 0.2% its slowest pace since June 2020. Nationally, new home prices rose 11.6% year over year in December.
Elsewhere, Alberta Premier Jason Kenney on Thursday called on the federal government to pause a COVID-19 vaccine mandate for cross-border truckers that companies say will disrupt the supply chain and fuel inflation.
The TSX Venture Exchange plunged 14.33 points, or 1.6%, to 876.02.
All but one of the 12 TSX subgroups were lower, with energy dwindling 3.2%, real-estate down 1.1%, and financials off 1%.
Only gold held out, gaining 0.4%.
Stocks moved lower on Friday as sharp losses in streaming giant Netflix dragged the NASDAQ Composite deeper into correction territory.
The Dow Jones Industrials collapsed 181.32 points to 34,534.07.
The S&P 500 sank 45.35 points, or 1%, to 4,437.37.
The NASDAQ swooned 234.75 points, or 1.7%, to 13,919.27.
Both the Dow and S&P 500 are on track for a third straight week of losses. The technology-focused NASDAQ declined 1.6%, on track for its worst week since October 2020.
Netflix's disappointing quarterly report is the latest setback for technology investors. Shares of the streaming giant tumbled 21% on Friday after the company's fourth-quarter earnings report showed a slowdown in subscriber growth. Its competitors' shares also declined, with Dow component Disney, which operates the Disney+ streaming service, off 5%.
Netflix is the first major tech stock to report earnings this season, with Apple and Tesla slated to post earnings next week.
Meanwhile, Peloton shares rebounded 7% on Friday. The maker of interactive fitness bicycles and treadmills plunged 23.9% during regular trading on Thursday after reports that the company is temporarily halting production of its fitness products.
Prices for 10-year Treasurys leaped, lowering yields to 1.74% from Thursday's 1.82%. Treasury prices and yields move in opposite directions.
Oil prices sank $1.38 to $84.17 U.S. a barrel.
Gold prices retreated $4.10 to $1,838.50 U.S. an ounce.


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