Stocks Continue to Suffer
Birchcliff, Seabridge in Focus
Equities in Canada's dropped sharply by noon on Friday as energy shares fell to their lowest in over two months after oil prices dropped on demand worries amid aggressive monetary policy tightening globally.
The TSX Composite tumbled 483.57 points, or 2.5%, to break for lunch at 18,519.11.
The Canadian dollar skidded 0.5 cents to 73.72 cents U.S.
Energy stocks weighed heavily on the market, with Birchcliff Energy sagging $1.10, or 10.6%, to $9.41, while Peyto Exploration descende3d 99 cents, or 8.8%, to $10.33.
Gold fell, as Iamgold handed back 14 cents, or 9.2%, to $1.38, while Seabridge Gold dipped $1.42, or 8.5%, to $15.31.
Among consumer staples, Alimentation Couche-Tard gained 95 cents, or 1.8%, to $55.78, and George Weston took on $1.21, or 0.8%, to $147.79.
The TSX Venture Exchange dropped 26.57 points, or 4.4%, to 576.37.
All but one of the 12 TSX subgroups fell by early afternoon, with energy swooning 6.4%, gold and materials each down 4.7%.
Only consumer staples held out against the negative tide, climbing 0.5%.
Stocks tumbled on Friday and were on pace for another losing week as bonds yields soared and investors feared the Federal Reserve's aggressive hiking campaign will tip the economy into a recession.
The Dow Jones Industrials tumbled 555.90 points, or 1.9%, to 29,520.78.
The S&P 500 retreated 75.58 points, or 2%, to 3,682.41.
The NASDAQ Composite let go of 220.41 points, or 2%, to 10,846.40.
Friday marked the fourth negative session in a row for the major averages, with the Dow falling below its June closing low and the 30,000 mark.
Stocks positioned to suffer the most in a recession have led this week's losses with the S&P 500's consumer discretionary sector off by 7%.
Energy is down more than 8% as oil prices slump. Growth stocks including big technology names Apple, Amazon, Microsoft and Meta Platforms fell on Friday.
Thursday's session left the major averages on pace to close the week with losses. The Dow is down about 3.5% week to date, while the S&P has lost 4.4%, and NASDAQ tumbled 4.6%. The S&P and Dow closed Thursday 2.5% and 0.5% off their recent lows.
Defensive stocks outperformed with drugmakers and consumer staples in the green on Thursday.
Treasury prices fell slightly, sending yields up to 3.73% from Thursday's 3.70%. Treasury prices and yields move in opposite direction.
Oil prices dragged $4.94 to $78.55 U.S. a barrel.
Gold prices sagged $25.70 to $1,655.40 U.S. an ounce.
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