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TSX Finishes in Red

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Stocks finished the first week of September (albeit an abbreviated one), as nerves from possible future rate hikes have not abated. The TSX dropped 57.43 points to end Friday at 20,074.65. On the week, the index slumped 470 points, or 2.3%. The Canadian dollar strengthened 0.22 cents at 73.29 cents U.S. Tech issues were hit the worst, with HUT 8 Mining skidding 11 cents, or 3.5%, to $3.04, while Shopify lost $2.66, or 3%, to $85.99. Real-estate was also roughed up, with units of RioCan REIT giving up 44 cents, or 2.3%, to $19.13, while Dream Industrial REIT units lost 24 cents, or 1.7%, to $13.65. In communication issues, Rogers forfeited 64 cents, or 1.2%, to $53.25, while Cogeco Communications fell 71 cents, or 1.1%, to $64.13. Consumer staples tried to balance things out, with Jamieson Wellness climbing 51 cents, or 2.1%, to $25.43, while Alimentation Couche-Tard gained $1.35, or 1.9%, to $71.50. Health-care gainers consisted of Bausch Health Companies, picking up 25 cents, or 2.2%, to $11.79, while Tilray took on four cents, or 1%, to $4.10. Gold was in the green, with OceanaGold advancing 11 cents, or 3.9%, to $2.96, while NovaGold gained six cents, or 1.1%, to $5.37. In the economic docket, Statistics Canada says the economy created 40,000 jobs in August, though the rise had no effect on the unemployment rate, which remained at 5.5%, following three consecutive monthly increases in May, June and July. Elsewhere, Bank of Canada Governor Tiff Macklem said on Thursday interest rates may not be high enough to bring inflation back down to target, a day after the BoC held borrowing costs at a 22-year high. ON BAYSTREET The TSX Venture Exchange sank 4.42 points to 581.13, for a tumble on the week of 10.4 points, or 1.76%. Eight of the 12 TSX subgroups finished in the red Friday, with information technology sliding 1.5%, real-estate down 0.9%, and communications off 0.6%. The four gainers including consumer staples and health-care, each up 0.9%, and gold, inching up 0.1%. Stocks were little changed on Friday as Wall Street headed for a losing week amid renewed worries that the U.S. Federal Reserve could raise rates more than expected. The Dow Jones Industrials advanced 76.55 points to finish the week at 34,577.28. Stocks are on pace for a down week. The Dow fell short on the week about 1%, while S&P 500 slumped about 1.5%. The NASDAQ lost 2.1%. Energy stocks rose as oil prices sprung up. The S&P 500 sector increased 1% and headed for a 1.4% weekly gain. Major winners included Marathon Petroleum, Valero Energy and Phillips 66, last up 3% each. Some technology stocks that have struggled in recent sessions found their footing. After two straight losing days, Apple moved marginally higher. Microsoft and Salesforces added about 1%. Other names, including Nvidia and Tesla, fell about 2%. Block shed 5.5% as the payments company grappled with a systems outage. Elsewhere, investors pored over the latest batch of corporate earnings reports. E-signature stock DocuSign lost 2% even after the company topped second-quarter estimates and posted rosy third-quarter guidance. RH dropped more than 15% as on soft third-quarter guidance. Prices for the 10-year Treasury gave up previous gains, raising yields to 4.26% from Thursday's 4.25%. Treasury prices and yields move in opposite directions.

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