â–º Listen Live

HomeBusiness ReportAFTER THE BELL: Financials drag TSX, Dow returns to red after disappointing...

AFTER THE BELL: Financials drag TSX, Dow returns to red after disappointing corporate numbers spark sell-off

A day after showing signs of life, North American markets flatlined on Friday.

Both the TSX and the Dow tumbled to cap the week, wiping out most of the gains from a bounce-back Thursday.

The reason behind the retreat into the red on both sides of the border was three-fold: anxiety over international trade, a global economic slowdown, and underwhelming U.S. corporate earnings results.

On Bay Street, the TSX lost 35 points with only gold and materials seeing gains among the exchange’s 11 sectors.

- Advertisement -

The most heavily traded stocks on the index were Aurora Cannabis, Bombardier, Aphria, Goldcorp Inc., and Hydropothecary.

Shares in plane and train maker Bombardier slipped, falling 6.6 percent.

In New York, disappointing earnings results from Amazon and Alphabet weighed markets.

Amazon tumbled 7.8 percent and Alphabet dropped 1.8 percent after the tech giants missed revenue expectations.

As a result the Nasdaq slid 151 points, despite gains in Tesla and Intel.

The Dow also went for a dip, plunging 296 points with market bellwethers Boeing, Caterpillar, Apple, and General Electric trading lower.

Oil moved up 35 cents to $67.68 US a barrel with upcoming U.S. sanctions on Iran offsetting reports of oversupply, while investors flocked to the safety of gold which jumped $4.50 to $1,234 an ounce.

The loonie was flat, inching 12/100ths of a cent lower to $0.7637 US.

- Advertisment -
- Advertisment -
- Advertisement -

Continue Reading