North American equity markets ended the week with negative results, with the S & P / TSX Composite Index, the S&P 500, the Dow Jones Industrial Average and the Nasdaq Composite falling one to two percent, but all four were out of the middle of the day.
The Toronto TSX benchmark held gains for the week, but the three US indices all finished the week in the red.
On an intraday basis, 10 of the 11 TSX subgroups posted losses, with the financial, industrial and energy sectors losing the most points.
Crude oil extended Thursday’s record rally, with the US benchmark West Texas Intermediate gaining more than 40% in two sessions after US President Donald Trump raised the prospect that Saudi Arabia and Russia are leading a production cut of up to 15 million barrels a day, and as OPEC + prepares to hold a virtual meeting on Monday. As of Friday, the key for Western Canadian Select in Alberta rose 36% to almost US $ 12 a barrel.
Although the rise in crude oil has been monumental, WTI prices have fallen by more than 50% since the start of the year. WCS lost 69% of its value over the same period.
The Canadian dollar did not come around with crude, the loonie falling slightly against its American counterpart. The weakness could likely be linked to the strength of the US dollar, which surged against all of its major counterparts on Friday.
2:20 p.m. ET: Inventories continue to drop at the weekend
North American stock markets continued to fall after another volatile week. The S & P / TSX composite index rebounded around the lowest levels of the day, while indices south of the border hit new lows in the middle of the afternoon.
In Toronto, 10 of 11 sub-groups in the benchmark composite were in negative territory, with the rise in gold helping the materials group to reverse the trend. Oil prices continued to climb, as the US benchmark West Texas Intermediate rose more than 8%. Canadian crude came for the ride, with Western Canadian Select holding more than $ 10 a barrel.
From an action-specific perspective, gold names have been most influential in countering the negative trend. Barrick Gold Corp., Franco-Nevada Corp. and Kirkland Lake Gold Ltd. added the most points to the table.
12:15 p.m. ET: North American markets are going down
North American stock markets plunged at midday, as the S & P / TSX Composite Index, the S&P 500, the Dow Jones Industrial Average and the Nasdaq Composite fell almost 2%.
In Toronto, 10 of the 11 TSX subgroups were in negative territory, with financial services, utilities and industries posting the largest percentage declines. The materials group clung to positive territory as gold progressed.
Crude prices reduced earlier gains, but the US benchmark West Texas Intermediate remained over 5% higher. Oil was boosted on Thursday when US President Donald Trump raised the prospect of a reduction in global supplies of up to 15 million barrels per day.
10:25 a.m.ET: North American stock markets lose ground by mid-morning
North American equity markets slid in the middle of the morning, with the S & P / TSX composite index, the S&P 500, the Dow Jones Industrial Average and the Nasdaq Composite down just under 1%.
In Toronto, six of the 11 sub-groups in the composite were in negative territory, with industries, utilities and financial services posting the largest percentage declines.
9:40 am EST: muted morning in the markets despite a massive drop in employment in the United States
North American stock markets were mixed at the start of the session, with the S & P / TSX composite index essentially unchanged and the S&P 500, Dow Jones Industrial Average and Nasdaq Composite index in slightly negative territory following a disastrous US employment report in March.
The United States cut 701,000 jobs in March, far exceeding the average expectation of 100,000 jobs being cut. It marked the first decline since September 2010 and the largest decline since the depths of the financial crisis.
Crude oil continued yesterday’s record rally, with the US benchmark West Texas Intermediate up about 8%. Crude oil jumped in yesterday’s trade after US President Donald Trump raised the prospect of global production falling by 10 to 15 million barrels a day. The OPEC + coalition has scheduled a video conference next week to discuss the reduction.
While the WTI has increased by more than 30% in the last two trading sessions, prices have remained more than 50% lower since the start of the oil price war between Saudi Arabia and Russia which extends over its second month. Canadian crude has exceeded $ 11 a barrel after hitting record lows earlier this week.