Canadian stocks declined significantly on Friday, driven by weak U.S. jobs data that intensified recession fears in the world’s largest economy. Disappointing earnings updates from key U.S. and Canadian firms further pressured the market.The benchmark S&P/TSX Composite Index hit a low of 22,020.18 late in the morning, shedding roughly 700 points, and ultimately closed down by 495.58 points, or 2.18%, at 22,227.63. For the week, the index was down 2.6%.Sectors including technology, energy, materials, financials, industrials, and healthcare experienced sharp declines.The Information Technology Capped Index fell 4.47%. Bitfarms Ltd. (BITF.TO) dropped nearly 12%, Lightspeed Commerce (LSPD.TO) fell 9.4%, and Celestica Inc (CLS.TO) declined by 8%.Major tech losers included Open Text Corp (OTEX.TO), Shopify Inc (SHOP.TO), Computer Modelling Group (CMG.TO), Kinaxis Inc (KXS.TO), BlackBerry (BB.TO), Descartes Systems Group (DSG.TO), Constellation Software (CSU.TO), and Docebo Inc (DCBO.TO), all of which saw declines between 3% and 7%.The Energy Capped Index was down 4.34%, impacted by weak crude oil prices. Baytex Energy (BTE.TO), Precision Drilling Corporation (PD.TO), Parex Resources (PXT.TO), Veren Inc (VRN.TO), Vermilion Energy (VET.TO), Nuvista Energy (NU.TO), MEG Energy (MEG.TO), and Cenovus Energy (CVE.TO) witnessed losses ranging from 5% to 8%.The Materials Capped Index ended the day down 2.35%. Methanex Corp (MX.TO), Iamgold Corp (IMG.TO), Hudbay Minerals (HBM.TO), Pan American Silver Corp (PAAS.TO), Kinross Gold Corp (K.TO), Teck Resources (TECK.B.TO), and Nutrien (NTR.TO) closed lower by 4% to 6%.In the financial sector, Fairfax Financial Holdings (FFH.TO) dropped 5.1%. Additionally, Power Corporation of Canada (POW.TO), Onex Corp (ONEX.TO), Manulife Financial (MFC.TO), goeasy (GSY.TO), Toronto-Dominion Bank (TD.TO), Bank of Montreal (BMO.TO), CDN Western Bank (CWB.TO), and National Bank of Canada (NA.TO) saw losses of 2% to 4.1%.Prominent industrial sector losers included Bombardier Inc (BBD.B.TO), Ballard Power Systems (BLDP.TO), Badger Infrastructure (BDGI.TO), SNC-Lavalin Group (ATRL.TO), and Cargojet (CJT.TO).Healthcare stocks also took a hit with Bausch Health Companies (BHC.TO) and Tilray Inc (TLRY.TO) ending down 8% and 6.8%, respectively.Labor Department data revealed non-farm payroll employment increased by 114,000 jobs in July, following a revised growth of 179,000 jobs in June. Economists had anticipated a rise of 175,000 jobs, compared to the previously reported surge of 206,000 jobs for the prior month.Moreover, the unemployment rate climbed to 4.3% in July from 4.1% in June, contrary to economists’ predictions that the rate would remain unchanged.The material has been provided by InstaForex Company – www.instaforex.com
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