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May 29, 2020

North American markets closed mixed, oil rallies

BNN Bloomberg's closing bell update: May 29, 2020

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4:10 p.m. ET:  North American markets closed mixed, oil rallies

North American equity markets capped off Friday’s trade mixed, with the S&P/TSX Composite Index down 0.46 per cent, the Dow Jones Industrial Average down 0.07 per cent, the S&P 500 up 0.48 per cent and the Nasdaq Composite Index gaining 1.29 per cent.

In Toronto, six of the 11 TSX subgroups closed the day in positive territory, led by the information technology, materials and communications sectors. Financials, health care and industrial stocks were the lead laggards.

Oil prices rose, with U.S. benchmark West Texas Intermediate up four-and-a-half per cent to US$35.25 per barrel.

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1:50 p.m. ET - North American markets slide into the weekend

North American equity markets remained under pressure through the midday trade, with the S&P/TSX Composite Index down 0.9 per cent, the S&P 500 and Dow Jones Industrial Average both 0.8 per cent lower, and the Nasdaq Composite Index essentially unchanged.

In Toronto, nine of the 11 TSX subgroups were trading lower, with health care, financials and energy as the biggest drags on the market. Only materials and information technology were in positive territory.

Canopy Growth Corp. was a major drag on the cannabis-heavy health care index, falling 20 per cent after disappointing recreational sales numbers and the withdrawal of its profitability forecast. Laurentian Bank weighed on the financials sector after the bank slashed its dividend payout, a rarity in the sector.

Oil pared some earlier losses, with U.S. benchmark West Texas Intermediate down one per cent to trade at US$33.40 per barrel. Canadian crude was essentially unchanged at US$26.23 per barrel.

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9:50 a.m. ET - North American markets slide as concerns grow over U.S.-China tensions

North American markets slipped in early trading Friday as concerns grew over U.S.-China tensions. The S&P/TSX Composite Index fell 0.5 per cent, the S&P 500 was 0.25 per cent lower, the Dow Jones Industrial Average lost 0.6 per cent and the Nasdaq Composite Index was nearlly unchanged.

U.S. President Donald Trump is poised to announce new policies in relation to China on Friday after Beijing escalated its crackdown on Hong Kong.

In Toronto, seven of the 11 TSX subgroups were in positive territory, led by information technology, materials and communications stocks.

Canopy Growth Corp. was the lead laggard on the TSX, down 22 per cent after the company reported a decline in recreational marijuana sales and withdrew its forecast for a path to profitability. Laurentian Bank of Canada was also a clear laggard, down 11 per cent after the company cut its quarterly dividend 40 per cent.

Oil prices slid amid concerns those U.S.-China tensions could lead to a re-escalation of tariffs between the two nations. U.S. benchmark West Texas Intermediate slid 2.2 per cent to US$33.00 per barrel and Alberta’s Western Canadian Select was 2.07 per cent lower at US$25.55 per barrel.

The Canadian dollar was essentially unchanged against its American counterpart to trade at 72.62 U.S. cents.

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