4:50 p.m. ET: North American markets end week in the red amid virus volatility

North American equity markets ended the week with a negative showing, as the S&P/TSX Composite Index, S&P 500, Dow Jones Industrial Average and Nasdaq Composite fell between one and two per cent, but all four were off the lows of the day.

Toronto’s benchmark TSX held on to a gain for the week, but the three American benchmarks all finished the week in the red.

On an intraday basis, 10 of the 11 TSX subgroups posted losses, with financials, industrials and energy taking the most points off the board.

Crude extended Thursday’s record rally, with U.S. benchmark West Texas Intermediate notching a more than 40 per cent gain over two sessions after U.S. President Donald Trump raised the prospect of Saudi Arabia and Russia leading a production curtailment of as much as 15 million barrels per day, and as OPEC+ prepares to hold a virtual meeting Monday. Alberta’s key Western Canadian Select rose 36 per cent Friday, nearly breaching US$12 per barrel.

Though the rally in crude has been monumental, WTI prices remain down more than 50 per cent year-to-date. WCS has lost 69 per cent of its value over the same period.

The Canadian dollar didn’t come along for the ride with crude, with the loonie falling modestly against its U.S. counterpart. That weakness could likely be tied to the strength in the U.S. dollar, which surged against all its major counterparts Friday.

2:20 p.m. ET: Stocks sink further at the end of the week

North American equity markets continued to fall into the close of another volatile week. The S&P/TSX composite index bounced around the weakest levels of the day, while indices south of the border hit new lows through the mid-afternoon.

In Toronto, 10 of the 11 subgroups on the benchmark composite were in negative territory, with gold’s rise helping the materials group buck the trend. Oil prices continued to rally, with the U.S. benchmark West Texas Intermediate rising more than eight per cent. Canadian crude came along for the ride, with Western Canadian Select holding above $10 per barrel.

On a stock-specific view, gold names were the most influential in bucking 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 plumb session lows

North American equity markets plumbed session lows through mid-day, with the S&P/TSX composite index, the S&P 500, Dow Jones Industrial Average and Nasdaq Composite falling nearly two per cent.

In Toronto, 10 of the eleven TSX subgroups were in negative territory, with financials, utilities and industrials posting the largest percentage declines. The materials group clung to positive territory as gold ticked higher.

Crude prices pared earlier gains, but U.S. benchmark West Texas Intermediate remained more than five per cent higher. Oil was bolstered Thursday when U.S. President Donald Trump raised the prospect of a global supply cut of as much as 15 million barrels per day.

10:25 a.m. ET: North American equity markets lose ground into mid-morning

North American equity markets slid in the mid-morning trade, with the S&P/TSX composite index, the S&P 500, Dow Jones Industrial Average and Nasdaq Composite falling a little less than one per cent.

In Toronto, six of the composite’s 11 subgroups were in negative territory, with industrials, utilities and financials posting the largest percentage declines.

9:40 a.m. ET: Muted Morning on markets in spite of massive U.S. jobs declines

North American equity markets were mixed in early trading, with the S&P/TSX Composite Index essentially unchanged and the S&P 500, Dow Jones Industrial Average and Nasdaq Composite in modestly negative territory in the wake of a disastrous March U.S. jobs report.

The U.S. shed 701,000 jobs in March, far exceeding the average expectation of a 100,000 drop in employment. It marked the first decline since September 2010 and the largest drop since the depths of the financial crisis.

Crude oil extended yesterday’s record rally, with U.S. benchmark West Texas Intermediate rising about eight per cent. Crude surged in yesterday’s trade after U.S. President Donald Trump raised the prospect of a global output cut in the range of 10 to 15 million barrels per day. The OPEC+ coalition has scheduled a videoconference for next week to discuss curtailment.

While WTI has rallied more than 30 per cent over the course of the last two trading sessions, prices remain down more than 50 per cent year-to-date as the oil price war between Saudi Arabia and Russia stretches into its second month. Canadian crude broke above $11 per barrel after hitting record lows earlier in the week.