Indexes Down on Day, Manage to Close Week Ahead

Stock traders in Canada weighed the news late Friday on the trade front, data which weighed markets down by the closing bell.The TSX Composite Index fell backward 59.63 points to end Friday at 26,693.32. Still, the gain on the week was 194 points, or 0.7%.The Canadian dollar retreated 0.3 cents to 72.99 cents U.S. Markets in this country reacted to the news that the United States is immediately “terminating ALL discussions on Trade with Canada” in response to Ottawa’s decision to impose a digital services tax on American tech firms.President Donald Trump’s surprise announcement on Truth Social accused Canada of “copying the European Union” with the “egregious” tax.Prime Minister Mark Carney’s office as yet had no response to the message. Gold miners were the top losers with Lundin Gold falling $5.96, or 8.1% $67.35. Kinross Gold lost $1.27, or 5.9%, to $20.33.Among materials, G Mining sagged $1.48, or 8%, to $17.02, while Agnico Eagle Mining flopped $9.17, or 5.5%, to $158.73. In energy, Imperial Oil ditched $2.85, or 2.6%, to $108.16, while PrairieSky Royalty floundered 43 cents, or 1.8%, to $23.48. In real-estate, units of Allied Properties REIT moved ahead 34 cents, or 2%, to $17.19, while Killam REIT jumped 39 cents, or 2%, to $19.52. In health-care, Sienna Senior Living gained nine cents to $15.76, while Chartwell Retirement Residence captured eight cents to $18.34. In tech stocks, Celestica leaped $4.32, or 2.1%, to $209.27, while Computer Modelling prospered nine cents or 1.3%, to $7.08.On the economic front, Statistics Canada reports real gross domestic product edged down 0.1% in April, driven in large part by declines in the manufacturing and wholesale trade sectors.ON BAYSTREET The TSX Venture Exchange slid 4.58 points to 724.21, but the index gained on the week 13 points, or 1.83%. Seven of the 12 TSX subgroups were down on the session, weighed most by gold, duller by 4%, materials, off 3.1%, and energy, down 0.8%.The five gainers were led by real-estate, up 0.7%, health-care, up 0.3%, and information technology, edging ahead 0.2%. ON WALLSTREET The S&P 500's rally to record highs evaporated Friday after new comments from President Donald Trump tied to U.S.-Canada tariffs hurt improving sentiment around global trade tensions.The Dow Jones Industrials popped 432.43 points, or 1%, to 43,819.27.The much-broader index advanced 32.05 points to end the day and the week at 6,173.07, a figure which surpassed the prior all-time high of 6,147.43 from Feb. 19.The NASDAQ Composite tacked on 105.54 points to 20,273.46, also a new record high.The S&P 500 is up more than 20% since reaching a nadir on April 8 and now up nearly 5% for the year. Stocks cooled off from their session highs after Trump said on Truth Social that trade talks between the U.S. and Canada were being terminated. Investors initially bid up equities after Commerce Secretary Howard Lutnick told Bloomberg News late Thursday that a framework between China and the U.S. on trade had been finalized. Lutnick added that the Trump administration expects to reach deals with 10 major trading partners imminently.Friday’s reversal marks the latest episode in which Wall Street tries to navigate an ever-changing global trade landscape.After rising to a new high in February on hopes for business-friendly policies from Trump, stocks tumbled as the president decided to instead implement stiff tariffs first. At its low in April, the S&P 500 was down nearly 18% for 2025. The benchmark then began a stunning comeback after Trump walked back his stiffest tariff rates and the U.S. began negotiations for trade deals.Along the way, investors kept buying despite a spike in oil prices spurred by the Israel-Iran conflict and a yield surge on deficit worries. A recovery in the artificial intelligence trade led by Nvidia and Microsoft helped fuel the comeback.The S&P 500 is up more than 20% since reaching a nadir on April 8 and now up more than 4% for the year. Along the way, investors kept buying despite a spike in oil prices spurred by the Israel-Iran conflict and a yield surge on deficit worries. A recovery in the artificial intelligence trade led by Nvidia and Microsoft helped fuel the comeback.Nvidia hit an all-time high again on Friday, up 0.9%. Microsoft notched a new record as well before hovering around the little-changed mark.Prices for the 10-year treasury dropped slightly, raising yields to 4.27% from Thursday’s 4.24%. Treasury prices and yields move in opposite directions. Oil prices inched lower 10 cents to $65.14 U.S. a barrel. Gold prices sank $64.20 to $3,283.80 U.S. an ounce.