TSX Flat Ahead of Trump-Putin Meeting

Equities in Canada’s largest centre opened flat on Friday, with caution prevailing, as investors awaited a high-stakes meeting between U.S. President Donald Trump and Russian leader Vladimir Putin on a potential path to ending the war in Ukraine. The TSX Composite Index edged up 0.11 points to kick off the week’s last session at 27,916.10. Still, it’s been a bonanza week on the country’s largest market, the TSX having collected nearly 900 points, or 3.31% over the last five days. The Canadian dollar inched up 0.08 cents to 72.47 cents U.S. It’s a busy day on the economic slate, home sales across Canada rose 6.6% in July from a year earlier, according to the Canadian Real Estate Association. Home sales rose 3.8% on a month-over-month basis from June, with transactions up a cumulative 11.2% since March of this year. Statistics Canada says manufacturing sales rose by 0.3% in June, driven by higher sales of petroleum and coal as well as food products. Meanwhile, the transportation equipment subsector posted the largest decline. New motor vehicle sales totaled 177,313 in June, increasing 6.2% from June 2024, and wholesale sales rose 0.7% to $84.7 billion in June. ON BAYSTREET The TSX Venture Exchange moved up 5.45 points to 785.26, still below last week’s closing by nearly two points, or 0.25%. Seven of the 12 TSX subgroups were in the red during the first hour, weighed most by gold, down 0.6%, materials sliding 0.5%, and energy, losing 0.4%. The five gainers were led by health-care, haler 2.1%, information technology, taking on 1%, and consumer staples, surging 0.6%. ON WALLSTREET The S&P 500 slipped on Friday after hitting a record high, as investors took some gains off the table after a strong week. The Dow Jones Industrial Average inched ahead 28.86 points to 44,940.12, thanks to a 12% jump in UnitedHealth. The much-broader index sagged 9.95 points to begin Friday at 6,458.59. The NASDAQ fell back into negative country 31.14 points to 21,680.53. The major averages remained on solid footing for the week, however. The Dow outperformed, up 2%. The S&P 500 and NASDAQ gained more than 1% week to date, thanks to new consumer inflation data that raised hopes for a Federal Reserve rate cut next month. A decline in chip stocks and weak consumer sentiment data hurt in the market Friday. Applied Materials fell more than 11%. Meanwhile, the University of Michigan’s consumer sentiment index fell to 58.6 in August from 61.7 last month due to worries over inflation. The major averages remained on solid footing for the week, however. The Dow outperformed, up 2%. The S&P 500 and NASDAQ gained more than 1% week to date, thanks to new consumer inflation data that raised hopes for a Federal Reserve rate cut next month. July’s retail sales data, released on Friday morning, also painted a still-healthy picture for the U.S. consumer. Retail sales rose 0.5% last month, meeting expectations from the Dow Jones consensus. Retail sales excluding automobiles gained 0.3%, also matching estimates. Meanwhile, the University of Michigan’s consumer sentiment index fell to 58.6 in August from 61.7 last month due to worries over inflation. Prices for 10-year Treasury lost ground Thursday, raising yields to 4.31% from Thursday’s 4.29%. Treasury prices and yields move in opposite directions. Oil prices dipped 65 cents to $63.31 U.S. a barrel. Gold prices registered higher $4.40 to $3,387.60 U.S. an ounce.