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The S&P/TSX Composite Index slipped 0.3% to close at 36,514 on Friday after the release of Canadian and US employment figures. In Canada, employment fell by 41,700 in August, defying expectations for a 15,000 increase. The softer labor data may bolster the case for a more dovish stance from the Bank of Canada. Still, after holding rates steady on Wednesday, Governor Tiff Macklem reiterated that policymakers remain ready to raise rates if inflation stays elevated.
In the US, nonfarm payrolls rose by roughly three times the consensus forecast, strengthening expectations for a Federal Reserve rate hike in September and putting pressure on credit-sensitive stocks. Financials lagged, with major banks in the red: TD Bank fell 1%, while Scotiabank slipped 0.9%.
Gold prices also declined, dragging down mining shares. Agnico Eagle lost 0.9%, Barrick Gold retreated 1.8%, and Wheaton Precious Metals (WPM) slipped 0.9%. Technology stocks were mostly weaker amid softness in US hyperscalers: Shopify edged lower and Constellation Software fell 0.6%. In contrast, Celestica gained 1.1%, supported by strength in semiconductor-related names.
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