TSX retreats after index notched fresh record high

Investing.com - Canada’s main stock exchange ended lower on Friday, following an uptick in the prior session fueled by upbeat earnings reports and resilient U.S. economic data.

Toronto Stock Exchange’s S&P/TSX composite index was down 72 points, or 0.27% at 27,314.01 .

Data showed that U.S. retail sales rebounded in June, although worries remained that the impact of sweeping U.S. tariffs is only just beginning to appear in recent inflation figures.

Meanwhile, the technology sector rose by 2.53%, underpinned by a jump in shares of e-commerce firm Shopify. Financials, a key weighting of the TSX index, also climbed by 1.12%.

Shares of convenience store operator Alimentation Couche-Tard surged by more than 8% after it scrapped its $46 billion bid to buy 7-Eleven’s parent group Seven & i Holdings.

U.S. stocks mixed

The Dow Jones Industrial Average lost 142.30  points, or 0.32%, the S&P 500 index was almost flat and the NASDAQ Composite climbed just 10 points, or 0.05%.

The main averages on Wall Street advanced on Thursday, with the S&P 500 closing at a new record after hitting an all-time high during the session and the Nasdaq Composite also posting a closing record.

The benchmark indices are on track for a positive week, bolstered by generally positive corporate earnings as well as strong retail sales data which underscored the resilience of the economy.

Netflix dips despite guidance raise

There are more quarterly results scheduled for Friday, with the likes of American Express (NYSE:AXP), 3M Company (NYSE:MMM), and Charles Schwab (NYSE:SCHW) set to report.

Also in the spotlight will be Netflix (NASDAQ:NFLX), after the streaming giant reported solid quarterly earnings and hiked its annual revenue guidance after the close Thursday.

That said, Netflix stock fell premarket after the results failed to live up to heightened analyst expectations.

Netflix’s stock price has surged by more than 43% so far this year, underpinned by hopes that the firm will continue to strengthen its position as one of the most dominant players in the streaming sector.

Crude gains on Russia sanctions agreement

Oil prices rose on supply concerns fueled by drone attacks on Iraqi oil fields, as well as the European Union reaching an agreement on a new sanctions package against Russia.

Four days of drone attacks on oilfields in Iraqi Kurdistan that shut down half the region’s output have supported prices.

Additionally, EU policymakers on Friday signaled the Russian oil price threshold would be lowered as part of a newly agreed sanctions package, a move aimed at limiting Russia’s oil revenues while retaining the country’s supplies in the market to avoid a major shortage.

Gold inches up

Gold prices ticked higher, but were on pace for a weekly decline as strong U.S. retail sales data boosted the dollar and buoyed risk appetite.

The yellow metal was set for mild weekly losses, as investors grew increasingly convinced that the Federal Reserve will not cut interest rates any time soon.

Spot gold rose 0.4% to $3,351.24 an ounce, while gold futures for September moved up 0.4% to $3,357.02/oz