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CANADA STOCKS-TSX slips as material stocks, strong US jobs data weigh

Purvi Agarwal
·2-min read

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TSX falls 0.4%

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Material-linked stocks drag

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Stronger-than-expected U.S. job gains in January

(Updated at 10:21 a.m. ET/ 1521 GMT)

By Purvi Agarwal

Feb 2 (Reuters) -

Canada's main stock index slipped on Friday, pressured by material-linked stocks, while stronger-than-expected jobs data from the United States further quashed hopes of an early rate cut by the Federal Reserve.

At 10:21 a.m. ET (15:21 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 84.81 points, or 0.4%, at 21,034.4.

A U.S. Labor Department report showed stronger-than-expected job gains in January that could keep the Federal Reserve from starting interest-rate cuts as soon as its policy decision in May, traders bet on Friday.

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Wall Street indexes were mixed at open as investors cheered robust quarterly reports from Meta Platforms and Amazon.com, while the jobs data kept the sentiment in check.

"Investors were looking forward to this number to help save expectations for the path of rates. It was a surprisingly strong report with plenty of evidence that the labor market is really accelerating, which means that the Fed is not going to be in any rush to cut rates", said Angelo Kourkafas, investment strategist at Edward Jones Investments.

Canada's material-linked stocks led declines on the TSX, falling 2.3% tracking a slide in metal prices as the dollar and yields jumped after U.S. payrolls data.

Shares of information technology were the outliers that gained 1.1%, snapping a three-day losing streak.

The benchmark index has fallen marginally this week, with industrial shares set to outperform their sectoral peers this week, while energy stocks were on track to lag their peers.

In corporate news, information management firm OpenText slid 6.4% after the company reported its fourth-quarter results on Thursday after the bell.

Shares of oil producer and refiner Imperial Oil climbed 1.3% after its fourth-quarter results. (Reporting by Purvi Agarwal in Bengaluru; Editing by Ravi Prakash Kumar)