Canadian Stocks Turning In Mixed Performance

(RTTNews) - Canadian stocks are turning in a mixed performance on Friday with investors digesting the nation's GDP data, and the Personal Consumption Expenditure report from the U.S.

The benchmark S&P/TSX Composite Index is down 19.51 points or 0.09% 21,922.65 about a quarter past noon. The index touched a high of 22,050.29 earlier in the session.

Kinaxis Inc (KXS.TO) is rising about 3.5%. Lassonde Industries (LAS.TO), Bombardier Inc (BBD.A.TO), EQB Inc (EQB.TO), TFI International (TFII.TO), goeasy (GSY.TO), BRP Inc (DOO.TO) and Restaurant Brands International (QSR.TO) are up 1.3 to 2.4%.

Tecsys Inc (TCS.TO), Labrador Iron Ore Royalty (LIF.TO), Pollard Banknote (PBL.TO) and Brookfield Renewable Corporation (BEPC.TO) are down 3.5 to 4.6%.

TC Energy (TRP.TO), Cameco Corporation (CCO.TO), Molson Coors Canada (TPX.B.TO) and Canadian Imperial Bank of Commerce (CM.TO) are lower by 1.4 to 2%.

In April 2024, the economy expanded by 0.3%, in line with preliminary estimates, final data from Statistics Canada showed.

Canada's GDP is expected to grow 0.1% in May 2024, as increases in manufacturing, real estate, rental & leasing and finance & insurance were partially offset by a drop in retail trade and wholesale trade, according to preliminary estimates.

According to a report from the Canadian Federation of Independent Business, the CFIB business barometer in Canada, which reflects 12-month forward expectations for business performance in the country, dipped to 56.3 in June 2024, down slightly from an upwardly revised 56.6 in the previous month.

Data from the Commerce Department said the U.S. personal consumption expenditures (PCE) price index came in unchanged in May after rising by 0.3% in April. The core PCE price index, which excludes food and energy prices, inched up by 0.1% in May after climbing by an upwardly revised 0.3% in April.

Economists had expected the core PCE price index to tick up by 0.1%, compared to the 0.2% increase originally reported for the previous month.

The Commerce Department also said the annual rates of growth by the PCE price index and the core PCE price index both slowed to 2.6% from 2.7% and 2.8%, respectively. The slowdowns also matched estimates.

The slowdowns in the annual rates of consumer price growth have led to optimism about the outlook for interest rates, as Federal Reserve officials have repeatedly said they need greater confidence inflation is slowing before they will consider cutting rates.