Canadian Stocks Show Notable Move Back To The Downside

(RTTNews) - Canadian stocks came under pressure during trading on Friday, more than offsetting the rebound seen in the previous session.

The benchmark S&P/TSX Composite Index climbed off its worst levels of the day but still ended the day down 90.06 points or 0.6 percent at 15,580.64, its lowest closing level in over three months.

Worries about growth amid a continued surge in coronavirus cases around the world weighed on sentiment on Bay Street.

Technology stocks fell sharply amid a negative reaction to U.S. tech giants such as Apple (AAPL), Amazon (AMZN) and Facebook (FB). The S&P/TSX Capped Information Technology Index tumbled by 2.1 percent.

Substantial weakness was also visible among utilities stocks, as reflected by the 2.1 percent slump by the S&P/TSX Capped Utilities Index.

Consumer discretionary healthcare and telecom stocks also came under pressure, while materials stocks moved higher along with the price of gold.

In economic news, data from Statistics Canada showed Canadian GDP grew 1.2 percent in August after rising 3.1 percent a month earlier.

The industrial product price index in Canada dropped 0.1 percent over a month earlier in September, falling after rising in the previous four months. Year-on-year, producer prices went down 2.2 percent.

Meanwhile, raw materials prices in Canada fell 2.2 percent in September after falling 3.2 percent a month earlier. Year-on-year, prices fell 9.4 percent in September.