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Equities Head South with Energy Prices

Jun 28, 2020 (Baystreet.ca via COMTEX) --

Canada's main stock index opened lower on Friday, dragged by the energy sector tracking oil prices as concerns about rising coronavirus cases in the United States and China dented hopes of recovery for fuel demand.

The S&P/TSX Composite Index pointed lower by 103.96 points to open the week's last session at 15,342.18.

The Canadian dollar plummeted 0.26 cents to 73.08 cents U.S.

A Michigan circuit court Thursday ordered Enbridge to halt Line 5 operations and disclose information related to the recent

damage caused to a part of the oil pipeline.

Shares in Enbridge lost 41 cents, or 1%, to $40.97.

RBC raised target price on Crescent Point Energy to $2.75 from $2.50. Crescent Point deducted a nickel, or 2.2%, to $2.22.

CIBC raised the target price on GFL Environmental to $29.50 from $28.00. GFL shares dropped 15 cents to $25.48.

RBC raised target price on Parex Resources to $23.00 from $21.00. Parex forged up 13 cents to $16.17.

ON BAYSTREET

The TSX Venture Exchange hiked 4.17 points to 600.13.

Eight of the 12 subgroups started the day in the red, as energy stumbled 2.2%, financials were poorer by 1.3%, and gold dulled in price 1.1%.

The four gainers were led by industrials, doggedly higher 0.3%, information technology, inching up 0.2%, and communications, eking up 0.1%.

ON WALLSTREET

U.S. stocks fell Friday following the release of the Federal Reserve's latest bank stress-test results and disappointing quarterly numbers out of Nike.

The Dow Jones Industrials plummeted 255.81 points, or 1%, to open Friday at 25,504.16.

The S&P 500 doffed 20.54 points to 3,063.22.

The NASDAQ Composite slouched 65.58 points to 9,949.48.

The moves came after the Fed's annual stress test of the major banks showed some banks could get close to minimum capital levels in scenarios related to the coronavirus pandemic. Because of this, banks must suspend share repurchase programs and keep dividend payments at current levels for the third quarter.

Nike shares slid 3.6% on the back of a surprising quarterly loss for the apparel giant. The company reported a loss of 51 cents per share and revenue of $6.31 billion for its fiscal fourth quarter. Nike's quarterly revenue reflected a drop of 38% on a year-over-year basis.

The losses Friday morning came despite a record rise in consumer spending in May. The Commerce Department reported Friday that spending increased 8.2% last month, a positive sign for the U.S. economy amid a growing number of negative coronavirus headlines.

The government's report on how much Americans spent on goods and services in May was the largest one-month gain dating back to records beginning in 1959. Consumer spending represents more than two-thirds of economic demand in the U.S.

Florida reported just over 5,000 additional cases. Arizona's cases jumped by 5.1%, topping a seven-day average of 2.3%. Texas Gov. Greg Abbott said the state would pause its reopening plans given the recent spike in cases and hospitalizations.

Prices for the 10-Year Treasury gained back lost ground, lowering yields to 0.66% from Thurssday's 0.69%. Treasury prices and yields move in opposite directions.

Oil prices dipped 14 cents to $38.58 U.S. a barrel.

Gold prices shuttled lower $8.60 to $1,762.00 U.S. an ounce.

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