Markets opened lower on Friday, coming off a money-losing previous session with energy and financial shares leading the decliners.
Canadian retail spending data showed a continued rebound from pandemic-induced lows. Wholesale sales rose 4.3% in July to a record high of $65 billion according to the latest report from Statistics Canada, boosted by the motor vehicle and motor vehicle parts and accessories subsector.
US stock futures were lower, thoughbattered tech stocks saw a slight jump in values. After last week’s downturn, the three benchmarks were up for this week ahead of Friday’s trading, despite treading water after market open.
According to figures from
Livemoney.com, the market was also on pace for its first weekly gain of the month.
Major tech firms saw big struggles in the previous trading session, dragging down the broader market and adding to its steep September drop.
Amazon (NASDAQ: AMZN),
Microsoft (NASDAQ: MSFT),
Apple (NASDAQ: AAPL), and
Facebook (NASDAQ: FB) have all lost at least 10% month-to-date.
Investors also remained on edge about the outlook on further coronavirus stimulus as well as the timing of a viable vaccine.
The major averages were set to snap two-week losing streaks despite the uncertainties surrounding the market, economic outlook, and a coronavirus vaccine.
Shares of
Oracle Corporation (NYSE: ORCL) lost 1.5% in premarket trading after the US Commerce Department announced that it would ban American business transactions with China-owned social apps
WeChat and
TikTok, starting on Sunday. This ban would not apply to Canadian users.