By Ketki Saxena
Investing.com -- Canada's main stock index, the S&P/TSX Composite index reversed course on Friday, to rebound by afternoon trading. The TSX Composite index tracked Wall Street higher, as indices were supported by easing treasury yields and gains in megacaps.
While labour reports on both sides of the border came in above expectations, US nonfarm payrolls showed a decrease in wage growth, a positive signal for the Fed's fight against inflation.
The commodity-heavy Canadian index gained some support from crude prices as Russia announced another partial lifting of its fuel export plan. On a weekly basis however, crude prices posted their biggest loss since March.
Canadian Stock Market News
Tilray shares fell after TD (TSX:TD) Cowen slashed its price target for the cannabis company.
CIBC (TSX:CM) cut its price target on Air Canada (TSX:AC) over fuel hike concerns.
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In Canadian Economics
The Canadian economy added 63,800 jobs in September, coming in three times above expectations. The robustness in the labour market increased bets for another rate hike from the Bank of Canada. Money markets are now seeing a roughly 40% chance of an October rate hike, compared to a 28% chance prior to the data release.
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All currencies are denoted in Canadian dollars, unless stated otherwise.