S&P/TSX Composite slips 0.3% on Canada and US jobs data

The S&P/TSX Composite Index shed 0.3% to close at 36,514 on Friday following the release of Canadian and US employment data.

Employment in Canada declined by 41,700 in August, missing expectations for a 15,000 increase.

The weak labor data could support a more dovish stance from the BoC.

However, despite keeping rates unchanged on Wednesday, Governor Macklem said policymakers were prepared to raise rates if inflation remained elevated.

Meanwhile, US payrolls increased about three times the estimate, boosting expectations for a September Fed rate hike pressuring credit-sensitive stocks.

Major banks posted losses, with TD Bank down 1% and Scotiabank shedding 0.9%.

Gold prices declined, weighing on mining shares.

Agnico Eagle lost 0.9%, Barrick shed 1.8%, and WPM retreated 0.9%.

Technology stocks were mostly lower amid weakness among US hyperscalers, with Shopify edging lower and Constellation Software down 0.6%.

In contrast, Celestica added 1.1%, tracking strength among chipmakers.