U.S. -listed Chinese companies traded mostly lower on Friday, with eight of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on a downbeat note.
Aggressive stimulus measures have helped the three main US stock indexes bounce back from a coronavirus-driven crash in March.
Despite the mediocre data and broad expectations that unemployment will remain at high levels for some time as the USA struggles to contain the coronavirus, the S&P 500 and Nasdaq stand near all-time highs.
On Wednesday and Thursday, the S&P 500 briefly traded above its February 19 record close of 3,386.15 but lacked momentum on Friday.
"Investors are taking a pause".
"There's still a lot of uncertainty with regard to the overall economy, as well as the increase in case count that we've seen over the past month or so", said Brian Price, head of investments for Commonwealth Financial Network.
Nonetheless, the benchmark Standard & Poor 500, accountable for almost 45 per cent of all trading activities in the Wall St., had hit an all-time high of 3,387.24 earlier in the session, but ended up in the reds, while an 11.2 per cent nosedive of Cisco Systems had weighed on Dow and S&P 500 following a dour demand forecast for the remaining of the year, though Apple Inc.
At 09:40 a.m. ET (1340 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 68.49 points, or 0.41%, at 16,461.57.* Limiting losses on the index was data that showed Canadian manufacturing sales rose by a record 20.7% in June as many factories operated at a much higher capacity than in May. On the other hand, the Consumer Discretionary Index is down 0.35% pressured by the less-than-expected increase in retail sales.
For the week, the S&P 500 rose 0.6%, the Dow added 1.8% and the Nasdaq gained 0.1%.
The upcoming USA presidential election is adding another layer of caution, along with continued outbreaks of the virus in parts of the United States.
On the TSX, 47 issues were higher, while 168 issues declined for a 3.57-to-1 ratio to the downside, with 15.05 million shares traded.
The TSX posted no new 52-week high and no new low.
Volume on USA exchanges was 7.83 billion shares, compared with the 10.1 billion average for the full session over the last 20 trading days.