The U.S. markets are relatively flat in early trade Friday, following the release of the weaker than expected May jobs report.Employment in the U.S. increased by much less than expected in the month of May, according to a report released by the Labor Department on Friday. The report said non-farm payroll employment rose by 138,000 jobs in May after climbing by a downwardly revised 174,000 jobs in April.Economists had expected an increase of about 185,000 jobs compared to the jump of 211,000 jobs originally reported for the previous month.Markets in Europe are trading in the green Friday, extending their gains from the previous session. However, the markets have pared their gains following the release of the weaker than expected US jobs report.
The benchmark S&P/TSX Composite Index is down 42.51 points or 0.27 percent at 15,427.40.On Thursday, the index closed up 120 points or 0.78 percent, at 15,469.91. The index scaled an intraday high of 15,493.90 and a low of 15,337.53.The Energy Index is falling 1.86 percent. Crude oil prices have fallen below $48 a barrel Friday morning, despite yesterday’s EIA report showing a significant drop in U.S. oil inventories. EIA data showed that crude inventories dropped 6.4 million barrels, as refining jumped to a record high.Encana (ECA.TO) is decreasing 2.97 percent and Suncor Energy (SU.TO) is surrendering 1.23 percent. Crescent Point Energy (CPG.TO) is weakening by 3.73 percent and Cenovus Energy (CVE.TO) is losing 3.43 percent. Canadian Natural Resources (CNQ.TO) is declining 1.77 percent and Imperial Oil (IMO.TO) is down 0.81 percent. Husky Energy (HSE.TO) is falling 1.69 percent. The Capped Information Technology Index is losing 0.50 percent. BlackBerry (BB.TO) is weakening by 2.40 percent and Sierra Wireless (SW.TO) is down 1.49 percent. Descartes Systems Group (DSG.TO) is falling 2.68 percent.
The heavyweight Financial Index is decreasing 0.35 percent. Royal Bank of Canada (RY.TO) is weakening by 0.29 percent and Bank of Nova Scotia (BNS.TO) is losing 0.29 percent. Bank of Montreal (BMO.TO) is decreasing 0.20 percent and Toronto-Dominion Bank (TD.TO) is falling 0.17 percent. Canadian Imperial Bank of Commerce (CM.TO) is also declining 0.27 percent.The Capped Healthcare Index is lower by 0.21 percent. Valeant Pharmaceuticals International (VRX.TO) is losing 0.53 percent.The Capped Industrials Index is lower by 0.17 percent. Canadian Pacific Railway (CP.TO) is down 0.60 percent and Finning International (FTT.TO) is losing 1.98 percent.The Capped Materials Index is down 0.13 percent. Agrium (AGU.TO) is falling 0.90 percent and Potash Corp. of Saskatchewan (POT.TO) is losing 0.81 percent.