04:24 PM EDT, 06/14/2024 (MT Newswires) -- The Toronto Stock Exchange's S&P/TSX Composite Index closed down 59.01 points on Friday to close at 21,639.1, ending a week that saw the index drop 1.7% on volatile resource prices and a hawkish turn from the U.S. Federal Reserve.

In a session that saw only 629 issues close with a gain, while 1,271 felll, the only rising sectors on Friday were Information Technology, up 0.87%, and Industrials, up 0.11%. The two biggest decliners on the day were Battery Metals and Telecoms, down 1.65% and 1.16% respectively.

Gold traded higher mid-afternoon on Friday, rebounding from a five-week low touched a day earlier despite a stronger dollar as treasury yields narrowed. Gold for August delivery was last seen up US$30.30 to US$2,348.30 per ounce.

West Texas Intermediate (WTI) crude oil closed lower on Friday on a cloudy outlook for demand. WTI crude oil for July delivery closed down US$0.17 to settle at US$78.45 per barrel, while August Brent crude, the global benchmark, was last seen down US$0.03 to US$82.72.

The week featured little in the way of market-moving Canadian economic data, with the focus on the two-day meeting of the Federal Reserve's policy committee that ended with the interest rates unchanged at a a 23-year high, while dimming expectations for near-rate cuts as it forecast only one rate cut, likely late this year.

Next week is likely to be more interesting when it comes to Canadian data, with the release of housing-start data coming Monday and retail sales on Friday.

"Early reports from regional real estate boards suggested housing markets were in a holding pattern in May. Home resales edged lower in most regions including Toronto, Vancouver, and Montreal. That together with more new listings point to a rebalancing in market supply and demand, exerting more downward pressure on home prices that have largely stagnated this year. Signs of persistent softness in housing markets could also be tied to potential buyers waiting on the sidelines for more clarity on the direction of interest rates," RBC Economics noted.

Retail sales for May are also expected to be weak, though higher fuel prices may buoy the numbers.

"In Canada, the publication of April's retail sales will attract a lot of attention. Judging from previously released data on auto sales, motor vehicles and parts dealers could have acted as a drag on the headline figure, but this may have been more than offset by increased spending at gasoline stations, as pump prices rose sharply over the month. All told, total retail sales may have expanded 0.7% on a monthly basis. Ex-auto outlays could have been a tad stronger, advancing 0.9% m/m," National Bank Financial noted.