The Toronto Stock Exchange is down 123 points at midday, with energy (-0.9%) and miners (-0.7%), the biggest decliners.

Utilities and financials are the sole gainers, up 0.7% and 0.6%, respectively.

In stocks, Enbridge, which is the most actively traded, is down 4.6%, after it reported its fourth-quarter results Friday morning.

Oil prices rose early on Friday following two days of losses as traders gauge the latest moves from the U.S. Administration, which is promising to end Russia's war on Ukraine while threatening widespread tariffs on the country's trading partners. And natural gas prices rose for a fifth-straight session as cold weather continues for most states, boosting heating demand.

But gold edged down from a record early on Friday even as the dollar and treasury yields fell after U.S. retail sales dropped more than expected last month, showing a slowing economy even as inflation continues to run hot.

According to Rosenberg Research, investor skepticism is growing over U.S. President Trump's tariff strategy, and maybe this is being reflected in the up and down trend in trading of late.

"Investors seem to be smelling a rat on this tariff file. First, a reprieve for Canada and Mexico. Second, no action yesterday on these so-called reciprocal tariffs. People are not fooled by numbers being bandied about that America spends more on tariffs than it takes in because that has nothing to do with unfair trading relationships and everything to do with the fact that mass consumerism in the U.S. and huge fiscal stimulus have led to record-high trade deficits," the research said.

Meanwhile, the release of U.S. Retail Sales and Industrial Production data today provided some indication that the Fed will be on hold with rates for some time, easing fears around a higher differential arising between Canada and U.S. rates over the coming months. There was some talk early this week that rates there might even have to rise soon.

"Big Picture" for BMO Economics, today's U.S. reports "weren't great" as retail sales "unexpectedly wilted" by the most in nearly two years, marking a sudden pullback for the mighty consumer there. Meanwhile, manufacturing production fell for the first time in three months. Bad weather may have curbed activity in January. Either way, BMO added, the Fed will likely stay on the sidelines for sometime, until a clear picture emerges that inflation is heading towards 2% and economic growth is moderating.

Barrick Gold Corp. (ABX.TO, GOLD) is considering redomiciling to the U.S. from Canada, and under a Donald Trump administration that could happen sooner rather than later, Barrick chief executive Mark Bristow told The Globe and Mail's editorial board. The paper noted Toronto-headquartered Barrick is one of the few large Canadian mining companies left in Canada. Over the past two decades, scores of stalwart domestic miners have been scooped up by foreign competitors and many head offices have been closed down, it said.