CANADA STOCKS-TSX falls on technology shares, but set for weekly gain

(Updated at 10:21 a.m. ET/ 1521 GMT)

By Nikhil Sharma

Nov 15 (Reuters) - Canada's main stock index fell on Friday amid broader losses led by technology shares, while markets assessed Federal Reserve Chair Jerome Powell's comments urging a cautious approach towards U.S. interest-rate cuts going forward.

The S&P/TSX composite index was down 88.69 points, or 0.42%, at 24,962.98, set to snap its four-day gaining streak.

However, the TSX was headed for weekly gains.

At least eight sectors on the index nursed losses, with the information technology sector falling 1.1%.

The industrial and capped communications sectors were also among the top decliners.

In contrast, materials shares rose 0.5% as gold prices steadied and copper prices nudged up.

The sector also benefited from Aya Gold & Silver's (AYASF) shares rising 12.4%.

Michael Sprung, president at Sprung Investment Management, noted that as the week comes to an end, "I think we're seeing a little bit of a pause."

The Canadian markets also took cues from Wall Street, where the main indexes tumbled on Friday after Powell's speech pushed up U.S. Treasury yields and pressured equities.

Powell, in his address on Thursday, said ongoing economic growth, a solid job market and inflation above the 2% target means the Fed does not need to rush to lower U.S. interest rates.

The remarks fueled bets that the Fed might hold rates in December, odds for which stood firm at 42.9%.

Sprung added that the TSX, on a weekly basis, was "mimicking some of the excitement we've seen south of the border."

On the economic data front, U.S. retail sales increased slightly more than expected in October, but underlying momentum in consumer spending appeared to be slow at the start of the fourth quarter.

Canadian factory sales fell 0.5% in September from August due to lower sales of petroleum and coal products as well as aerospace product and parts. (Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya Biswas)