On Friday, Canadian stocks initially moved higher but later came under pressure as the trading session progressed.
The benchmark S&P/TSX Composite Index, which had climbed to early highs, retreated to close down 66.37 points or 0.3 percent, ending the day at 21,875.79.
The initial market strength on Bay Street was driven by a Commerce Department report indicating that consumer price inflation for the month of May matched economist expectations.
Despite the data initially sparking optimism regarding interest rates, the buying momentum diminished as the session continued.
The market's subsequent decline may have been influenced by a negative reaction to U.S. treasury yields, which initially dropped following the data release but later rebounded into positive territory.
Materials stocks were the biggest losers, with the S&P/TSX Capped Materials Index falling by 1.1 percent on the day.
In domestic economic news, Statistics Canada reported that real gross domestic product (GDP) increased by 0.3 percent in April after remaining nearly flat in March. Both goods-producing and services-producing industries contributed to this growth.