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Second Straight Day of Losses for TSX
Stocks in Toronto spun their wheels Thursday, mirroring their American cousins, as weakness in resource issues overcame strength in tech and consumer staples.
The TSX Composite index concluded Thursday down 86.92 points to 20,144.04.
The Canadian dollar dumped 0.51 cents to 80.92 cents U.S.
Gold stocks were roughed up the worst, with Yamana Gold collapsing 46 cents, or 7.7%, to $5.54, while Alamos Gold faltered 80 cents, or 7.5%, to $9.94.
In other resource stocks, First Majestic Silver docked $1.61, or 7.4%, to $20.20, while Endeavour Silver tailed off 62 cents, or 7%, to $8.19.
In energy stocks, Vermilion fell 68 cents, or 6%, to $10.67, while Crescent Point Energy skidded 32 cents, or 5.7%, to $5.32.
On the flip side, tech stocks flourished, led by Alithya Group, up 19 cents, or 6%, to $3.37, while BlackBerry soared 92 cents, or 5.8%, to $16.69.
Consumer staples finished above water, most notably, Village Farms, triumphing 28 cents, or 2.1%, to $12.92, while Alimentation Couche-Tard shares charged ahead 82 cents, or 1.9%.
In communications, Quebecor was better by 48 cents, or 1.5%, to $33.02, while Rogers added 62 cents, or 1%, to $64.13.
On the economic slate, Statistics Canada reported Canadian investment in foreign securities totaled $18.6 billion in April, mainly in purchases of U.S. securities.
Meanwhile, foreign investment in Canadian securities totalled $10.0 billion, led by acquisitions of Canadian bonds. As a result, international transactions in securities generated a net outflow of funds from the Canadian economy of $8.7 billion.
ADP’s latest survey showed Canada added 101,600 jobs in May, the fourth consecutive month of gains.
Bank of Canada Governor Tiff Macklem says the central bank is starting to see signs that the country's red-hot housing market is cooling down, although a return to normality will take time.
ON BAYSTREET
The TSX Venture Exchange lost 14.26 points, or 1.5%, to 948.10.
Seven of the 12 TSX subgroups were down on the session, with gold stumbling 4.4%, energy, sliding 4.2%, and materials weaker by 3.8%.
Information technology led the five gainers north, taking on 3.9%, consumer staples improved 0.9%, and communications rolled 0.5% higher.
Read: The Green Superfuel That Could Disrupt Global Energy Markets
ON WALLSTREET
The Dow Jones Industrial Average fell for a second day as investors digested the Federal Reserve’s latest policy update, where it moved up its timeline for interest rate hikes and forecast higher inflation.
The 30-stock index dumped 210.22 points to close Thursday at 33,823.45, weighed down by 3% losses in Dow Inc. and Caterpillar as most commodity prices took a hit.
The S&P 500 dipped 1.84 points to 4,221.86
The NASDAQ gained 121.67 points to 14,161.35, as investors huddled in some Big Tech stocks with Tesla up 1.9% and Snowflake up 2.8%. Shopify took on 6.1% and Twilio gained 8%.
Materials-related stocks led the losses as the Fed’s move to eventually raise rates, along with a current campaign by China to tamp down metals prices, took the air out of a surge in commodity prices this year.
The closely-watched Federal Reserve meeting Wednesday spurred a selloff in equities after the central bank moved up its timeline for rate hikes, seeing two increases in 2023
The Fed also hiked its inflation forecast to 3.4% for the year, a percentage point higher than the Federal Open Market Committee’s forecast in March.
Materials stocks were weaker Thursday as higher rates may further take the air out of a big commodities rally in 2021. China is also cracking down on the commodities surge to ease inflation fears. Freeport-McMoRan led materials stocks lower, down about 7%. Copper futures were off by 2%.
The U.S. Labor Department reported that initial jobless claims rose last week to 412,000, up from the previous week’s 375,000. Economists polled by Dow Jones expected jobless claims of 360,000.
Prices for 10-Year Treasurys were higher, bringing down yields to 1.52% from Wednesday’s 1.57%. Treasury prices and yields move in opposite directions.
Oil prices lost $1.26 to $70.89 U.S. a barrel.
Gold prices slipped $87.10 to $1,774.30 U.S. an ounce.
