TSX Takes Sharp Turn Downward

·2 min read

Equities in Canada’s largest index on Friday, as weakness in technology and healthcare\ stocks offset commodity-linked gains, however, the benchmark index was on course for its third straight week of gains.

The TSX Composite lost 60.53 points to 21,232.84 to reach noon of the week’s final session at 21,151.86

The Canadian dollar ditched 0.53 cents to 80.78 cents U.S.

The healthcare sub-sector index was dragged by a decrease of 65 cents, or 4.6%, in Tilray, now sitting at $13.65, and Canopy Growth, down 83 cents, or 4.8%, to $16.54.

Other significant stocks on the losing side included Shopify, down $102.47, or $1,748.11

On the economic calendar, Statistics Canada reported retail sales were up 2.1% to $57.2 billion in August. The agency went on to say sales increased in nine out of 11 sub-sectors, led by higher sales at food and beverage stores, gasoline stations, and clothing and clothing accessories stores

ON BAYSTREET

The TSX Venture Exchange fell 0.41 points to 944.98.

Eight of the 12 TSX subgroups remained positive midday, with gold brighter 0.8%, materials stronger by 1.8%, and energy rumbling 1.3% higher.

The four laggards were weighed most by health-care falling 2.9%, information technology down 2.3%, while consumer discretionary dropped 1.1%.

ON WALLSTREET

The S&P 500 edged lower a day after the benchmark closed at a record.

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The Dow Jones Industrials erased 13.52 points to 35,589.56.

The S&P 500 lost 16.51 points to 4,553.27.

The NASDAQ Composite fell 157 points, or 1%, to 15.058.70, after poor results from two technology companies.

Shares of Intel retreated more than 10% following a weaker-than-expected sales report. The semiconductor company blamed an industry-wide chip shortage for its revenue miss.

Social media stocks also dropped after Snap said its advertising business declined due to Apple’s privacy changes. Snap shares sunk more than 23%. Facebook dipped 4% and Twitter pulled back 3%.

However, several tech stocks rose to all-time highs. Tesla shares extended their rally, rising 1% after hitting a new intraday high earlier in the morning. The stock closed 3% higher Thursday after posting record profit and revenue, along with strong margins. Netflix, Ebay and Microsoft also climbed to new all-time highs.

Prices for 10-year Treasurys regained ground, lowering yields to 1.65% from Thursday’s 1.69%. Treasury prices and yields move in opposite directions.

Oil prices gained 53 cents to $83.03 U.S. a barrel.

Gold prices gained $6.20 to $1,788.1 U.S. an ounce.


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