Canada's main stock index was little changed on Thursday, as higher commodity prices helped offset broader market caution following the benchmark's strongest session in three weeks.
The TSX eased 56.69 points, or 1.1%, to close Wednesday at 30,046.79
The Canadian dollar slipped 0.13 cents to 70.78 cents U.S.
On the corporate front, Canadian Natural Resources posted a fall in third-quarter profit, as weaker commodity prices weighed on the results. Natural Resources fell 40 cents in the first hour to $44.61.
Economically speaking, the IVEY School of Business is standing by with its PMI Report for October.
ON BAYSTREET
The TSX Venture Exchange dropped 9.47 points, or 1.1%, to 891.42.
Seven of the 12 TSX subgroups fell backward, information technology dawdling 2%, health-care ailing 1.1%, and consumer staples off 0.9%.
The five gainers were led by telecoms, up 1.7%, while gold and materials each climbed 1.6%.
ON WALLSTREET
U.S. stocks retreated on Thursday as names in the artificial intelligence trade came under pressure yet again amid worries around eye-watering valuations.
The Dow Jones Industrials dished off 202.54 points to 47,117.41.
The S&P 500 erased 30.78 points to open at 6,765.51.
The NASDAQ shed 249.33 points to 23,258.57.
During the session, AI stocks remained in focus for those on Wall Street. Qualcomm shed 2%, even after the chipmaker posted better-than-expected quarterly results.
Advanced Micro Devices, a standout name in the prior day, declined 5%, while Palantir Technologies and Oracle dipped 2% and 3%, respectively. Shares of AI darling Nvidia and fellow “Magnificent Seven” name Meta Platforms slid as well.
However, Marvell Technology was a winner, with shares moving more than 1% higher following a report that Softbank had thought about a potential takeover of the chipmaker.
Equities linked to the AI space had begun rebounding on Wednesday from valuation concerns that swirled earlier this week, serving as a potential boon for the major indexes.
AMD closed more than 2% higher in the previous session after the semiconductor company reported better-than-expected third-quarter results. The performance pulled up some other AI stocks alongside it, including Broadcom and Micron Technology, which jumped 2% and 9% on the day, respectively. Oracle also recouped some recent losses during the session.
Thursday’s pullback was exacerbated by concerns about the state of the labor market, as October saw a significant number of layoff announcements. Job cuts for the month totaled 153,074, marking an increase of 183% from September and 175% from the year-ago period, according to Challenger, Gray & Christmas.
Prices for the 10-year Treasury gained Thursday, weighing yields to 4.10% from Wednesday’s 4.16%. Treasury prices and yields move in opposite directions.
Oil prices faded 42 cents to $59.18 U.S. a barrel.
Gold prices picked up $6.10 to $3,999 U.S. an ounce.
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