Equities in Toronto fell soon after Thursday’s opening bell, as energy stocks, dragged by lower oil prices, and financials led broad declines.
The S&P/TSX Composite Index slumped 64.45 points to open Thursday at 15,105.68
The Canadian dollar slid 0.24 cents to 75.31 cents U.S.
Home Capital Group has reportedly agreed on a settlement with the Ontario Securities Commission and accepted responsibility for misleading investors about problems with its mortgage underwriting procedures.
Home shares ballooned $1.87, or 15.4%, to $14.00.
Kinder Morgan Canada welcomes investment from the country's aboriginals so that they have a stake in its Trans Mountain pipeline expansion, as the company braces for major obstacles for the project.
Kinder shares lopped off two cents to $16.01.
Canaccord Genuity cut the rating on Eldorado Gold to speculative buy rating from buy. Eldorado shares gave back a penny to $3.55.
CIBC raised the target price on TransCanada Corp. to $70.00 from $68.00. TransCanada shares retreated 26 cents to $62.34.
Barclays raises target price on North West Company to $33.00 from $31.00. North West boosted 83 cents, or 2.6%, to $32.25.
On the economic slate, Statistics Canada reported that manufacturing sales rose 1.1% to a record high $54.4 billion in April, mainly due to higher sales in the petroleum and coal product, and primary metal industries.
Meanwhile, The Canadian Real Estate Association said re-sales of Canadian homes dropped 6.2% in May from April as Toronto sales plunged 25.3%. CREA said new housing policy changes sideswiped demand and new listings rose again
The industry group also said actual sales, not seasonally-adjusted, were down 1.6% from May 2016, while home prices were up 17.9% from a year earlier.
ON BAYSTREET
The TSX Venture Exchange dropped 2.71 points to 776.59
All but one of the 12 TSX subgroups lost ground, most notably, information technology, down 0.9%, telecoms, off 0.8%, and health-care, sicker by 0.7%.
Only gold stood out against the tide, gaining 0.2%.
ON WALLSTREET
U.S. equities opened lower on Thursday as large-cap technology stocks faced renewed pressure.
The Dow Jones Industrials faded 77.99 points, to 21,296.57, with Goldman Sachs contributing the most losses.
The S&P 500 slipped 14.76 points to 2,423.13, with information technology sliding more than 1% to lead decliners.
The NASDAQ slouched 67.64 points, or 1.1%, to 6,125.95.
Shares of Facebook, Amazon, Apple, Netflix and Alphabet all traded lower in early trade.
Technology has been on a tear this year, with the S&P tech sector rising about 18% to easily outperform other industries. But earlier this week, tech completed its biggest two-day decline since December.
There were a slew of economic data released Thursday, including weekly jobless claims, which came in at 237,000.
The Philadelphia Fed business index hit 27.6 in June, while the Empire State manufacturing survey reached 19.8.
Investors also reacted to the Federal Reserve's decision to raise interest rates and lay out a plan to unwind its $4.5-trillion balance sheet.
The U.S. central bank hiked rates for a second time this year, as was widely expected, but some investors doubted the Fed's plans.
Prices for the benchmark 10-year Treasury note fell, raising yields to 2.17% from Wednesday’s 2.13%. Treasury prices and yields move in opposite directions.
Oil prices dropped 10 cents to $44.63 U.S. a barrel
Gold prices faded $20.40 at $1,255.50 U.S. an ounce.
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