Equities in Canada’s largest market continued to fall on Thursday, tracking weakness in oil and precious metal prices, amid worries over the path of U.S. interest rates and demand in top metal consumer China.
The TSX Composite dumped 176.83 points as morning turned into afternoon to 19,781.13.
The Canadian dollar retreated 0.11 cents to 74.87 cents U.S.
TC Energy said that the weather-related issues that prompted it to halt deliveries through its Keystone oil pipeline have been resolved. Shares faltered 73 cents, or 1.1%, to $63.77.
Restaurant Brands International rose $1.44, or 1.7%, to $86.40, after its Tim Hortons brand had forged a two-year partnership with Alibaba Group's grocery chain.
Gold stocks stalled, primarily, Equinox Gold, stumbling 32 cents, or 6.7%, to $4.48, while shares in Iamgold docked six cents, or 2.5%, to $2.37.
Energy stocks were also stung, with Tamarack Valley Energy off 27 cents, or 5.3%, to $4.87, while Headwater Exploration fell 31 cents, or 4.7%, to $6.36.
ON BAYSTREET
The TSX Venture Exchange parted with 7.69 points, or 1.3%, to 582.61.
All but one of the 12 TSX subgroups fell, with gold trailing 2%, while energy and materials each gave up 1.9%.
The sole gainer was in consumer staples, eking up 0.1%.
ON WALLSTREET
Stocks fell Thursday as interest rates jumped with Federal Reserve officials signaling interest rate hikes to slow inflation are far from over.
The Dow Jones Industrials were off their lows of the morning, but still negative 177.87 points to 33,375.96
The S&P 500 slumped 39.18 points, or 1%, to 3,919.61
The NASDAQ handed back 97.75 points to 11,085.91.
St. Louis Federal Reserve President James Bullard said in a speech Thursday that “the policy rate is not yet in a zone that may be considered sufficiently restrictive.”
Biotechnology company CytomX Therapeutics surged 26.4% on news of a research collaboration with Regeneron, which was down about 0.9%.
Bigger names also saw gains.
Merck, known for its focus on animal care and pharmaceuticals, is up 2%. UnitedHealth followed in tow, gaining 1.9%.
Biotechnology company CytomX Therapeutics surged 26.4% on news of a research collaboration with Regeneron, which was down about 0.9%.
Bigger names also saw gains. Merck, known for its focus on animal care and pharmaceuticals, is up 2%. UnitedHealth followed in tow, gaining 1.9%.
Initial jobless claims were 222,000 for the week ending Nov. 12, a drop of 4,000 from the prior week’s adjusted 226,000 claims.
U.S. housing starts in October dipped 4.2% from the prior month to a seasonally adjusted annual rate of 1.425 million. Still, that came in better than the 1.41 million units expected, according to Dow Jones consensus estimates.
Prices for the 10-year Treasury fell, raising yields to 3.78% from Wednesday’s 3.70%. Treasury prices and yields move in opposite directions.
Oil prices flopped $3.47 to $82.12 U.S. a barrel.
Gold prices doffed $14.00 to $1,761.80 U.S. an ounce.
Dow Gives up 150+
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