Indices on both sides of the border strove to dig their way out of deeply negative positions Thursday, as losses by tech issues made the ascent difficult
The S&P/TSX Composite Index fought its way to within 9.71 points of breakeven to conclude Thursday at 15,160.42
The Canadian dollar slid 0.24 cents to 75.32 cents U.S.
Among energy concerns, which had the roughest time of it Thursday, Canadian Natural Resources fell 66 cents, or 1.8% to $36.88, while Cenovus Energy lost 49 cents, or 4.5%, to $10.46.
Health-care issues also had their troubles, as Canopy Growth Corp. slipped nine cents, or 1.2%, to $7.51, while Valeant Pharmaceuticals doffed 35 cents, or 2.1%, to $16.11.
The materials group, which includes miners, fertilizer and lumber companies, lost strength as metal prices, including copper and gold, fell. Barrick Gold retreated 35 cents, or 1.7% to $20.75, while First Quantum Minerals dropped 54 cents, or nearly 5%, to $10.37.
Consumer discretionary stocks proved the best of the winners Thursday, as Canadian Tire gathered $2.17, or 1.5%, to $149.44, while Magna International squeaked ahead three cents to $60.02.
Financial stocks, which account for roughly a third of the index's weight, recovered some ground as Royal Bank of Canada gained 33 cents to $93.69. Bank of Montreal, “The First Canadian Bank”, advanced 70 cents to $92.94.
Home Capital Group provided one of the few bright spots that offset some of the group's declines.
Shares rose $1.56, or 12.9%, to $13.69, after the company reported late on Wednesday it had reached a settlement agreement with the Ontario Securities Regulator accepting responsibility for misleading investors about problems with its mortgage underwriting procedures.
Among utilities, Fortis Inc. grew three cents to $34.33.
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 (CREA) 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 7.68 points to 771.62
Seven of the 12 TSX subgroups gained ground by the closing bell, with consumer discretionary stocks poking up 0.4%, while utilities and financials each gained 0.3%.
The five laggards were weighed most heavily by energy, down 2%, health-care, off 1.8%, and materials, sliding 1%.
ON WALLSTREET
U.S. equities closed lower on Thursday as large-cap technology stocks faced renewed pressure.
The Dow Jones Industrials faded 14.66 points to 21,332.99, with Nike leading decliners and General Electric outperforming. The 30-stock index briefly fell more than 100 points earlier in the session.
The S&P 500 slipped 5.46 points – off its lows of the morning -- to 2,432.46, with information technology sliding 0.5%; the sector briefly fell more than 1%.
The NASDAQ remained negative 29.39 points to 6,165.50
Shares of Facebook, Amazon, Apple, Netflix and Alphabet all traded lower. Alphabet shares also fell after being downgraded by analysts at Canaccord Genuity.
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 2.16% from Wednesday’s 2.13%. Treasury prices and yields move in opposite directions.
Oil prices dropped 31 cents to $44.42 U.S. a barrel
Gold prices faded $20.00 at $1,255.90 U.S. an ounce.
