TSX Back into Red

High Tide in Focus



Equities in Canada’s largest centre opened lower on Thursday, after a sharp rally in the previous session, as aggressive monetary

The TSX Composite resumed its negative ways soon after Thursday’s open, tanking 270.8 points, or 1.5%, to 18,378.12.

The Canadian dollar thundered lower 0.43 cents to 72.95 cents U.S.

On the research front, Barclays reinstated coverage on Royal Bank of Canada with an "overweight" rating, and price target of $137.

Shares in Canada’s biggest bank gave back 88 cents to $123.84.

Pot company High Tide will acquire Jimmy's Cannabis shop in all-stock deal worth $5.3 million. High Tide shares docked three cents, or 1.6%, to $1.88.

On the economic slate, Statistics Canada reported Gross Domestic Product for July edged up 0.1%.

Also on the board today the number of employees receiving pay or benefits from their employer—measured by the Survey of Employment, Payrolls and Hours—edged up by 12,900 (+0.1%) in July, bringing the total increase to nearly 1.3 million (+7.9%) since July 2021.


ON BAYSTREET

The TSX Venture Exchange lost 6.82 points, or 1.1%, to 580.75.

All 12 TSX subgroups tumbled into the red, with health-care wounded 3.1%, consumer discretionary stocks off 2.5%, and information technology down 2.4%.

ON WALLSTREET

Stocks slumped Thursday, giving back some of the sharp gains seen in the previous session, as bond yields resumed their upward march.

The Dow Jones Industrials stumbled 612.35 points, or 2.1%, to begin Thursday’s session at 29,071.39

The S&P 500 regressed 95.56 points, or 2.6%, to 3,623.48.

The NASDAQ Composite flopped 363.78 points, or 3.3%, to 11,687.85.

A stronger-than-expected jobless claims report didn’t help sentiment, building on the notion that the Federal Reserve will keep doing aggressive rate hikes to fight inflation without concern it’s going to hurt the labour market.

Apple shares fell 3.7% after Bank of America downgraded the tech stock to neutral from buy and slashed its price target, citing a weak consumer.

Treasury prices slid, raising yields to 3.81% from Wednesday’s 3.73%. Treasury prices and yields move in opposite direction.

Oil prices dipped 52 cents to $81.63 U.S. a barrel.

Gold prices swooned $8.60 to $1,661.40 U.S. an ounce.