Canada's commodity-inclined index fell on Thursday with tech and industrials leading declines, while data suggesting tight labour conditions in the United States raised fears about the Federal Reserve keeping rates higher for longer.
The TSX dropped 81.99 points to close Thursday at 19,506.84.
The Canadian dollar dwindled 0.51 cents at 73.64 cents U.S.
Among failing tech issues, HUT 8 Mining skidded seven cents, or 5.4%, to $1.23, while Alithya Group fell 10 cents, or 4.4%, to $2.16.
In industrials, Waste Connections sauntered $4.47, or 2.5%, to $174.18, while Thomson Reuters faltered $3.26, or 2.1%, to $155.23.
Real-estate also took it on the chin, with units of Allied Properties REIT surrendering 64 cents, or 2.4%, to $26.31, while Storagevault Canada shares backpedaled 22 cents, or 3.6%, to $5.83.
Energy stocks tried to lift things up, with Precision Drilling rallying $3.47, or 3.6%, to $99.11, while Suncor Energy advanced $1.02, or 2.6%, to $41.22.
Consumer stocks also were in the plus category, with Canada Goose Holdings adding 68 cents, or 2.7%, to $25.71, while Gildan Activewear soared 61 cents, or 1.6%, to $38.48.
Among materials, Filo Mining gathered $1.14, or 4.5%, to $26.57, while Teck Resources jumped $2.51, or 5.2%, to $51.24.
On the economic slate, Statistics Canada reported our international merchandise trade decreased 2.3% in November, while imports were down 2.1%. As a result, Canada's merchandise trade balance with the world went from a surplus of $130 million in October to a deficit of $41 million in November.
ON BAYSTREET
The TSX Venture Exchange slid 1.94 points to 571.12.
Eight of the 12 subgroups were in the red on the day, with information technology swooning 1.9%, health-care falling 1.7%, and gold weakening 1.6%.
Energy gained for a change, 1%, while consumer discretionary stocks advanced 0.6%.
ON WALLSTREET
Stocks fell Thursday after jobs data showed the labour market is still strong despite the Federal Reserve’s interest rate hikes to tame inflation.
The Dow Jones Industrials paled 339.69 points, or 1%, to conclude Thursday at 32,930.08. It was weighed down by Walgreens, which lost 6.1% after earnings showed a $5.2 billion opioid litigation settlement drove a quarterly loss.
The S&P 500 slumped 44.87 points, or 1.2%, at 3,808.10.
The NASDAQ Composite Index slouched 153.52 points, or 1.5%, to 10,305.24. Bed, Bath & Beyond shed 29.89% after saying it’s short on cash and considering bankruptcy, and crypto-friendly bank Silvergate Capital plummeted 42.7% after it disclosed major customer withdrawals. All three averages are on track to notch five weeks of losses
Stocks opened lower after the ADP private payrolls report showed that employers added 235,000 jobs in December, well above economist estimates. Wages also increased more than anticipated, another sign that the labour market remains hot. Later in the morning, weekly jobless claims came in below expectations and showed a drop in continuing claims.
On Friday, investors will review the December jobs report for updated data on employment and hourly wages. Since the report could have a big impact on the Fed’s next moves, it has the potential to impact the market. Investors don’t want to see big gains in wage growth, which could signal higher inflation.
Prices for the 10-year Treasury fell, raising yields to 3.73% from Wednesday’s 3.68%. Treasury prices and yields move in opposite directions.
Oil prices advanced $1.05 to $73.89 U.S. a barrel.
Gold prices dulled $25.00 to $1,834.00 U.S. an ounce.
