Equities in Toronto went for a tumble midday Thursday, as health- and resource-sector stocks looked downward.
The S&P/TSX Composite lurched lower 219.02 points, or 1.2%, to move into noon hour Thursday at 18,265.51.
The Canadian dollar dipped 0.12 cents to 79.81 cents U.S.
Osisko Gold Royalties fell 72 cents, or 5.1%, the most on the TSX, to $13.37, after brokerage BMO downgraded the miner's stock. The second-biggest decliner was oil producer Vermilion Energy, down 22 cents, or 2.6%, to $8.25.
Toronto-Dominion Bank and Canadian Imperial Bank of Commerce joined major rivals in beating expectations, thanks to much lower provisions for loan losses and trading strength. TD lost $1.82, or 2.3%, to $77.58, while CIBC shares dumped 65 cents to $117.19.
The largest percentage gainers on the TSX were real estate service provider Altus Group, up $7.22, or 14.7%, to $56.31, and apparel maker Gildan Activewear, which jumped $4.45, or 13.1%, to $38.51, after the companies posted upbeat fourth-quarter results.
On the economic slate, Statistics Canada reported Thursday average weekly earnings were $1,112 in December, little changed compared with November.
ON BAYSTREET
The TSX Venture Exchange dropped 0.52 points to 1,059.51
All but two of the 12 TSX subgroups lost ground, with health-care tumbling 2.3%, gold down 2.2%, and materials off 2.1%
The two gainers were consumer staples, up 1.4%, and communications, nicking up 0.1%.
ON WALLSTREET
U.S. stocks fell on Thursday as higher bond yields continued to put pressure on high-growth technology stocks.
The Dow Jones Industrials staggered 395.23 points to 31,566.63, from Wednesday’s all-time record close.
The S&P 500 lost 72.41 points, or 1.9%, to 3,857.02.
The NASDAQ Composite dropped 374.2 points, or 2.8%, to 13,228.77, as Alphabet, Apple and Microsoft all slid more than 2%. Tesla dropped 7%.
GameStop, the controversial meme stock whose massive short squeeze shocked Wall Street last month, is on the rise again. Shares were up more than 60% in volatile trading after doubling in the previous session on the reported ousting of a chief executive.
Investors digested better-than-expected economic data out Thursday. First-time jobless claims totaled 730,000 for the week ended Feb. 20, versus a print of 845,000 expected by economists polled by Dow Jones. Meanwhile, durable goods orders increased by 3.4% in January, compared to a Dow Jones consensus of 1.0% growth.
Some traders looked past the moves in the bond market after Federal Reserve Chair Jerome Powell emphasized the central bank’s commitment to easy policy and downplayed the risk of inflation, saying it could take three years or more before the Fed’s goals are reached.
Prices for 10-Year Treasurys fell sharply, raising yields to 1.48% from Wednesday’s 1.38%. Treasury prices and yields move in opposite directions.
Oil prices reacquired 25 cents to $63.47 U.S. a barrel.
Gold prices stumbled $24.40 to $1,773.50
