Canada's main stock index inched higher on Thursday, as technology stocks gained, but was on track to end September down 2% after seven straight months of gains.
The TSX Composite recovered 41.88 points to open Thursday at 20,200.02
The Canadian dollar regained 0.11 cents to 78.52 cents U.S.
Rogers Communications said on Wednesday that Chief Financial Officer Tony Staffieri has stepped down after more than a decade in the role.
Rogers took on a dime to $59.73.
Jefferies cut the target price on Aurora Cannabis to $7.50 from $8.56. Aurora inched up seven cents to $8.69.
JP Morgan initiated coverage on Lithium Americas with an overweight rating. Lithium shares jumped $2.21, or 8.5%, to $28.36.
Citigroup raised the rating on Teck Resources to buy from neutral. Teck shares grew 13 cents to $31.91.
ON BAYSTREET
The TSX Venture Exchange added 2.22 points to 858.49
All but three of the 12 TSX sectors were higher, with information technology up 1.2%, gold better by 1%, and health-care improving 0.8%.
The three laggards were energy, withering 0.9%, consumer discretionary stocks, down 0.3%, and communications, fading 0.1%.
ON WALLSTREET
U.S. stocks rose slightly on Thursday as investors get set to close out a volatile and losing month for stocks.
The Dow Jones Industrials dipped 45.3 points to 34,345.42.
The S&P 500 gained 9.17 points to 4,368.63.
The NASDAQ Composite jumped 91.37 points to 14,603.81.
Entering Thursday, the Dow is down 2.7% for the month, the S&P 500 is off by 3.6% and the NASDAQ has shed 4.9%. September has lived up to its losing reputation with the market beset by fears of a China property crisis, rising inflation and a late interest rate surge sparked by the Federal Reserve signaling it would start removing stimulus soon.
Chip stocks, including Nvidia and Micron, were higher after weighing on the broader market on Wednesday. Facebook and Apple saw modest gains in early trading, while Netflix jumped more than 2%.
Concerns about inflation and supply chain issues continued to hamper stocks. Shares of Bed Bath & Beyond fell more than 20% in early trading after the company said those issues hurt the company’s second quarter results, and the news also weighed on fellow retail stocks.
Energy and financial stocks, which have been some of the best performers in recent weeks, took a step back on Thursday, weighing on the Dow.
Fed Chair Jerome Powell will testify to the House Financial Services Committee at 10 a.m. ET Thursday alongside Treasury Secretary Janet Yellen. Powell told a European Central Bank panel on Wednesday that he was frustrated by persistent inflation.
On the data front, initial jobless claims for the prior week came in at 362,000. Economists are expecting a print of 335,000, according to Dow Jones.
Prices for 10-year Treasurys were unchanged, keeping yields at Wednesday’s 1.53%.
Oil prices slid $1.27 to $73.56 U.S. a barrel.
Gold prices charged ahead $22.30 to $1,725.3 U.S. an ounce.
