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Stocks Fall Sharply to End Thursday

Interfor, Linamar Bruised the Worst

Equitiy investors in Toronto were licking their wounds at the end of Thursday’s session, with fear continuing the grip investors over the immediately future of interest rates.

The TSX Composite Index was sent south 423.07 points, or 2.1%, to conclude Thursday at 19.791.62.

The Canadian dollar lost 0.04 cents at 74.15 cents U.S.

The tech sector led losses, with Dye & Durham tailing off 92 cents, or 6.1%, to $14.21, while Shopify retreated $4.33, or 5.6%, to $72.41.

Resource stocks took it on the chin Thursday, as Interfor dished off 80 cents, or 3.8%, to $20.07, while Pan American Silver lost 97 cents, or 4.5%, to $20.81.

In consumer stocks, Linamar withered $2.81, or 4.2%, to $64.73, while Canada Goose Holdings failed to gain the sky, and dropped 67 cents, or 3.3%, to $19.54.


The TSX Venture Exchange let go of 8.8 points, or 1.5%, to 568.59.

All 12 TSX subgroups were clobbered Thursday, information technology backpedaling 3.3%, while materials and consumer discretionary each collapsed 2.2%.


Stocks fell Thursday, deepening losses for the week, as Treasury yields climbed to multiyear highs amid the Federal Reserve’s plan to keep interest rates at higher levels for longer.

The Dow Jones Industrials plummeted 370.2 points, or 1.1%, to 34,070.68.

The S&P 500 index reversed 72.24 points, or 1.6%, to 4,329.96.

The NASDAQ index weakened 245.14 points, or 1.8%, to 13,223.97.

Through Thursday’s open, the Dow was set to end the week down about 1%, the S&P 500 was on track to close the week off about 2%, while the NASDAQ was poised to fall more than 3%.

Tech shares have led the losses this week as investors rethink buying growth-oriented stocks if interest rates remain high. Tesla, Alphabet and Nvidia all lost more than 2%.

Marketing automation firm Klaviyo, which debuted on the public markets Wednesday, slipped 1% Thursday. That made the stock the latest in a string of promising IPOs that turned lower this week.

FedEx bucked the negative trend, gaining more than 4% after the delivery company posted adjusted earnings of $4.55 per share in its fiscal first quarter, while analysts called for $3.73 per share, per LSEG.

Prices for the 10-year Treasury slumbered, raising yields to 4.49% from Wednesday’s 4.39%. Treasury prices and yields move in opposite directions.

Oil prices took a turn for the downside, 0.04 cents to $89.62 U.S. a barrel.

Gold prices skidded $27.10 to $1,940.00 U.S. an ounce.