Equities in Canada’s largest market fell Thursday morning, amid broad-based declines led by financial and energy companies.
The S&P/TSX Composite Index plummeted 80.29 points to move toward noon hour ET Thursday at 15,991.76
The Canadian dollar inched back 0.02 cents to 77.67 cents U.S.
Canadian mergers-and-acquisitions activity nearly doubled in the third quarter, fueled by deals in the mining, real estate and cannabis sectors.
Financials slipped as Brookfield Asset Management retreated 68 cents, or 1.2%, to $56.37
The top percentage gainer on the TSX was Pretium Resources, which jumped 53 cents, or 5.2%, to $10.77, after the miner said it secured $480 million in a credit facility.
Gold miner Alamos Gold rose a dime, or 1.7%, to become the second-biggest percentage gainer on the TSX, reaching $6.10 approaching noon hour.
Interfor Corp fell 47 cents, or 2.5%, the most on the TSX, to $18.33, while the second-biggest decliner was Air Canada, down 19 cents to $25.39.
On the economic slate, Western University’s Ivey School of Business said its Purchasing Managers Index for September registered at a seasonally-adjusted 50.4, substantially lower than August's 61.9, indicating that purchases were greater than the previous month. The number also fell short of the 59.6 figure for September 2017
ON BAYSTREET
The TSX Venture Exchange slipped 0.92 points to 706.33
All but two of the 12 subgroups were lower midday, as information technology clicked lower 1.7%, consumer staples slumbered 1.5%, and utilities fell 1.4%
The two lone gainers were gold, up 0.5%, and materials, forging ahead 0.2%.
ON WALLSTREET
Stocks fell on Thursday as interest rates hit new multiyear highs, dampening investor sentiment.
The Dow Jones Industrial Average collapsed 206.48 points from Wednesday’s all-time record close to 26,621.91, as Nike lagged.
The S&P 500 lost 21.36 points to 2,904.15, with communications and tech both sliding more than 1%.
The NASDAQ dumped 64.37 points to 7,960.72, as Facebook, Netflix and Alphabet all dropped more than 1%.
The benchmark 10-year Treasury note yield reached its highest level since 2011, breaking above 3.2%.
Interest-rate sensitive stocks fell broadly, including Procter & Gamble, which traded 2% lower. Bank shares, meanwhile, benefited from the higher rates. J.P. Morgan Chase and Bank of America both traded more than 1% higher. Citigroup also rose nearly 1%.
Shares of Amazon and Apple both fell after a report said a Chinese equipment manufacturer may have allowed microchips used for spying into some equipment used by Amazon Web Services and the iPhone maker. Both companies dispute the report.
On Thursday, initial jobless claims fell to 207,000, a near 49-year low. The report comes as investors brace for the September jobs report, which is scheduled to be released Friday morning.
Prices for the benchmark for the 10-year U.S. Treasury lost sharply, raising yields to 3.21% from Wednesday’s 3.16%. Yields reached a high not seen since 2011. Treasury prices and yields move in opposite directions.
Oil prices eased 91 cents at $75.50 U.S. a barrel.
Gold prices recovered four dollars to $1,207.90 U.S. an ounce.
