Stocks Close Lower on Oil Weakness

Crescent Point Takes Hardest Blows

Canada's main stock index fell by Thursday’s closing bell, weighed down by energy stocks as crude prices weakened after the International Energy Agency (IEA) cut its 2020 forecast for oil demand due to coronavirus-led travel restrictions.

IEA warned that reduced air travel due to the pandemic would lower global oil demand this year by 8.1 million barrels per day

The S&P/TSX Composite Index staggered 45.22 points to finish Thursday at 16,530.06

The Canadian dollar picked up 0.13 cents to 75.64 cents U.S.

Energy stocks flailed, with Crescent Point Energy dropping nine cents, or 3.4%, to $2.60, and Vermilion Energy stumbled 19 cents, or 3.1%, to $5.99.

The communications group also took its lumps, with Shaw Communications floundering 54 cents, or 2.1%, to $24.71, while Corus Entertainment slid five cents, or 1.8%, to $2.76.

Among utilities, Emera Inc. surrendered 92 cents, or 1.7%, to $53.35, while Transalta Renewables lost 26 cents, or 1.6%, to $15.60.

Gold tried to balance things out, with Wesdome Gold climbing $1.16, or 9.2%, to $13.75, while Lundin Gold picking up 62 cents, or 5.6%, to $11.73.

Among materials, Endeavour Mining hiked $2.70, or 8.4%, to $35.52, while Pan American Silver popped $2.22, or 5.2%, to $$44.98.

Consumer staples improved, on the backs of Maple Leaf Foods, up 61 cents, or 2.1%, to $29.61, while Metro took on 87 cents, or 1.5%, to $59.62.

ON BAYSTREET

The TSX Venture Exchange kept climbing 15.68 points, or 2.2%, to conclude Thursday at 741.39.

Eight of the 12 TSX subgroups were negative, energy staggering 1.6%, while communications dropped 0.9%, and utilities slipped 0.8%.

The four gainers were led by gold, shining 2.3% brighter, materials, stronger by 1.9%, and consumer staples, 0.7% more solid.

ON WALLSTREET

The S&P 500 closed lower on Thursday after flirting with its record high from February as traders digested better-than-expected unemployment data and monitored the stalemate in stimulus negotiations.

The Dow Jones Industrials finished Thursday down 80.12 points to 27,896.72

The S&P 500 subsided 6.92 points to 3,373.43

The NASDAQ gathered 30.24 points to 11,042.50.

Cisco Systems dropped more than 11% on the back of disappointing earnings guidance to lead the Dow lower. Stocks of companies that would benefit from the economy reopening struggled as well.

Gap dipped 2.1%. American Airlines and Southwest slid more than 1.5% each. Meanwhile, shares of Apple gained 1.8% to close at a record. Facebook and Netflix were also higher.

Initial weekly jobless claims fell to 963,000, the U.S. Labor Department said. That’s below a Dow Jones estimate of 1.1 million. It was also the first time since late March that jobless claims came in below one million.

Prices for the 10-Year Treasury wilted, raising yields to 0.72% from Wednesday’s 0.67%. Treasury prices and yields move in opposite directions

Oil prices slid 33 cents to $42.34 U.S. a barrel.

Gold prices regained $13.40 to $1,962.40 U.S. an ounce.