Equities in Canada’s largest centre appeared set to snap a three-day winning streak on Thursday, led by a tumble in energy stocks, as rising global coronavirus cases dented sentiment.
The TSX shed 96.09 points to greet noon Thursday at 16,678.05.
The Canadian dollar fell 0.29 cents to 76.29 cents U.S.
The largest percentage gainer on the TSX was Intertape Polymer Group, which jumped $3.62, or 21.7%, to $20.33, after the packaging products maker posted third-quarter results above estimates.
Its gains were followed by Home Capital Group, which rose 66 cents, or 2.4%, to $27.89, after multiple brokerages raised their price targets on the mortgage lender's stock.
Bus manufacturer NFI Group fell $1.66, or 9.1%, the most on the TSX, to $16.50, and the second biggest decliner was oil producer Canadian Natural Resources, down 98 cents, or 3.5%, to $26.96.
ON BAYSTREET
The TSX Venture Exchange gained 7.58 points, or 1%, to 735.83.
All but three of the 12 TSX subgroups had turned lower midday, as energy skidded 2.7%, while information technology gave up 1.3%, and consumer discretionary stocks toppled 1.1%.
The three gainers were gold and materials, each up 1.8%, and consumer staples, ahead 0.6%.
ON WALLSTREET
The Dow Jones Industrial Average and S&P 500 fell on Thursday as markets continued to churn following big gains earlier in the week while U.S. coronavirus cases keep rising.
The 30-stock index caved 114.98 points to 29,282.65.
The S&P 500 fell 12.9 points to 3,559.76
The NASDAQ clung tenaciously to gains of 6.19 points, to 11,678.05. Facebook climbed 0.7%, and Amazon advanced 0.3%. Alphabet climbed 0.2%. Microsoft advanced 0.6%.
Airline and cruise-operator stocks fell broadly. United Airlines was grounded 1.1%, and Delta was down 0.2%. Southwest pulled back by 1.4%. Carnival dipped more than 2%.
Thursday’s moves came as the number of coronavirus cases continues to rise. On Wednesday alone, more than 144,000 infections were confirmed in the U.S.
More positive news on the vaccine front could come soon, as Moderna announced on Wednesday evening that its phase-three trial had accrued enough cases of the coronavirus to submit the preliminary results to an independent safety monitoring board.
The positive news for vaccines comes amid a worrying rise in Covid-19 cases across the country. The United States has now confirmed more than 10 million cases of the virus and some areas, including New York City and San Francisco, have announced new economic restrictions in
an attempt to slow the spread.
On the data front, the U.S. Labor Department reported initial weekly jobless claims fell last week to 709,000 from 757,000 in the prior week. That marked the fourth straight weekly decline for initial claims.
Prices for the 10-Year Treasury gained ground, lowering yields to 0.90% from Tuesday’s 0.96%. The bond markets were closed Wednesday for Veteran’s Day. Treasury prices and yields move in opposite directions.
Oil prices jumped 80 cents to $42.05 U.S. a barrel.
Gold prices improved $18.50 to $1,880.10
