Canada's main stock index opened lower on Thursday, weighed down by energy stocks as oil prices slipped on concerns over a surge in COVID-19 cases and the impact of tighter coronavirus-related restrictions around the globe on fuel demand.
The TSX retreated 62.91 points to begin Thursday at 16,826.91.
The Canadian dollar lost 0.16 cents to 76.26 cents U.S.
CIBC raised the rating on Bank of Montreal to outperform from neutral. BMO shares inched up seven cents to $91.58.
CIBC cut the rating on National Bank of Canada to neutral from outperform. National Bank slid 46 cents to $70.48.
CIBC cut the rating on Royal Bank of Canada to neutral from outperform. RBC shares doffed 35 cents to $103.73.
ON BAYSTREET
The TSX Venture Exchange gave up 0.25 points to 726.13.
All but one of the 12 TSX subgroups were lower, with energy down 1.8%, gold trailing 0.9%, and financials off 0.7%.
Only information technology held out against the tide, gaining 0.5%.
ON WALLSTREET
Stocks fell on Thursday as the market’s rally this month loses steam amid disappointing U.S. unemployment data and rising coronavirus cases.
The Dow Jones Industrial Average stumbled at the open 130.51 points to 29,307.91.
The S&P 500 lost 12.42 points to 3,555.37.
The NASDAQ let go of 14.29 points to 11,787.31.
Travelers and UnitedHealth fell more than 1% each to lead the Dow lower. Utilities dropped 0.9% and financials docked 0.8%, the worst performers in the S&P.
The Labor Department said that 742,000 Americans filed for unemployment benefits in the week of Nov. 14, topping a Dow Jones estimate of 710,000.
Meanwhile, the number of U.S. coronavirus cases keeps rising, dampening the upbeat sentiment seen in the market earlier in November. A CNBC analysis of Johns Hopkins University data found that the seven-day average of daily new U.S. coronavirus infections is now at 161,165, up 26% from last week. In total, more than 11.5 million coronavirus cases have been confirmed.
This recent uptick in Covid-19 cases has prompted some parts of the country to retake stricter measures to curb the virus spread. New York City Mayor Bill de Blasio ordered schools to close for in-person learning “out of an abundance of caution.”
Thursday’s losses were kept in check, however, after the release of preliminary data showed University of Oxford and AstraZeneca’s vaccine candidate triggered a similar immune response among all adults.
Wall Street was coming off a downbeat session, with the Dow and S&P 500 each falling more than 1% on Wednesday and the Nasdaq pulling back by 0.8%.
Despite Wednesday’s struggle, Wall Street has still seen a strong November, boosted in large part by positive news around potential coronavirus vaccines. The S&P 500 has gained 9.1% month to date, while the small-cap Russell 2000 hit an intraday record high on Wednesday.
Prices for the 10-Year Treasury were higher, weighing yields to 0.86% from at Wednesday’s 0.87%. Treasury prices and yields move in opposite directions.
Oil prices dipped 21 cents to $41.61 U.S. a barrel.
Gold prices lost $19.10 to $1,854.80.
