Stocks in Canada’s largest market waned by noon, with much of the losses in the gold and real-estate sector.
The TSX crumbled 369.71 points, or 1%, to break for lunch Thursday at 35,115.40.
The Canadian dollar fell 0.02 cents to 70.97 cents U.S.
In company news, Mullen Group and Teck Resources beat second-quarter profit estimates.
Mullen stock gains 63 cents, or 2.5%, to $26.23, while those for Teck gained $2.10, or 2.6%, to $82.76.
Companies including A&W Food Services of Canada, First Service Corp and Winpak are set to report their quarterly earnings later in the day.
A&W shares dropped two cents to $36.27, while First Service blundered $19.92, or 10%, to $179.50.
Separately, Panama is considering creating a state-owned mining firm to partner with First Quantum on the re-opening of the shuttered flagship Cobre Panama copper mine. First Quantum shares dwindled 30 cents to $38.90.
On the macroeconomic page, retail trade increased 1.0% to $73.7 billion in May. Statistics Canada also reports sales were up in all nine subsectors, led by increases at gasoline stations and fuel vendors.
ON BAYSTREET
The TSX Venture Exchange dropped 17.77 points, or 2%, to 863.58.
All but three of the 12 TSX subgroups were negative midday, weighed most by gold, reversing 3.2%, real-estate, down 3%, and information technology, off 2.9%.
The three gainers turned out to be energy, hiking 2.5%, utilities, squeezing 0.6%, and industrials, ahead 0.4%
ON WALLSTREET
U.S. equities fell on Thursday, as oil prices surged amid escalating conflict in the Middle East, while investors weighed quarterly results from two of the largest companies in the world.
The Dow Jones Industrials slumped 586.65 points, or 1.1%, to 51,631.93.
The S&P 500 gave back 111 points, or 1.5%, to 7,387.96
The NASDAQ Composite plunged 677.23 points, or 2.6%, to 25,009.57
Oil prices put more pressure on stocks, as they soared after Yemen’s Tehran-backed Houthi militant group claimed attacks on two Saudi
Arabian tankers in the Red Sea, fueling concerns about an expansion of the conflict in the Middle East. Prices also moved higher after U.S. President Donald Trump threatened to bomb Iranian infrastructure.
Tesla also dropped more than 14% after the electric vehicle maker posted a big earnings miss for the second quarter. The company’s operating expenses also rose faster than revenue during the period.
Prices also moved higher after U.S. President Donald Trump threatened to bomb Iranian infrastructure.
Prices for the 10-year Treasury fell sharply, raising yields to 4.70% from Wednesday’s 4.66%. Treasury prices and yields move in opposite directions.
Oil prices popped $5.97 to $92.76 U.S. a barrel.
Gold prices gave back $99.20 to $4,052.70 U.S. an ounce.
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