Canada's commodity-inclined index fell on Thursday with gold miners and tech stocks leading declines, while data suggesting tight labor conditions in the United States raised fears about the Federal Reserve keeping rates higher for longer.
The TSX remained negative 144.13 points to approach lunch time Thursday at 19,444.70.
The Canadian dollar dwindled 0.55 cents at 73.60 cents U.S.
Tech stocks stumbled, as HUT 8 Mining collapsed seven cents, or 5.4%, to $1.23, while Alithya Group dropped a dime, or 4.4%, to $2.16.
Shopify lost $1.45, or 2.9%, to $49.16 after Jefferies downgraded the ecommerce firm to "hold" from "buy".
In health-care, Tilray handed back nine cents, or 2.3%, to $3.90, while Canopy Growth let go of 13 cents, or 4.6%, to $3.27.
In gold stocks, OceanaGold skidded 13 cents, or 4.6%, to $2.73, while Yamana Gold lost 20 cents, or 2.5%, to $7.77.
Energy stocks gained for a change, with Tamarack Valley Energy climbing eight cents, or 2%, to $4.18, and Crescent Point Energy picking up 16 cents, or 1.8%, to $8.92. In consumer discretionary stocks, Spin Master grabbed 72 cents, or 1.8%, to $8.92, while Canada Goose Holdings flew 77 cents, or 3.1%, to $25.80.
On the economic slate, Statistics Canada reported our international merchandise trade decreased 2.3% in November, while imports were down 2.1%. As a result, Canada's merchandise trade balance with the world went from a surplus of $130 million in October to a deficit of $41 million in November.
ON BAYSTREET
The TSX Venture Exchange slid 3.1 points to 569.96.
All but two of the 12 subgroups were in the red midday, with information technology swooning 1.9%, health-care falling 1.7%, and gold weakening 1.6%.
Energy gained for a change, 1%, while consumer discretionary stocks advanced 0.6%.
ON WALLSTREET
Stocks fell Thursday after jobs data showed the labour market is still strong amid the Federal Reserve’s interest rate hikes to tame inflation.
The Dow Jones Industrials weakened 421.88 points, or 1.3%, by noon EST Thursday at 32,847.89
The S&P 500 slumped 44.3 points, or 1.2%, at 3,808.66.
The NASDAQ Composite Index slouched 127.15 points, or 1.2%, to 10,331.21, led by shares of Tesla down more than 5%.
Stocks opened lower after the ADP private payrolls report showed that employers added 235,000 jobs in December, well above economist estimates. Wages also increased more than anticipated, another sign that the labour market remains hot. Later in the morning, weekly jobless claims came in below expectations and showed a drop in continuing claims.
On Friday, investors will review the December jobs report for updated data on employment and hourly wages. Since the report could have a big impact on the Fed’s next moves, it has the potential to impact the market. Investors don’t want to see big gains in wage growth, which could signal higher inflation.
Prices for the 10-year Treasury fell, raising yields to 3.73% from Wednesday’s 3.68%. Treasury prices and yields move in opposite directions.
Oil prices advanced $1.05 to $73.89 U.S. a barrel.
Gold prices dulled $25.00 to $1,834.00 U.S. an ounce.
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