Equities in Toronto ran a little closer to the breakeven mark as morning became afternoon on Thursday, as hotter-than-expected U.S. producer prices data fanned rate-hike worries, while Shopify led losses on a dour forecast.
The TSX remained in the red 51.16 points to at 20,669.23.
The Canadian dollar forfeited 0.27 cents to 74.39 cents U.S.
Shopify slumped $1.28, or 15.8%, to $60.16, as the technology company forecast slowing revenue growth for the current quarter despite price hikes and new product launches, signaling that macroeconomic challenges were weighing on its merchants' online businesses.
Gold miners weighed on the resource-heavy index on downbeat earnings from yellow metal miners like New Gold, which declined two cents, or 1.5%, to $1.28.
Cenovus Energy dropped 64 cents, or 2.5% to $25.37, as the energy firm named COO Jon McKenzie as president and CEO, while its upstream production also fell.
Birchcliff Energy fell eight cents to $8.54, as the oil producer reported a fall in fourth-quarter profit.
Kinross Gold beat profit estimates, helped by higher production and lower costs. However, shares of the gold miner fell six cents, or 1.1%, tracking broader sector losses, to $5.19.
ON BAYSTREET
The TSX Venture Exchange recovered 2.9 points to 626.33.
The 12 subgroups were evenly divided, with information technology diving 5%, real-estate down 0.4%, and utilities off 0.3%.
The half-dozen gainers were led by materials, better by 1.1%, health-care, haler by 0.9%, and consumer discretionary, improving 0.7%.
ON WALLSTREET
Stocks fell Thursday after another hot inflation report, and a decline in jobless claims, showed the economy is holding up amid the Federal Reserve’s rate hikes.
The Dow Jones Industrials remained negative 165.94 points to move into Thursday’s lunch hour at 33,962.11
The S&P 500 was negative 20.32 points to 4,127.28.
The NASDAQ Composite fell short 63.51 points to 12,007.08.
Microsoft and Amgen contributed the most to the Dow’s decline, losing nearly 1% each. Every S&P 500 sector fell, with real estate, utilities and industrials leading the way lower. Investors will also continue watching company earnings for signs about the strength of the consumer. DropBox, DoorDash and DraftKings are all scheduled to report Thursday after the bell.
January’s producer price index, another inflation measure, rose 0.7% on the month while economists surveyed by Dow Jones expected a 0.4% increase. Initial jobless claims unexpectedly fell for the week ending February 11, per a U.S. Labor Department report.
The new data comes after January’s consumer price index and retail sales report were both higher than expected, suggesting that the Federal Reserve may have further to go in its efforts to tame inflation.
Prices for the 10-year Treasury fell hard, raising yields to 3.83% from Wednesday’s 3.80%. Treasury prices and yields move in opposite directions.
Oil prices was ahead 14 cents to $78.73 U.S. a barrel.
Gold prices gained $5.10 to $1,850.40 U.S. an ounce.
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