Canada's main stock index fell on Thursday, weighed down by materials stocks, while data showing a tight U.S. labor market fed into investor worries that more rate hikes were on the horizon from the world's largest economy.
The TSX sagged 59.68 points to open Thursday at 20,200.10
The Canadian dollar subtracted 0.11 cents to 73.46 cents U.S.
Among company news, Canadian Natural Resources missed market expectations for quarterly profits as production was hit by severe winter weather. Natural Resources forged a gain of 97 cents, or 1.2%, to $79.72.
Toronto-Dominion Bank's $13.4-billion acquisition of U.S.-based First Horizon Corp may get delayed further due to pending regulatory approvals. TD shares slipped $1.74, or 1.9%, to $88.92.
London Stock Exchange Group announced plans to buy back more of its shares from a consortium of Blackstone and Thomson Reuters, from which it acquired data analytics group Refinitiv for $27 billion in January 2021. Thomson shares gained 24 cents to $164.67.
ON BAYSTREET
The TSX Venture Exchange dipped 4.99 points to 629.70.
All but three of the 12 TSX subgroups were in the minus category, with utilities descending 1%, while health-care and financials each retreated 0.8%.
The three gainers were industrials, up 0.3%, communications eking up 0.1%, and consumer staples, nosing up 0.03%.
ON WALLSTREET
The S&P 500 slid Thursday as traders fretted over a continued rise in interest rates.
The Dow Jones Industrials gained 90.91 points to begin Thursday at 32,752.75, as Salesforce shares popped on a strong quarter and forward guidance.
The S&P 500 fell settled 15.24 points to 3,936.15.
The NASDAQ Composite crumbled 80.18 points to 11,299.30.
In corporate earnings, Salesforce and Okta shares jumped in overnight trading on strong results and guidance. Silvergate Capital, meanwhile, shares plunged more than 40%, after the company delayed its 10-K annual report.
Tesla shares, popular with retail investors, lost 5% after the company failed to unveil details of any next-generation vehicles during its much-anticipated investor day Wednesday. The decline put pressure on the S&P and NASDAQ.
A surge in labour costs and a pullback in jobless claims reported early Thursday point to the likelihood that the Fed will raise its benchmark interest rate another 0.25 percentage point later this month.
Prices for the 10-year Treasury slipped, raising yields to 4.08% from Wednesday’s 4%. Treasury prices and yields move in opposite directions.
Oil prices gained 52 cents to $78.21 U.S. a barrel.
Gold prices backpedaled $1.90 to $1,843.50 U.S. an ounce.
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