Canada's main stock index fell at the open on Thursday weighed down by losses in commodity-linked sectors, while luxury winterwear maker Canada Goose Holdings hit a more than three-month high on strong annual sales outlook.
The TSX backed off from Wednesday’s gains, losing 85.59 points to begin Thursday’s session at 20,210.84.
The Canadian dollar backed 0.01 cents to 74.15 cents U.S.
Canada Goose, for its part, lost altitude $1.75, or 6.4%, to $25.74.
Onex Corp's WestJet Group said it will cancel flights in anticipation of a pilots' strike after a faceoff this week between the airline and pilots over pay. Onex shares stayed put at $60.74.
National Bank of Canada upgraded its rating on equipment marketplace Ritchie Bros Auctioneers Inc to "outperform" from "sector perform". Ritchie shares galloped $2.56, or 3.7%, to $72.26.
In the economic docket, Statistics Canada says the national housing price index edged down 0.1% month over month in April. The index has declined six times since August 2022 (at its historical peak). The agency adds prices were down or unchanged in 20 of the 27 census metropolitan areas (CMAs) surveyed, and up in seven CMAs.
ON BAYSTREET
The TSX Venture Exchange dipped 4.33 points to 607.42.
The 12 TSX subgroups were split down the middle, with gold down 2.5%, materials hesitating 1.7%, and energy off 1.1%.
The half-dozen gainers were led by health-care strengthening 2.3%, while information technology clicked higher 0.4%, and industrials added 0.2%.
ON WALLSTREET
The S&P 500 and NASDAQ Composite advanced on Thursday as Wall Street traders focused on debt ceiling negotiations and the latest commentary from Federal Reserve speakers.
The Dow Jones Industrials slid 27.29 points to begin Thursday at 33,393.48.
The S&P 500 moved forward 10.66 points to 4,169.43.
The NASDAQ acquired 86.12 points to 12,586.69.
Retail giant Walmart helped buoy the market, adding more than 2% on the back of its strong financial report. The company beat Wall Street forecasts on both earnings per share and revenue in its first quarter and raised its expectations for full-year performance.
But sentiment was kept in check as the latest economic data hinted at a resilient economy and as Dallas Fed President Lorie Logan said the latest data doesn’t argue for a pause in rate hikes yet when the Fed next decides rate policy on June 14.
House Speaker Kevin McCarthy told the media on Wednesday that he does not believe the U.S. will default on its debt. President Joe Biden also stated in later remarks that he was confident lawmakers would come together to reach a deal and avoid a default. The president is cutting short a trip to Asia and will return on Sunday, giving traders hope a deal could be done by then.
Prices for the 10-year Treasury crumbled, raising yields to 3.64% from Wednesday’s 3.58%. Treasury prices and yields move in opposite directions.
Oil prices subtracted 55 cents to $72.34 U.S. a barrel.
Gold prices lost $20.90 to $1,964.00 U.S. an ounce.
Related Stories
