TSX Points Downward

Tech Rebounds, Gold Slumps

The Toronto stock market fell off the tracks a bit Thursday, as losses in resource stocks easily outweighed gains in tech and energy issues.

The S&P/TSX Composite Index dropped 62.42 points to conclude Thursday’s session at 16,087.55

The Canadian dollar subtracted 0.16 cents at 75.03 cents U.S.

Gold took the most punishment, as Barrick Gold staggered 26 cents, or 1.5%, to $17.47, while Kinross Gold dropped a dime, or 2.2%, to $4.47.

In the materials sector, Agnico Eagle Mines doffed $1.15, or 1.9%, to $58.15. First Quantum Minerals moved lower 50 cents, or 3.4%, to $14.25.

Health-care stocks took some blows, too, as Canopy Growth fell 78 cents, or 1.3%, to $60.59, while Aurora Cannabis slipped 10 cents to $11.92.

Among tech stocks, Shopify vaulted $3.91, or 1.4%, to $277.29

Energy stocks were narrowly in the green, as Suncor advanced 13 cents to $44.81, while Canadian Natural Resources took on 32 cents to $37.41

On the economic front, Statistics Canada’s new housing price index stated new housing prices fell in January for the first time since February 2018. The national index declined 0.1% in January, following five consecutive months of unchanged prices.

ON BAYSTREET

The TSX Venture Exchange docked 1.15 points Thursday to 623.07

All but two of the 12 TSX subgroups lost ground Thursday, as gold dimmed 2.2%, materials weakened 1.9%, and health-care fell 0.7%.

The two gainers were information technology, up 0.3%, and energy, up 0.1%.

ON WALLSTREET

Stocks were little changed on Thursday following weaker-than-expected housing data, as major indexes recovered from small losses earlier in the day.

The Dow Jones Industrial Average picked up 7.05 points to conclude Thursday at 25,709.74

The S&P 500 sank 2.44 points to 2,808.48

The NASDAQ Composite faded 12.49 points to 7,630.91.

Facebook shares were among the big decliners, sliding 1.4% after a worldwide outage of its core app, Instagram and WhatsApp. The social media company's stock was also under pressure after The New York Times reported federal prosecutors are conducting a criminal investigation into data deals the company made with other tech giants.

Apple shares rose more than 1% after Cowen initiated coverage of the company with an outperform rating and a $220 price target. Cowen cited potential long-term upside from Apple's services business.

Snap, meanwhile, rallied more than 11% after BTIG analyst Richard Greenfield — a longtime skeptic of the social media company — upgraded the stock to buy for the first time.

General Electric seesawed after the industrial giant issued weaker-than-expected earnings guidance for 2019. The stock initially fell around 4% in the pre-market before turning around to trade 2.9% higher.

New home sales fell 6.9% in January — which was more than expected and a sign the U.S. government shutdown could have kept buyers on the sidelines.

Media reports are circulating that China and the U.S. are trying to push back a meeting between the countries' two leaders from late March to April at the earliest. This comes after Trump said he was in no rush to form an agreement. Bloomberg's report comes after China's industrial output expanded at its slowest rate in 17 years.

Investors expected the two leaders to meet at Mar-a-Lago later this month as both sides claimed progress was being made on trade negotiations.

Prices for the benchmark 10-year U.S. Treasury were somewhat lower, raising yields to 2.63% from Wednesday’s 2.61%. Treasury prices and yields move in opposite directions.

Oil prices improved 28 cents to $58.54 U.S. a barrel.

Gold prices lost $13.80 to $1,295.50 U.S. an ounce.