Resource stocks sputtered Thursday, taking down much of the TSX with them.
The TSX Composite retreated 165.98 points to close Thursday at 19,560.16.
The Canadian dollar fell 0.38 cents to 75.60 cents.
Gold stocks weighed most heavily, as Centerra Gold dropped 33 cents, or 5.7%, to $5.46, while Sandstorm tumbled 42 cents, or 4.9%, to $8.19.
In other resources, K92 Mining dipped 38 cents, or 5.1%, to $7.04, while Dundee Precious Metals fell 39 cents, or 6.5%, to $5.65.
In energy stocks, Imperial Oil was punished $2.69, or 4.2%, to $61.26, while Suncor dumped $1.27, or 3%, to $41.11.
Communications provided one of the few bright spots, as Rogers soared $1.25, or 2.3%, to $55.32, while Quebecor added 21 cents to $26.95.
Financials also registered in positive territory, with ECN Financial taking on six cents, or 1.7%, to $5.20, while Laurentian Bank advanced 47 cents, or 1.4%, to $34.22.
On the economic front, Statistics Canada said Canadian auto sales were down 16.2% in July to 130,480 units.
What’s more, the Canadian Real Estate Association reported national home sales edged down 1% on a month-over-month basis in August. Actual (not seasonally-adjusted) monthly activity came in 24.7% below August 2021.
ON BAYSTREET
The TSX Venture Exchange sank 16.38 points, or 2.5%, to 637.49
All but two of the 12 TSX subgroups stayed red on the day, with gold slumping 3.1%, materials slouching 3%, and energy weaker by 2.8%.
The two gaining groups proved to be communications, up 0.6%, and financials, nicking up 0.1%.
ON WALLSTREET
U.S. stocks dropped in choppy trading on Thursday as investors mulled over several economic reports that showed a muddy picture of the U.S. economy.
The Dow Jones Industrials sailed lower 173.27 points to finish Thursday to 30,961.82
The S&P 500 sank 44.66 points, or 1.1%, to 3,901.35.
The NASDAQ Composite subtracted 167.32 points, or 1.4%, to 11,606.53.
Shares of Adobe weighed on the NASDAQ and S&P 500. The software stock fell more than 16% after the company announced a $20-billion deal to buy Figma. The weakness spread to other tech stocks, with Apple falling 1.9% and Salesforce sliding 3.4%.
Bank stocks were a bright spot, with Goldman Sachs and JPMorgan rising more than 1% apiece. UnitedHealth Group rose 2.6%.
Wall Street is still trying to find its footing after a surprise increase in August’s consumer price index report sparked a decline of more than 1,200 points for the Dow on Tuesday. A minor rebound on Wednesday was wiped out by Thursday’s declines.
On Thursday, initial jobless claims came in better than expected, but import prices saw a smaller drop than estimates suggested. Retail sales beat expectations, but turned negative when excluding autos.
Manufacturing data also showed a slowing economy. While those reports suggest that the U.S. consumer sector is holding its ground for now, they will do little to alleviate concerns about persistent inflation.
Treasury prices faltered, raising yields to 3.45% from Wednesday’s 3.41%. Treasury prices and yields move in opposite direction.
Oil prices swooned $3.30 to $85.18 U.S. a barrel.
Gold prices dropped $35.80 to $1,679.40 U.S. an ounce.
