TSX Lists Lower by Midday

Goldman Sachs in Focus

Canadian shares faded by noon hour on Thursday, as technology stocks rebounded, but the main index was on track to end September down 2% after posting seven straight monthly gains.

The TSX Composite slid 17.55 points to roll into noon hour Thursday at 20,140.59

The Canadian dollar regained 0.56 cents to 78.97 cents U.S.

Bombardier grabbed 10 cents, or 4.8%, to $2.19, and was the largest percentage gainer on the TSX. The company said it had received a firm order worth $534 million for 20 units of an upgraded variant of its Challenger 350 aircraft, marking its biggest business jet deal this year.

ON BAYSTREET
The TSX Venture Exchange added 2.79 points to 859.06

Eight of the 12 TSX sectors had turned lower, with consumer discretionaries skidding 1.2%, health-care letting go of 0.8%, and financials off 0.6%.

The four gainers were led by gold, up 2.2%. materials stronger by 1.2%, and energy better by 0.7%.

ON WALLSTREET

The Dow Jones Industrial Average moved lower on Thursday as Wall Street looked to close out a rough month.

The 30-stock index plunged 303.01 points to 34,087.71.

The S&P 500 dropped 24.22 points to 4,335.24.

The NASDAQ Composite faded 3.17 points to 14,509.27.

Energy and financial stocks, which have been some of the best performers in recent weeks, took a step back on Thursday, weighing on the Dow. Shares of Goldman Sachs and JPMorgan were down by more than 1%.

However, chip stocks, including Nvidia and Micron, were higher after weighing on the broader market on Wednesday. Netflix set a new intraday record high.

Thursday’s weakness comes as Wall Street wraps up what has been a rough September for equities.

Entering Thursday, the Dow was down 2.7% for the month, the S&P 500 was off by 3.6% and the NASDAQ had shed 4.9%.

September’s losses have led to a middling third quarter for the market. For the three-month period, the Dow is slightly in the red, while the NASDAQ is just about flat. The S&P 500 is up 1.4%. The S&P 500 is still up 16% on the year.

Concerns about inflation and supply chain issues continued to hamper stocks. Shares of Bed Bath & Beyond fell more than 20% in early trading after the company said those issues hurt the company’s second quarter results, and the news also weighed on fellow retail stocks.

On the data front, initial jobless claims for the prior week came in at 362,000. Economists are expecting a print of 335,000, according to Dow Jones.

Prices for 10-year Treasurys were higher, lowering yields to 1.52% from Wednesday’s 1.53%. Treasury prices and yields move in opposite directions.

Oil prices gained 53 cents to $75.36 U.S. a barrel.

Gold prices charged ahead $36.10 to $1,759.00 U.S. an ounce.