Stocks fell into the red Thursday in Canada’s largest centre, weighed mostly by metals and tech issues.
The TSX faltered 25.23 points to pause for lunch hour at 20,168.10.
After a strong start to 2023, the TSX has fallen 2.8% so far in February as signs of strength in major global economies spurred fears that central banks would stick to their aggressive monetary tightening.
Shares of Bausch Health jumped $1.28, or 10.9%, to $13.02, after the medical device maker beat revenue estimates for fourth quarter.
Stantec climbed $6.81, or 9.6%, to $77.80 as the construction company beat fourth-quarter profit estimates, and RBC Capital Markets upgraded the stock to "outperform" from "sector perform'.
With more than half the companies on the TSX having reported results, 63.3% have topped fourth-quarter earnings expectations.
First Quantum Minerals was a prominent laggard, down 47 cents, or 1.8%, to $25.49, after the miner said its unit had suspended ore processing operations at the disputed Cobre Panama mine.
In other earnings, Loblaw Cos gained $2.11, or 1.8%, to $118.48, after the retailer forecast annual earnings above analysts' expectations and fourth-quarter results beat estimates.
On the economic slate, Statistics Canada unveiled payroll numbers for December. The agency said employees receiving pay or benefits from their employer—measured as "payroll employees" in the Survey of Employment, Payrolls and Hours—rose by 91,400 (+0.5%) in December, bringing cumulative gains since September to 240,600 (+1.4%).
ON BAYSTREET
The TSX Venture Exchange poked up 0.08 points to 619.26.
All but three of the 12 subgroups retreated, with materials stumbling 1%, consumer discretionary stocks losing 0.8% and information technology off 0.7%.
The three gainers proved to be health-care, up 2.6%, energy, rumbling 1.6% higher, and industrials, better by 0.3%.
ON WALLSTREET
Stocks seesawed Thursday, as traders tried to regain their footing following four straight losing sessions for the S&P 500.
The Dow Jones Industrials shed 89.5 points to pause for noon hour at 32,955.59.
The S&P 500 once again was pointed downward 5.21 points to 3,985.84.
The NASDAQ Composite dipped 27.31 points to 11,479.76. The major averages started the day on a high note, as a 13% rally in Nvidia boosted tech stocks.
Morgan Stanley upgraded Intel to equal weight from an underweight rating, saying that the stock’s recent underperformance and dividend cut should mean limited downside is ahead.
SVB Securities upgraded Teladoc to outperform from market perform Thursday, saying its bear thesis has been “fully reflected” in the shares and that a forward arc looks “achievable.”
The moves came after the Federal Reserve released the minutes of its most recent meeting, which concluded Feb. 1, showing that members of the central bank are resolved to keep fighting inflation with rate hikes.
Prices for the 10-year Treasury eked up, lowering yields to 3.90% from Wednesday’s 3.92%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.30 to $75.25 U.S. a barrel.
Gold prices decreased $14.50 to $1,833.10 U.S. an ounce.
