Stock markets throughout North America fell Thursday, weighed mostly by money and consumer stocks, though the blow was cushioned in Canada by gains in resource stocks.
The TSX came off its lows of the morning, but still turned downward 36.37 points to close Thursday at 36,365.42
The Canadian dollar gained 0.11 cents to 72.51 cents U.S.
Financials weighed heaviest on the market Thursday, as EQB sank $5.05, or 3.7%, to $132.61, while National Bank dipped $5.53, or 2.5%, to $216.52.
In health-care, Curaleaf docked 37 cents, or 2.7%, to $13.21, while Extendicare let go of 86 cents, or 2.7%, to $30.53.
In consumer staples, Loblaw Companies doffed 82 cents, or 1.3%, to $60.97, while Alimentation Couche-Tard lost $1.93 to $86.05.
Gold tried to lift things up, with Montage Gold grabbed 81 cents, or 4.1%, to $20.62, while Centerra Gold acquired $1.18, or 3.8%, to $32.41.
In materials, Orla Mining increased 92 cents, or 7.3%, to $13.46, while Ero Copper picked up $2.56. or 5.4%, to $54.61.
Energy also was in the green, led by Kelt Exploration, up 33 cents, or 3.4%, to $10.03, while Spartan Delta increased 49 cents, or 3.7%, to $13.38.
On the economic calendar, Statistics Canada says its raw materials price index decreased 2.2% month over month in June and increased 18.1% year over year, while its industrial products price index increased 0.6% month over month and gained 12.4% year over year.
Elsewhere, the new housing price index decreased 0.1%, identical to a 0.1% drop in June.
On the trade front, Federal Trade Minister Dominic LeBlanc was set to meet U.S. Trade Representative Jamieson Greer.
ON BAYSTREET
The TSX Venture Exchange pointed upward 1.31 points to 973.09.
All but three of the 12 TSX subgroups were lower, weighed most by financials, sliding 2%, while health-care bowed 1.4%, and consumer staples dipped 1.3%.
The three gainers were gold up 2%, materials, ahead 1.7%, and energy moved forward 1.2%.
ON WALLSTREET
U.S. stocks fell as Treasury yields continued their march higher despite the Treasury Department’s extraordinary debt buyback operation, raising concerns that higher borrowing costs will throw a wrench into the bull market.
The Dow Jones Industrials flopped 681.62 points, or 1.3%, to 52,781.43, weighed down by a 9% drop in Walmart shares.
The retail giant was pacing for its worst day in more than four years after its U.S. comparable sales missed analyst expectations, as did its adjusted earn
The S&P 500 slipped 66.17 points to 7,641.81.
The NASDAQ Composite dropped 263.93 points, or 1%, to 26,067.16.
A pullback in Walmart shares hit the broader market as well. The retail giant dropped 9% after its U.S. comparable sales missed analyst expectations, as did its adjusted earnings forecast for both the third quarter and full year.
Also weighing on equities, oil prices rose again amid increasing tensions between Iran and the U.S. President Donald Trump said in a Truth Social post late Wednesday that the U.S. would begin “most crushing economic operation ever taken against any country” against Iran. “This will be Economic Warfare and Isolation on an unprecedented scale,” he wrote.
Bond yields advanced on Thursday, climbing back from Wednesday’s slide following the Treasury Department saying it will at least double repurchases of 10-, 20- and 30-year debt in the next few months.
Treasury Secretary Scott Bessent told the media Thursday that the debt buyback operation could actually be larger than the $4 billion that was announced.
Prices for the 10-year Treasury popped, lowering yields to 4.70% from Wednesday’s 4.65%. Treasury prices and yields move in opposite directions.
Oil prices acquired $2.32 to $88.15 U.S. a barrel.
Gold prices recovered $36.70 to $4,582.00 U.S. an ounce.
