Canada's main stock index opened lower on Thursday, led by technology stocks, after Apple's sales warning fueled worries about slowing global corporate earnings growth.
The S&P/TSX Composite Index gave back 86.12 points to begin Thursday at 14,261.04
The Canadian dollar climbed 0.58 cents at 73.63 U.S.
Barrick Gold CEO Mark Bristow says the company is considering options for its stake in Acacia Mining including possible sale, as Barrick works to end a nearly two-year-long tax dispute in Tanzania that has effectively shuttered operations there
Barrick shares inched up five cents to $17.86.
Syncrude has been directed to pay $2.75 million after it pleaded guilty over the death of 31 blue herons at its oil sands site in northern Alberta.
One of Syncrude’s primary investors is Suncor, whose stock dipped 11 cents to $38.29
Morgan Stanley cut the target price on Intact Financial to $114.00 from $118.00. Intact retreated $1.14, or 1.2%, to $97.72.
Morgan Stanley resumes coverage on Lundin Mining with an overweight rating, and a price target of $8.70. Lundin lost 5.5 cents, or 1%, to $5.72.
ON BAYSTREET
The TSX Venture Exchange doffed 0.56 points to 570.44
All but two of the 12 TSX subgroups were negative in the first hour, with information technology, down 2%, health-care, sliding 1.5%, and consumer discretionary, off 1.2%.
The two gainers were gold, better by 0.5%, and utilities, eking up 0.03%.
ON WALLSTREET
U.S. stocks fell sharply on Thursday after Apple warned first-quarter sales would be less than it previously expected. The iPhone maker blamed a slowing Chinese economy for the shortfall, intensifying fears that the global economy may be slowing down.
The Dow Jones Industrials Index thundered lower 573.64, or 2.5%, to open Thursday at 22,772.60, as Apple shares led the decline.
The S&P 500 docked 50.79 points, or 2%, to 2,460.24, as the tech sector fell 4.4%.
The NASDAQ Composite weakened 158.87 points, or 2.4%, to 6,507.07, as Apple’s stock dropped 9.1%.
A weaker-than-expected economic reading on manufacturing sent the Dow to its lows of the day. ISM’s manufacturing index fell to 54.1 in December, economists polled by Refinitiv expected 57.9.
Apple said it sees first-quarter revenue of $84 billion vs. a previous guidance of a range of $89 billion and $93 billion. Analysts expected revenue of $91.3 billion for the period, according to the consensus estimate from FactSet.
Apple blamed most of the revenue shortfall for struggling business in China. But the company also said that upgrades by customers in other countries were “not as strong as we thought they would be.”
Apple’s warning also dragged down other companies that do big business in China. Caterpillar shares were down more than 1%. Boeing shares dropped 1.6%.
Prices for the benchmark for the 10-year U.S. Treasury gained, lowering yields to 2.61% from Wednesday’s 2.65%. Treasury prices and yields move in opposite directions.
Oil prices inched back six cents to $46.48 U.S. a barrel.
Gold prices acquired $7.60 at $1,284.50 U.S. an ounce.
