Equities in Canada’s largest centre got pounded Thursday, as weakness in resource stocks overcame most other sectors.
The S&P/TSX Composite lost handed back 123.64 points to close Thursday’s session at 16,488.20
The Canadian dollar drooped 0.14 cents to 75.97 cents U.S.
Energy had the roughest luck, as Cenovus Energy fell 28 cents, or 2.3%, to $12.01, after the company missed quarterly profit estimates as the production cuts ordered by Alberta's provincial government hit output and higher Canadian crude prices hurt refining margins.
Husky Energy dipped 74 cents, or 6.5%, to $10.68.
Teck Resources reported a quarterly profit slightly below analysts' estimates, hurt by lower copper and zinc prices. Shares of the company fell $1.63, or 5.4%, to $28.40.
Pan American Silver faded 90 cents, or 4.2%, to $20.64.
Among gold concerns, OceanaGold lost 26 cents, or 6.7%, to $3.62, while IAMGOLD shed 17 cents, or 3.4%, to $4.84.
Consumer staples did what they could to drive the average upward, as Maple Leaf Foods climbed 40 cents, or 1.3%, to $30.78, while George Weston gained $1.27, or 1.3%, to $100.91.
On the economic front, Statistics Canada reported average weekly earnings of non-farm payroll employees were $1,031 in May, up 1.1% from April.
The agency added earnings were up 3.4%, compared with 12 months earlier.
ON BAYSTREET
The TSX Venture Exchange dropped 1.42 points to 591.73
All but two of the 12 Toronto subgroups finished Thursday in the red by midday, with energy suffering 3.2%, materials waning 2%, and gold off 1.7%.
The two gaining groups were consumer staples, up 0.6%, and industrials, eking up but 0.04%
ON WALLSTREET
Stocks fell on Thursday as investors worried that the Federal Reserve will not be as dovish as expected in its monetary policy announcement next week following strong economic data and remarks from the top European Central Bank official.
The Dow Jones Industrials fell 128.99 points to 27,140.98,
The S&P 500 dropped 15.89 points from Wednesday’s all-time high to 3,003.67
The NASDAQ lost touch with its all-time high as well, losing 82.96 points, or 1%, to 8,238.54
Ford shares slid 7.5% after its earnings fell short of estimates and its 2019 guidance disappointed investors. Boeing shares were battered again after reporting in the previous session a massive quarterly loss. Boeing dropped 3.7% after sliding 3.1% in Wednesday.
Tesla plunged 13.6% after the electric car maker reported a bigger-than-expected loss for the previous quarter.
About a third of S&P 500 companies have reported second-quarter earnings so far. Of those companies, 75% have posted a better-than-forecast profit. Alphabet, Amazon, Intel, Starbucks and Mattel are all scheduled to report after the close Thursday.
Wall Street also pored through comments from ECB President Mario Draghi ahead of a key Federal Reserve meeting next week.
Draghi said that there was not a significant risk of a recession in the region, something traders took to mean that proposed stimulus would not be as deep as expected. U.S. stock futures fell on the remarks while the euro ripped higher.
The Fed is scheduled to hold a monetary policy meeting July 30-31 in which a rate cut of at least 25 basis points is expected.
Prices for the benchmark 10-year U.S. Treasury demurred, lifting yields to 2.09% from Wednesday’s 2.05%. Treasury prices and yields move in opposite directions.
Oil prices took on 37 cents to $56.25 U.S. a barrel.
Gold prices surrendered $5.10 to $1,418.50 U.S. an ounce.
