Canada's main stock index opened lower on Thursday after data showed domestic factory sales slumped in March and as the World Health Organization warned the coronavirus may never go away.
The S&P/TSX Composite Index opened Thursday down 221.20 points, or 1.5% at 14,282.01.
The Canadian dollar dipped 0.09 cents to 70.83 cents U.S.
First Majestic Silver said on Wednesday it served notice to the Mexican government under North American Free Trade Agreement provisions to begin negotiations to resolve disputes over how the silver producer is taxed in the country.
The silver miner forfeited 59 cents, or 7.4%, to $7.42.
Linamar beat quarterly profit estimates on Wednesday, helped by a cut in capital expenditure, while also boosting its liquidity despite the COVID-19 pandemic that forced automakers to halt production. Linamar shares docked $2.28, or 7.2%, to $29.59.
Jefferies raised the target price on Boyd Group Services to $225.00 from $190.00. Boyd shares rebounded $4.58, or 2.4%, to $198.98.
RBC cut the target price on Equitable Group to $60.00 from $61.00. Equitable retreated $7.29, or 12.1%, to $52.94.
RBC cut the target price on Teck Resources to $20.00 from $21.00. Teck shares collapsed 90 cents, or 7.5%, to $11.06.
In the economic docket, Statistics Canada reported manufacturing sales fell 9.2% to $50.8 billion in March, the lowest level since June 2016 and the largest percentage decline since December 2008, during the previous recession.
ON BAYSTREET
The TSX Venture Exchange inched forward 0.43 points to 493.84.
All but two of the 12 TSX were lower in the opening hour, as health-care shed 3.8%, energy lost 3.6%, and consumer discretionary fell 3%.
The two gainers proved to be gold, up 2.2%, and materials, ahead only 0.6%.
ON WALLSTREET
Stocks fell sharply on Thursday, extending their steep losses this week, after the latest jobless data underscored the coronavirus’ devastating toll on the U.S. economy.
The Dow Jones Industrials fell another 318 points, or 1.4%, to 22,848, headed for its fourth straight day of losses and bringing its weekly decline to more than 6%.
The S&P 500 shed 32 points, or 1.1%, to 2,781.
The NASDAQ slumped 124.62 points, or 1.4%, to 8,738.68. Both S&P and NASDAQ were on track for their third consecutive negative sessions.
The U.S. Labor Department reported Thursday a total of 2.981 million Americans filed unemployment insurance during the week ending May 9. The number came in worse than expectations of 2.7 million new claims, according to economists polled by Dow Jones.
Prices for the 10-Year Treasury grew, lowering yields to 0.61% from Wednesday’s 0.65%. Treasury prices and yields move in opposite directions.
Oil prices gained 79 cents to $26.08 U.S. a barrel.
Gold prices jumped $23.20 to $1,739.60 U.S. an ounce.
