Baystreet.ca - Canada's main stock index closed October at a three-week low on Thursday in a wider selloff led by technology shares, after uninspiring earnings from Wall Street tech giants dampened overall market sentiment.
The TSX fell 350.92 points, or 1.4%, to close Thursday at 24,156.87.
The Canadian dollar slumped 0.05 cents to 71.84 cents U.S.
Canadian Natural Resources (TSX:CNQ) posted a drop in third-quarter profit due to a decline in production and lower crude prices. Shares in the oil giant lost 15 cents to $47.
The energy sector also fell despite a rise in oil prices, driven by a slump of $1.21, or 14.4%, in Veren, to $7.17, after it reported its third-quarter results.
Bausch Health (TSX:BHC) Companies rose $1.46, or 12.8%, to $12.83 after strong third-quarter results.
Elsewhere in health-care stocks, Chartwell Retirement (TSX:CSH_u) Residences picked up 18 cents, or 1.2%, to $15.70.
Techs took the biggest wallop, with Open Text (TSX:OTEX) Corporation stung $5.11, or 10.9%, to $41.88, while Bitfarms was hammered 29 cents, or 9.7% to $2.69.
In materials, Silvercrest Metals docked 97 cents, or 6.5%, to $14.03, while Lundin Mining (TSX:LUN) handed over 89 cents, or 6.2%, to $13.59.
Gold was also hit hard, with Seabridge Gold (TSX:SEA) falling $1.22, or 4.8%, to $24.33, while New Gold (TSX:NGD) faltered 16 cents, or 4%, to $3.81.
On the economic calendar, Statistics Canada says gross domestic product was essentially unchanged in August as increases in services-producing industries were offset by declines in goods-producing industries.
Elsewhere, other figures showed the number of employees receiving pay and benefits from their employer—measured as "payroll employment" in the Survey of Employment, Payrolls and Hours—was little changed in August (+13,500), following an increase of 39,500 (+0.2%) in July and a decline of 22,900 (-0.1%) in June. On a year-over-year basis, payroll employment was up 176,700 (+1.0%) in August.
ON BAYSTREET
The TSX Venture Exchange subtracted 11.97 points, or 2%, to 601.43.
All but two of the 12 TSX subgroups were in the red, with information technology retreating 2.8%, gold down 2.5%, and materials skidding 2.3%.
Health-care was stronger 2.6%, while utilities were unchanged.
ON WALLSTREET
Stocks slid on Thursday as Wall Street digested discouraging quarterly reports from megacap technology names and awaited further results.
The Dow Jones Industrials fumbled 378.35 points at 41,763.19.
The S&P 500 index staggered 108.23 points, or 1.9%, to 5,705.44.
The NASDAQ gave up 512.78 points, or 2.8%, to 18,095.15.
Microsoft (NASDAQ:MSFT) shares slid more than 5% after the tech giant’s revenue guidance disappointed investors and overshadowed a quarterly earnings beat. Meta Platforms dropped 3.8% after the Facebook (NASDAQ:META) parent missed the Street’s expectations for user growth and warned that capital expenditures will significantly rise in 2025.
Big tech earnings so far this week have been a mixed bag. While Alphabet (NASDAQ:GOOGL) shares rose nearly 3% on Wednesday after the company reported strong revenue growth, chipmaker AMD (NASDAQ:AMD) fell more than 10% as investors were disappointed by the company’s guidance for the fourth quarter.
Tech earnings continue on Thursday with results from megacap stocks Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) due after the bell.
Thursday is the final trading day of what has been a choppy month for the market amid heightened uncertainty ahead of the U.S. Presidential election on Tuesday. The 30-stock Dow is down 1.1% for the month. The broad market index is lower by 0.8% in October, while the NASDAQ has declined 0.4%.
The latest personal consumption expenditures price index showed inflation rose at an annualized pace of 2.1% in September, arriving in-line with estimates and moving closer to the Federal Reserve’s 2% target. The PCE reading is the Fed’s preferred inflation gauge.
Prices for the 10-year Treasury recovered strength, lowering yields back to Wednesday’s 4.28%. Treasury prices and yields move in opposite directions.
Oil prices jumped $1.92 to $70.53 U.S. a barrel.
Prices for gold cratered $44.80 an ounce to $2.756 U.S.
S&P Tumbles for 2nd Day, Dragged by META, Microsoft