Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

TSX Bruised After Days of Gains

Published 2024-08-22, 12:34 p/m
© Reuters.  TSX Bruised After Days of Gains
XAU/USD
-
GSPTSE
-
AP_u
-
CG
-
CP
-
NG
-
TD
-
BDGI
-
SES
-
SPCDNX
-
CNR
-
IPCO
-
SVI
-

Baystreet.ca - Equities in Toronto fell hard Thursday, as apprehension over remarks due for Friday by the head of the U.S. Federal Reserve played into the picture.

The TSX Composite Index slid 84.26 points to close Thursday at 23.037.47,

The Canadian dollar gave back 0.15 cents to 73.47 cents U.S.

Investors geared up for bank earnings, started by Toronto-Dominion Bank (TSX:TD) that reported a quarterly loss. TD shares retreated $1.70, or 2.1%, to $79.59.

Canadian National Railway (TSX:CNR) and Canadian Pacific Kansas City (TSX:CP) shut down their rail networks in the country and locked out about 10,000 workers after labor talks with the Teamsters union failed. Shares in CN recovered 90 cents to $156.18, while those in CP gained 91 cents to $109.43.

Gold stocks capsized, with Centerra Gold (TSX:CG) off 25 cents, or 2.5%, to $9.91, while Novagold (TSX:NG) fell 34 cents, or 5.5%, to $5.90.

In energy stocks, IPCO gained 45 cents, or 2.4%, to $14.57, while Secure Energy Services (TSX:SES) hiked 22 cents, or 1.9%, to $12.06.

In real-estate issues, Storagevault docked 13 cents, or 2.8%, to $4.52, while units of Allied Properties REIT (TSX:AP_u) sank 26 cents, or 1.5%, to $17.00

In industrial issues, MDA Ltd. gained 13 cents to $14.93, while Badger Infrastructure (TSX:BDGI) tallied $1.79, or 5%, to $37.87.

ON BAYSTREET

The TSX Venture Exchange fell back 6.56 points, or 1.1%, to 571.27.

Eight of the 12 TSX subgroups were down on the day, with gold fading 2%, materials sliding 1.7%, and information technology, off 1.6%.

The four gainers were led by energy, communications and real-estate, each up 0.2%.

ON WALLSTREET

The S&P 500 pulled back on Thursday as investors readied for a speech by Federal Reserve Chair Jerome Powell at the central bank’s annual Jackson Hole conference.

The Dow Jones Industrial index dropped 177.71 points Thursday to 40,712.78.

The much-broader index dumped 50.21 points to 5,570.64.

The NASDAQ caved 299.63 points, or 1.7%, to 17,619.24.

Thursday marks a retreat following a largely positive period that had been deemed a recovery rally following the global market rout on Aug. 5. All three indexes had traded higher at one point in the session, with the S&P 500 within striking distance of its all-time intraday high set in July before reversing course.

Market participants are turning their attention to Powell’s expected speech at the Jackson Hole Economic Symposium on Friday, hoping for further insight into rate policy. Traders are currently pricing in a 100% chance of a decrease to borrowing costs next month, but they are divided when it comes to how large the reduction will be.

Despite some choppiness, the three major indexes are all on pace to finish the week higher. The NASDAQ Composite has gained 1.6%, and S&P 500 have added about 1.2%. The Dow has risen 0.4%.

In corporate news, software company Snowflake (NYSE:SNOW) dropped 14.7% even after it beat quarterly expectations and slightly raised its full-year product revenue guidance. Urban Outfitters (NASDAQ:URBN) slid 9.6% after the retailer’s same-store sales in the second quarter disappointed analysts.

Prices for the 10-year Treasury lost strength, raising yields to 3.87% from Wednesday’s 3.80%. Treasury prices and yields move in opposite directions.

Oil prices picked up a dollar at $72.93 U.S. a barrel.

Gold prices sagged $28.80 to $2,518.70.

This content was originally published on Baystreet.ca

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.