Baystreet.ca - Equities in Canada’s largest centre were uniformly negative to end Thursday, amid weakness gold and material stocks. The TSX backtracked 145.97 points to close Thursday at 22,200.79. The Canadian dollar tumbled 0.24 cents at 72.80 cents U.S. Gold fell the hardest, Iamgold sinking 19 cents, or 3.5%, to $5.31, while Seabridge Gold (TSX:SEA) skidded 52 cents, or 2.6%, to $19.77. In materials, Orla Mining dipped 28 cents, or 4.8%, to $5.51, while First Quantum Minerals (TSX:FM) dropped 91 cents, or 4.9%, to $17.75.
Health-care stocks also took some body blows, with Sienna Senior Living (TSX:SIA) descending 31 cents, or 2.1%, to $14.57, while Chartwell Retirement (TSX:CSH_u) Residences jettisoning 18 cents, or 1.4%, to $12.36. In consumer staples, the lone gainer, Alimentation Couche-Tard picked up $1.76, or 2.3%, to $79.37, while Jamieson Wellness (TSX:JWEL) pointed upward 28 cents, or 1.1%, to $26.31.
Statistics Canada said its new housing price rose by 0.2% monthly in April on the strength of increases in large urban centres such as Edmonton, Calgary, and Vancouver. Overall, added StatsCan, prices increased in five of the 27 census metropolitan areas (CMAs) surveyed, were unchanged in 15 CMAs and declined in seven.
ON BAYSTREET The TSX Venture Exchange slid 9.49 points, or 1.6%, to 601.83.All but one of the 12 TSX subgroups were lower on the day, with gold slipping 1.8%, materials falling 1.3%, and health-care off 1.2%. Only consumer staples held out against the tide, gaining 0.8%.
ON WALLSTREET Stocks fell Thursday, with the Dow Jones Industrial Average losing more than 600 points, as a post-earnings rally in Nvidia (NASDAQ:NVDA) failed to lift the broader market.The 30-stock index gave up 605.78 points to close Thursday at 39,065.26. putting it on track for its biggest one-day loss of the year. Boeing (NYSE:BA) was the biggest laggard in the Dow, falling 6.7%.The S&P 500 shed 39.17 points to 5,323.18, after hitting a record high earlier during the session. The NASDAQ descended 65.51 points to 16,736.03.
Chipmaker and artificial intelligence darling Nvidia surged more than 8%, sending shares above $1,000, after posting stronger-than-expected fiscal first-quarter results and announcing a 10-for-1 stock split.Fiscal second-quarter revenue guidance of about $28 billion also beat an LSEG consensus forecast of $26.61 billion — a sign the company doesn’t see its momentum slowing. For the bottom line, analysts expect a profit of $5.95 per share.
Nvidia’s results have been a focal point for Wall Street, as traders hoped for signs that the excitement around AI is not waning. With its $2.3 trillion market cap, Nvidia also has considerable sway over the broad S&P 500.However, the majority of the stocks in the broad market index turned negative. Traders are currently pricing just a 51% chance the Fed will cut rates in its September meeting, down from 58% a day ago and nearly 68% in the prior week. When the level falls, below 60%, it’s viewed as no longer likely that the Fed will take action.
On the economic side, new homes sold at a much slower than expected pace in April, the Commerce Department reported Thursday.Sales of new single-family homes totaled 634,000 for the month, a 4.7% drop from March and less than the Dow Jones estimate for 677,000.Prices for the 10-year Treasury slipped, raising yields to 4.48% from Wednesday’s 4.43%. Treasury prices and yields move in opposite directions. Oil prices shed 73 cents to $76.84 U.S. a barrel. Gold prices dipped $60.00 to $2,332.90. Stocks Tank, Dow Down 600+