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TSX Down on Energy Decline

Published 2024-09-10, 12:29 p/m
© Reuters.  TSX Down on Energy Decline
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Baystreet.ca - Canada's main stock index fell on Tuesday as energy shares slid, while investor caution ahead of U.S. inflation data also weighed on the overall losses.

The TSX Composite Index came off its lows of the day, but fell short of breakeven 24.06 points to 23,003.09.

The Canadian dollar ditched 0.21 at 73.51 cents U.S.

Fission Uranium's shareholders voted in favor of Paladin Energy's proposed acquisition of the Canadian resource company, the Australian miner said. Fission shares galloped seven cents, or 9%, to 85 cents by midday Tuesday.

The leading shares were Kinross Gold (TSX:K), up 68 cents, or 5.9%, to $12.24, and Aya Gold & Silver, up 47 cents, or 3.6%, to $13.47.

The most heavily traded shares by volume were Canadian Natural Resources (TSX:CNQ), Suncor Energy (TSX:SU) and Baytex Energy (TSX:BTE). Shares in Natural Resources declined $1.68, or 3.7%, to $43.72, while Suncor shares were bruised $1.52, or 3%, to $49.19, while those for Baytex were pummeled 11 cents, or 2.7%, to $4.03.

In health-care stocks, Chartwell Retirement (TSX:CSH_u) Residences gained 41 cents, or 2.8%, to $15.34, while Sienna Senior Living (TSX:SIA) moved higher 21 cents, or 1.3%, to $16.62.

Gold stocks were in the green, as Kinross triumphed 67 cents, or 5.9%, to $12.24, while Aya Gold & Silver claimed 49 cents, or 3.8%, to

In consumer stocks, Dollarama (TSX:DOL) slid $3.10, or 2.4%, to $125.14, while Magna International (TSX:MG) sank $1.29, or 2.4%, to $52.57.

Communications also got socked, with TELUS (TSX:TIXT) falling 50 cents, or 2.2%, to $22.59, while BCE (TSX:BCE) dwindled 91 cents, or 1.9%, to $48.04.

ON BAYSTREET

The TSX Venture Exchange moved upwards 3.94 points to 552.90.

The 12 TSX subgroups were equally divided, with energy sliding 2.3%, consumer discretionary stocks falling 1.6%, and communications off 1%.

Among the half-dozen winners, health-care issues were haler 1.2%, gold 1.1% brighter, and materials 1% stronger.

ON WALLSTREET

The S&P 500 inched higher on Tuesday, on pace for back-to-back gains, as Wall Street sought to find its footing in September.

The Dow Jones Industrial index ended Tuesday down 92.63 points at 40,736.96.

The broader index recovered 24.47 points to 5,495.52.

The NASDAQ recovered in a big way, sprinting 141.28 points to 17,025.88.

Nvidia (NASDAQ:NVDA) traded up by 0.8%, cooling slightly after rising more than 2% at its high of the day. Alphabet (NASDAQ:GOOGL), AMD (NASDAQ:AMD) and Microsoft (NASDAQ:MSFT) were also higher.

Tech stocks have been struggling of late, as concern over the state of the economy grows, leading investors to dump high-flying tech names.

Bank stocks also put pressure on the broader market. Shares of JPMorgan (NYSE:JPM) fell more than 5% after the company offered cautious commentary on net interest income in 2025 at an industry conference. JPMorgan was also the biggest decliner in the 30-stock Dow.

On the earnings front, cloud platform company Oracle (NYSE:ORCL) surged nearly 12.5% after posting fiscal first-quarter results that topped expectations and announcing a partnership with Amazon (NASDAQ:AMZN) Web Services to provide database services.

Investors are also betting that a widely anticipated interest rate cut at the Federal Reserve’s Sept. 17-18 meeting could help assuage concerns over a weakening economy.

Traders have their eyes on two key economic reports that will likely be the next catalysts for stocks. The consumer price index report for August is due out Wednesday, followed by the producer price index on Thursday.

Prices for the 10-year Treasury jumped, lowering yields to 3.65% from Monday’s 3.71%. Treasury prices and yields move in opposite directions.

Oil prices retreated $2.55 to $66.16 U.S. a barrel.

Gold prices brightened $12.50 to $2,545.20.Investors Try to Shake Sept. Doldrums

This content was originally published on Baystreet.ca

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