Baystreet.ca - Canada's main index slid at the open on Thursday, mirroring a rebound on Wall Street, a day after the U.S. Federal Reserve's hawkish view on interest rates hammered global stocks.
The TSX slid 27.24 points to 24,529.76.
The Canadian dollar jumped 0.51 cents to 69.65 cents U.S.
South African miner Sibanye (JO:SSWJ) Stillwater said it had entered into a $500-million streaming agreement with gold-focused royalty and streaming firm Franco-Nevada Corp (TSX:FNV). Franco-Nevada grabbed $1.72, or 1%, to $168.39.
Australia's Paladin Energy has received the final green light it needed from Canadian authorities to buy Fission Uranium (OTC:FCUUF) in a $1.14-billion deal that cements its position as a major global producer. Fission shares increased five cents, or 6.9%, to 77 cents.
Economically speaking, Statistics Canada said the number of employees receiving pay and benefits from their employer—measured as "payroll employment" in the Survey of Employment, Payrolls and Hours—fell by 21,100 (-0.1%) in October, following little change in September and August.
ON BAYSTREET
The TSX Venture Exchange inched higher 1.63 points to 583.94.
Seven of the 12 TSX subgroups were lower, weighed most by communications, down 1.1%, while consumer staples and industrials each lost 0.7%.
The five gainers were led by information technology, up 0.4%, while gold and financials, each climbed 0.3%.
ON WALLSTREET
The Dow Jones Industrial Average was higher on Thursday, rebounding from its 10th straight loss.
The 30-stock index recovered 190.28 points to 42,517,15.
The S&P 500 index gained 27.79 points to 5,897.84
The NASDAQ picked up 100.71 points, or 3.6%, to 19,493.40.
Shares of artificial intelligence darling Nvidia (NASDAQ:NVDA), which weighed down the Dow in the previous session, traded 1% higher. Gains in financial stocks, including JPMorgan Chase (NYSE:JPM) and Bank of America (NYSE:BAC), led the recovery in equities on Thursday alongside industrials, healthcare and utilities.
Stocks plunged Wednesday after the Federal Reserve struck a heavy blow against the roaring bull market, signaling that it was likely to only cut interest rates twice next year, down from the four reductions that had been penciled in during its last forecast in September. The central bank also trimmed its benchmark overnight borrowing rate a quarter percentage point Wednesday, to a target range of 4.25% to 4.5%, but the question now is what policymakers will do in 2025.
Prices for the 10-year Treasury fell back, raising yields to 4.56% from Wednesday’s 4.51%. Treasury prices and yields move in opposite directions.
Oil prices regrouped 20 cents to $70.78 U.S. a barrel.
Prices for gold swooned $44.50 an ounce to $2,608.80 U.S.