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TSX Takes Pounding

Published 2024-06-13, 12:25 p/m
© Reuters.  TSX Takes Pounding
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Baystreet.ca - Equities in Canada’s largest centre felt around for bruises Thursday, as resource sector stocks were thumped. The S&P/TSX Composite Index stumbled 263.44 points, or 1.2%, to conclude Thursday at 21,698.11.The Canadian dollar handed over 0.09 cents to 72.79 cents U.S. In corporate news, Bitfarms jumped 53 cents, or 15.9% to hit a more-than-three-month high of $3.86. The bitcoin miner announced an agreement to develop up to 120 MW of power capacity in the United States and provided a production outlook for 2025.

Energy proved the biggest anchor on the market Thursday, with Cenovus Energy (TSX:CVE) sinking $1.04, or 4%, to $25.28, while Vermilion Energy (TSX:VET) declining 57 cents, or 3.6%, to $15.21. Gold trailed Wednesday’s close, with Alamos Gold (TSX:AGI) plunging 96 cents, or 4.4%, to $20.93, while New Gold (TSX:NGD) let go of 17 cents, or 3.5%, to $4.73. In the material sector, MAG Silver (TSX:MAG) trashed 73 cents, or 4.2%, to $16.71, while SSR Mining (NASDAQ:SSRM) slid 28 cents, or 4.1%, to $6.51.

ON BAYSTREET The TSX Venture Exchange dropped 8.05 points, or 1.4%, to 575.20. There were no gainers on the market today. Among the 12 subgroups plummeting, energy weighed 3.1%, gold was down 2.2%, and materials shed 1.6%.

ON WALLSTREET The S&P 500 rose on Thursday to post a fourth consecutive record close as traders weighed more data showing inflation pressures may be easing.The Dow Jones Industrials made up some ground Thursday, but still lost 65.11 points to 38,647.10.The much-broader index edged up 12.71 points to 5,433.74. The NASDAQ gained 59.12 points to 17,667.56, to still another new high. Broadcom (NASDAQ:AVGO) shares surged 12% after the chipmaker topped fiscal second-quarter expectations and announced a 10-for-1 stock split.

On the other hand, Dave & Buster’s Entertainment shares dropped 12% after the company’s first-quarter revenue missed estimates.Generac sank 7% while Paramount Global (NASDAQ:PARA) dipped 5%. The streaming service dipped after National Amusements killed its discussions with Skydance on a proposed merger. Salesforce and Amazon (NASDAQ:AMZN) each hesitated 2%, while Caterpillar (NYSE:CAT), was down 1%, to contribute to the Dow’s decline.May’s producer price index fell 0.2% from the prior month.

Economists polled by Dow Jones expected an increase of 0.1%. That report comes a day after May’s consumer price index rose less than expected last month.Prices for the 10-year Treasury gained ground, lowering yields to 4.24% from Wednesday’s 4.33%. Treasury prices and yields move in opposite directions. Oil prices reversed 45 cents to $78.05 U.S. a barrel.

This content was originally published on Baystreet.ca

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