Equities in Toronto sustained their sixth straight losing session Thursday, making for their longest losing streak since the pandemic was officially declared in February 2020.
The TSX/S&P Composite fell 91 points to end the session Thursday at 20,211.11.
The Canadian dollar lumbered lower 0.99 cents to 77.97 cents U.S.
Health-care issues took the worst drubbing, with Trillium Pharmaceuticals down 50 cents, or 5.2%, to $7.54, while Tilray shed 60 cents, or 3.6%, ato $16.23.
In the materials sector, Capstone Mining dipped 37 cents, or 7.2%, ato $4.75, while Ivanhoe Mines slipped 51 cents, or 5.5%, to $8.84.
In energy, Enerplus lost 32 cents, or 4.9%, to $6.27, while Vermilion Energy dropped 31 cents, or 4.1%, to $7.30.
Industrials proved the strongest of the subgroups making headway, with Cargojet up $5.20, or 2.8%, to $191.35, while Ritchie Bros. Auctioneers moved higher $1.64, or 2.1%, to $78.37.
Utilities gathered steam, most notably, Brookfield Renewable Partners, up a dollar, or 2.1%, to $48.75, while Algonquin Power and Utilities squeezed ahead 21 cents, or 1.1%, to $19.75.
In consumer staples, Maple Leaf Foods picked up 67 cents, or 2.5%, to $21.64, while Primo Water grabbed 53 cents, or 2.5%, to $21.66.
The head of Elections Canada said on Wednesday that the majority of mail-in ballots in the upcoming federal election will be counted after election day, delaying the final result.
Prosecutors said the defence of Huawei Chief Financial Officer Meng Wanzhou failed on facts and law, as hearings in their bid to extradite her to the United States finished on Wednesday.
ON BAYSTREET
The TSX Venture Exchange swooned 17.07 points, or 1.9%, to 860.98.
Seven of the 12 TSX subgroups remained red Thursday, with health-care skidding 1.9%, materials retreating 1.8%, and energy lower by 1.5%.
The five gainers were led by industrials, ahead 1%, while utilities and consumer staples were each down 0.6%.
ON WALLSTREET
The S&P 500 edged higher in choppy trading Thursday in the face of concerns about the Federal Reserve removing stimulus.
The Dow Jones Industrials faded 66.57 points to 34.894.12.
The broader index moved up 5.53 points to 4,405.80.
The NASDAQ jumped 15.87 points to 14,541.79.
Shares of tech stocks including Microsoft and Netflix traded in the green on Thursday, providing support to the major stock averages.
Nvidia’s stock jumped about 4% after the chip giant’s quarterly earnings and revenue beat Wall Street estimates amid strong graphics cards sales.
Meanwhile, stocks closely linked to the economy led losses. Steelmaker Nucor lost more than 2%. Oil companies Devon Energy and Occidental Petroleum shed about 3% and 6%, respectively.
Miner Freeport-McMoRan fell around 4%. General Motors fell roughly 3%. Reopening plays like airlines and hotels were also lower.
Robinhood shares tumbled more than 11% after its first earnings report as a public company. The app warned investors that its third-quarter results could be affected by a slowdown in trading.
Goldman Sachs cut its economic growth forecast for the current quarter to 5.5% from 9% Wednesday night, adding to the negative sentiment. The firm also sees higher inflation than expected for the rest of the year.
Meeting minutes from the Fed’s gathering in July showed the central bank has started eyeing tapering its $120 billion in monthly bond purchases before the year-end.
Investors digested mixed economic data released Thursday. First-time jobless claims last week hit a new pandemic-era low at 348,000, declining more than expected from the week prior.
The Philadelphia Fed Index, a gauge of growth in the region, still indicated expansion but at a level worse than expected. The August reading was 19.4, below the 22 consensus of economists polled by Dow Jones.
Prices for 10-Year Treasurys gained strength, lowering yields to 1.24% from Wednesday’s 1.27%. Treasury prices and yields move in opposite directions.
Oil prices slipped $1.44 to $63.32 U.S. a barrel.
Gold prices shrank $1.40 to $1,783.00 U.S. an ounce.