Toronto Stocks Plunge - InvestingChannel

Toronto Stocks Plunge

Stocks in Toronto traded deep in the red Tuesday, led by sharp decline in the energy sector while shares of BMO Financial Group took a hit after posting a decline in profit.

The TSX was off 323.12 points, or 1.629% at 19,512.90.

BMO Financial Group reported third-quarter net income of $1.37 billion, down from $2.28 billion in the same quarter a year earlier, as it took a $945-million charge related to its acquisition of Bank of the West. The bank said Tuesday its profit amounted to $1.95 for the quarter ended July 31, down from a profit of $3.41 per diluted share a year ago.

BMO shares are trading down $3.09 at $124.68.

The Canadian dollar edged down 0.055 cents to 76.35 cents U.S.

ON BAYSTREET

The TSX Venture Exchange inched lower by 8.00 points, or 1.244%, to 635.33.

All of the 12 TSX subgroups were lower, with Energy issues down 3.66%, Material stocks off 2.76 and Health care issues down 2.19%.

ON WALLSTREET

Stocks in the U.S traded lower as the Federal Reserve and other global central bankers continued to signal a rise in interest rates.

The S&P 500 fell 1.1%, below the 4,000 level, while the Nasdaq Composite lost 1.2%. Meanwhile, the Dow Jones Industrial Average slid 305 points, or 0.9%.

In earnings news, Baidu (BIDU) fell 10% after the Chinese internet giant posted earnings and revenue ahead of Wall Street’s expectations. The company notched earnings of $2.36 a share on revenue of $4.4 billion in the three months to the end of June, firmly outpacing analysts’ estimates of a profit of $1.54 a share on $4.3 billion in revenue.

Best Buy (BBY) shares jumped over 2% after the tech-focused retailer posted better-than-expected second quarter earnings.

The Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, showed U.S. job openings jumped to 11.2 million last month, pointing to continued tightness in the labor market as employers struggle to fill vacancies. Economists surveyed expected 10.375 million in July.

West Texas Intermediate crude oil tumbled 2.7% to $94.39 per barrel, while Brent futures plunged 3.4% to $101.48 per barrel.

October gold futures were last down $14.89 at $1,724.74.

The benchmark 2-year Treasury note yields jumped 6 basis points to 3.482%.

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