Canada’s main stock index opened lower on Thursday, dragged down by gold miners as prices of the precious metal fell after the U.S. Federal Reserve signaled its rate-hike cycle was far from over, boosting the dollar.
The TSX Composite dumped 144.23 points to open Thursday at 19,132.78.
The Canadian dollar parted ways with 0.43 cents to 72.49 cents U.S.
Canadian earnings were a mixed bag, with Sun Life Financial topping quarterly profit expectations, while Nutrien cut its full-year adjusted earnings forecast.
Sun Life began the day up $1.29, or 2.3%, to $58.39, while shares in Nutrien cratered $17.70, or 15.6%, to $96.13.
Bombardier reported a substantially smaller quarterly adjusted loss.
Bombardier shares lost 76 cents, or 1.9%, to $38.41.
On the economic slate, Statistics Canada reported Canada’s merchandise exports rose 1.3%, while imports increased 0.4% in September.
As a result, Canada’s merchandise trade surplus with the world widened from $550 million in August to $1.1 billion in September.
Elsewhere, the total value of building permits in Canada fell 17.5% in September to $10.2 billion, the largest recorded monthly decline.
This was the first time all survey components posted monthly decreases since September 2019.
ON BAYSTREET
The TSX Venture Exchange fell 0.7 points to 587.06.
Eight of the 12 TSX subgroups were negative, with materials sliding 3.7%, gold down 1.7%, and real-estate off 1.6%.
The four gainers were led by health-care, collecting 1%, industrials, better by 0.6%, and energy, improving 0.5%.
ON WALLSTREET
Stocks fell on Thursday, building on Wednesday’s losses after the Federal Reserve delivered another interest rate hike and signaled that no pivot or rate cut will come anytime soon.
The Dow Jones Industrials fell 236.64 points to 31,911.12.
The S&P 500 toppled 39.29 points, or 1%, to 3,720.40
The NASDAQ withered 139.01 points, or 1.3%, to 10,385.79.
Corporate earnings season continued, with Qualcomm, Roku and Fortinet all falling sharply on disappointing quarterly results and forward guidance.
Peloton’s stock tumbled after reporting a wider-than-expected loss, while Moderna sank on a lowered COVID vaccine sales outlook.
Treasury prices slipped, raising yields to 4.15% from Wednesday’s 4.08%. Treasury prices and yields move in opposite directions.
Oil prices tumbled $2.13 to $87.87 U.S. a barrel.
Gold prices skidded $25.80 to $1,624.20 U.S. an ounce.