Equities in Canada’s largest market again concluded the session in the red Thursday, as uncertainty over whether central banks were through with interest rate hikes.
The TSX lost 94.88 points to conclude Thursday at 20,132.08.
The Canadian dollar dropped 0.21 cents at 73.10 cents U.S.
Consumer concerns pulled the index downward Thursday, with George Weston tailing off $3.11, or 2%, to $151.05, while North West Company lost 55 cents, or 1.8%, to $29.85.
Among communications firms, Quebecor swooned 52 cents, or 1.7%, to $29.82, while TELUS forked over 30 cents, or 1.3%, to $22.94.
Magna International ailed $2.20, or 2.7%, to $78.98, while Linamar faded $1.70, or 2.4%, to $70.38.
Utilities did what they could to bring things upward, with Brookfield Renewable Partners hiking 85 cents, or 2%, to $43.23, while Brookfield Infrastructure improved 87 cents, or 2.1%, to $43.25.
Health-care stocks also did somewhat better, with Bausch Health Companies tacking on 12 cents, or 1.1%, to $11.52, while shares in Sienna Senior Living advanced two cents to $11.50.
In the economic docket, Statistics Canada said building permits declined 1.5% in July to $11.7 billion.
Also Thursday, the IVEY Purchasing Managers Index measured 53.5 in August, compared to 48.6 in July and 53.5 in August 2022.
ON BAYSTREET
The TSX Venture Exchange pushed upward 0.74 points to 585.55.
All but two of the 12 TSX subgroups were negative on the session, with consumer staples falling off 1.4%, communications declining 1.1%, and consumer discretionary stocks, stumbling 0.9%.
The two gainers were led by utilities, up 1.3%, while health-care forged ahead 0.3%.
ON WALLSTREET
The NASDAQ fell for a fourth day Thursday as concerns resurfaced over the Federal Reserve’s interest rate policy path, and whether policymakers will enact another hike this year.
The Dow Jones Industrials recovered 57.54 points to close Thursday at 34,500.73.
The S&P 500 index slid 14.34 points to 4,451.34.
The NASDAQ index came off its lows of the afternoon, but was still bruised 123.64 points to 13,748.83, falling for a fourth consecutive day.
Apple shares dropped 2.9% on a Bloomberg News report that China’s looking to broaden a ban on the use of iPhones in state-owned companies and agencies. Technology and semiconductor stocks lagged, with Nvidia and Advanced Micro Devices falling 1.7% and 2.5% each. Seagate Technology shed nearly 11%, while Skyworks Solutions, Qualcomm and Qorvo lost more than 7%.
Traders also combed through the latest corporate earnings reports. C3.ai slid 12.2% on weak guidance, while ChargePoint Holdings plunged 10.9% after missing revenue estimates.
A series of economic data points Thursday — including fewer-than-expected jobless claims — contributed to fears that the still strong labor market may make the Federal Reserve think twice about relaxing its tight monetary policy stance. Weekly jobless claims came in at 216,000, versus the 230,000 expected by Dow Jones, while second-quarter labor costs rose more than anticipated.
While 93% of interest rate traders foresee no change at September’s Federal Open Market Committee meeting, expectations of an additional interest rate hike at the November meeting rose to 45%,
Prices for the 10-year Treasury gained ground, lowering yields to 4.25% from Wednesday’s 4.29%. Treasury prices and yields move in opposite directions.
Oil prices hesitated 52 cents to $87.02 U.S. a barrel.
Gold prices lost a dollar $1,943.20 U.S. an ounce.