Canada’s main stock index was in minus category by the closing bell on Thursday, snapping a five-day winning streak as Treasury yields spiked after September U.S. inflation rose more than expected, while energy stocks gained on higher oil prices.
The TSX Composite dropped 163.6 points to end Thursday at 19,500.24.
The Canadian dollar sank 0.52 cents at 73.03 cents U.S.
Among utilities, Brookfield Infrastructure Partners faded $2.44, or 6.1%, to $37.38, while Transalta dropped 49 cents, or 4.1%, to $11.47.
Consumer discretionary stocks were also roughed up, Canada Goose Holdings off 99 cents, or 5.2%, to $18.12, while MTY Food Group dipped $2.54, or 4.7%, to $52.00.
In materials, Capstone Copper surrendered 32 cents, or 5.9%, to $5.14, while K92 Mining doffed 69 cents, or 12.5%, to $4.83.
Energy tried to right the ship, with International Petroleum ahead 26 cents, or 2%, to $13.10, while Imperial Oil cleared breakeven $1.13, or 1.4%, to $83.08.
In consumer staples, Jamieson Wellness soldiered on 45 cents, or 1.9%, to $24.60, while George Weston collected 86 cents to $151.71.
Air Canada was sued by Miami-based transport and security services provider Brink’s for alleged “negligence and carelessness” over a gold and cash heist at a Toronto cargo facility in April. The stock was down 30 cents, or 1.6%, to $18.48.
ON BAYSTREET
The TSX Venture Exchange stumbled 5.78 points, or 1.1%, to end the session at 528.87.
All but two of the 12 TSX subgroups were lower, with utilities falling 2.6%, consumer discretionary stocks off 1.9%, and materials, sliding 1.7%.
The two laggards were energy, up 0.7%, and consumer staples eking up 0.1%.
ON WALLSTREET
Stocks fell Thursday, pressured by rising Treasury yields, as traders fretted over new data showing persistent U.S. inflation.
The Dow Jones Industrials faltered 173.73 points of breakeven to close Thursday at 33,631.14.
The S&P 500 index dumped 27.34 points to 4,379.41.
The NASDAQ index gave way 85.46 points at 13,574.22. The indexes snapped four-day winning streaks.
Shares of Walgreens gained 7% on Thursday after reporting narrower losses and progress in its cost-cutting plans. Still, the pharmaceutical company offered soft profit guidance and an earnings miss. Several companies, including JPMorgan, BlackRock and UnitedHealth Group, are slated to report earnings on Friday.
The consumer price index increased 0.4% on the month and 3.7% from a year ago, according to a U.S. Labor Department report released Thursday. Dow Jones estimates were 0.3% and 3.6%, respectively. The core inflation number, excluding food and energy prices, came out in line with economists’ expectations at an increase of 0.3% on the month and 4.1% on a 12-month basis. The data comes following a stronger-than-expected producer price index for September.
Prices for the 10-year Treasury were woozy by the end of the day, raising yields to 4.71% from Wednesday’s 4.56%. Treasury prices and yields move in opposite directions.
Oil prices squeezed ahead five cents to $83.54 U.S. a barrel.
Gold prices slid $5.70 to $1,886.60.