The slump continued for stocks in Toronto Thursday, as techs and industrials continue to suffer.
The TSX Composite fell 72.54 points to close Thursday to 18,875.31.
The Canadian dollar skidded 0.13 cents at 72.31 cents U.S.
Losses in tech stocks proved the main culprit Thursday, with Celestica pounded $3.62, or 10.3%, to $31.33, while Bitfarms ailed nine cents, or 5.6%, to $1.53.
In industrials, Waste Connections fell 12 dollars, or 6.3%, to $11.99, while Telus International lost 40 cents, or 4.4%, to $8.43.
Health-care stocks also went in a downward direction, with Bausch Health Companies off 25 cents, or2.6%, to $9.29, while Tilray subsided four cents, or 1.6%, to $2.45.
Utilities led gains among sectors, led by ATCO, up 74 cents, or 2.2%, to $35.09, while Boralex jumped 53 cents, or 2%, to $26.57.
Financials also collected, with Fairfax Financial spiking $24.37, or 2.2%, to $26.57, while TMX Group added 54 cents, or 1.8%, to $29.83.
Among real-estate, Storagevault leaped 45 cents, or 11.5%, to $4.35, while units of Allied Properties REIT prospered $1.10, or 7.3%, to $16.21.
On the economic calendar, payroll numbers roll out for August from Statistics Canada. The agency said the number of employees receiving pay and benefits from their employer declined by 46,800, or 0.3%, in August, following little change in July.
ON BAYSTREET
The TSX Venture Exchange let go of 2.21 points to 516.10.
Eight of the 12 TSX subgroups were negative by day’s end, with information technology dumping 2.3%, industrials sliding 1.3%, while health-care was off 0.9%.
The four gainers were led by utilities, up 0.9%, financials, ahead 0.6%, and real-estate, inching 0.2% higher.
ON WALLSTREET
The NASDAQ Composite dropped deeper into correction territory on Thursday as Meta became the latest tech company to offer a forecast that didn’t quite live up to investors’ expectations.
The Dow Jones Industrials thundered lower 251.63 points to close Thursday at 32,784.30.
The S&P 500 index settled 49.54 points to 4,137.23. With Thursday’s loss, the much broader is now off by more than 10% from its July high.
The NASDAQ stumbled 225.62 points, or 1.8%, to 12,595.60, dropping below its 200-day moving average for the first time since March.
Following a 2.4% decline on Wednesday, the NASDAQ is now officially in correction territory, down more than 10% from its high close for the year in July.
Thursday’s losses were kept in check, however, as third-quarter gross domestic product came in much stronger than expected. U.S. GDP grew at a 4.9% annualized clip from July through September, while economists polled by Dow Jones forecast 4.7%.
Facebook-parent Meta beat on top and bottom lines in the third quarter, but the company noted that it was seeing some advertising softness so far this quarter. Investors also worried about cost control with the company’s Reality Labs division, which shed $3.7 billion throughout the quarter. Meta shares slid more than 3%.
The moves follow a brutal trading session Wednesday, which was partly driven by a 9.5% decline in Google-parent Alphabet. Alphabet’s Class-A shares suffered their worst day since March 2020 on Wednesday after the company reported revenue in its Google cloud unit that came in below analyst estimates.
Major earnings are also on the horizon, with Amazon scheduled to post results after the close.
Prices for the 10-year Treasury progressed, lowering yields to 4.84% from Wednesday’s 4.95%. Treasury prices and yields move in opposite directions.
Oil prices skidded $1.84 to $83.55 U.S. a barrel.
Gold prices forged ahead 70 cents to $1,995.60.