Equities Finish in Red - InvestingChannel

Equities Finish in Red

Markets in Canada’s largest centre got bruised Wednesday, largely due to losses in resource and tech stocks, on the eve of GDP numbers due Thursday from Statistics Canada.

The TSX fell 54.76 points on the day to 24,507.79.

The Canadian dollar edged up 0.08 cents to 71.95 cents U.S.

In corporate news, Air Canada will increase direct flights between China and Canada from December, the news arm of China’s aviation regulator said, after Ottawa removed a 2022 limit on how many services Chinese carriers could fly to Canada. Shares in “The Maple Leaf Airline” gained but two cents to $19.18.

Secure Energy shares rose $1.36, or 9.9%, to $15.13 after posting third-quarter results.

In resource stocks, Seabridge Gold paled $1.04, or 3.9%, to $25.46, while Barrick Gold lost 35 cents, or 1.2%, to $27.88.

First Majestic Silver plunged 37 cents, or 3.3%, to $10.70, while Fortuna Mining dropped 27 cents, or 3.7%, to $7.09.

In technology stocks, Bitfarms settled 14 cents, or 4.5%, to $2.98, while BlackBerry slid 12 cents, or 3.6%, to $3.25.

Consumer staples tried to even things out, with Metro triumphing $1.91, or 2.3%, to $83.93, while North West Company took on $1.11, or 2.1%, to $53.25.

Utilities strengthened, with Capital Power forging ahead $3.88, or 7.7%, to $54.29, while Transalta gained 57 cents, or 4.1%, to $14.62.

In energy, CES grabbed 34 cents, or 4.6%, to $7.78, while Precision Drilling piled on $5.40, or 6.8%, to $84.90.

ON BAYSTREET

The TSX Venture Exchange subtracted 6.33 points, or 1%, to 613.40.

Eight of the 12 TSX subgroups moved into the red, with gold and materials each down 1.1%, while information technology clicked 1% lower.

The four gainers were led by consumer staples, up 1.2%, while utilities took on 0.6%, and energy surged 0.5%.

ON WALLSTREET

Stocks slipped on Wednesday as investors digested a deluge of earnings reports and looked toward more results from megacap technology companies.

The Dow Jones Industrials said goodbye to previous gains and fell 91.45 points to close Wednesday at 42,141.60.

The S&P 500 index staggered 19.19 points to 5,813.73

The NASDAQ ditched 104.82 points to 18,607.93.

Alphabet kicked off a major week for megacap tech earnings. The Google parent exceeded analysts’ expectations as the company saw strong quarterly revenue growth from its cloud business. Shares jumped around 4%.

Elsewhere, earnings results were less upbeat. Shares of chipmaker AMD slid nearly 10% as its fourth-quarter revenue guidance failed to impress investors. The broader semiconductor sector fell as shares of Super Micro Computer plunged 31.4% after the departure of the company’s auditor raised concerns about its financial statements.

Tech titans Meta Platforms and Microsoft are set to report on Wednesday, while Apple and Amazon are due Thursday.

On the economic front, the latest numbers pointed to a mixed backdrop.

The U.S. economy grew at a slower-than-expected rate in the third quarter, according to gross domestic product figures for the third quarter. GDP rose at a 2.8% annualized rate, while economists surveyed by Dow Jones had been looking for an increase of 3.1%.

However, payrolls data on Wednesday pointed to a stronger-than-expected labor market. According to the latest ADP report for October, private-job creation jumped to its highest level in more than a year.

Prices for the 10-year Treasury dropped by the close, raising yields to 4.28% from Tuesday’s 4.26%. Treasury prices and yields move in opposite directions.

Oil prices jumped $1.76 to $68.97 U.S. a barrel.

Prices for gold jumped $16.20 an ounce to $2.797.30 U.S.

S&P Closes Lower, Markets Brace for Big Tech Earnings

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