Stocks Stay Red by Noon Hour

Fortuna, Sleep Country in Focus

Canada's main stock index fell on Thursday, dragged by financial and consumer staple stocks, with investors awaiting U.S. jobs data due later this week to gauge the Federal Reserve's future actions around interest rates.

The TSX Composite came off its lows of the morning, but still trailed Wednesday’s close by 138.18 points to break for lunch Thursday at 19,096.91.

The Canadian dollar slumped 0.59 cents to 72.95
cents U.S.

Fortuna Silver Mines climbed 36 cents, or 9.6%, to $4.12 after the miner reported gold and silver production numbers for third quarter.

Sleep Country Canada Holdings dipped $1.76, or 7.2%, to $22.74 after CIBC cut its price target on the home furnishing company's stock.


On the economic slate, Western University’s IVEY School of Business reported its Purchasing Managers Index registered at 59.5 in September, much lower than its 60.9 reading in August, and way off its 70.4 status in September 2021.

ON BAYSTREET

The TSX Venture Exchange slipped 0.45 points to open Thursday’s session at 621.17.

All but three of the 12 TSX subgroups stayed negative, financials were poorer by 1.5%, real-estate scaled back 1.4%, and health-care lost 1.2%.

The three gainers were co-led by energy and gold, each up 1.5%, and materials, better by 0.5%.


ON WALLSTREET

U.S. stocks seesawed Thursday, as traders weighed sharp swings in stocks and rates to start the month.

The Dow Jones Industrials sprang up from its lows of the day, still behind 95.99 points, though, to reach noon Thursday at 30,177.88.

The S&P 500 docked 8.85 points to 3,774.90.

The NASDAQ Composite recovered 11.52 points to 11,160.15.

All major averages are on pace to end the week about 5% higher.

Energy was the best-performing sector, gaining 1.2%. Utilities lagged, falling more than 1%.

Cowen reiterated an overweight rating on Netflix ahead of its third-quarter earnings results this month, saying the streaming company remains “the most popular living room TV option.”

Analyst John Blackledge expects the stock can surge roughly 37% to the firm’s $325 price target. Netflix closed Wednesday at $236.73. The stock is up nearly 1% during Thursday’s trading session.

Economically speaking, weekly jobless claims rose more than expected last week, the U.S. Labor Department reported Thursday.

Initial filings for unemployment benefits totaled 219,000 for the week ended Oct. 1, up 29,000 from the week before and higher than the 203,000 estimate. The downwardly revised 190,000 from the previous week was the lowest level since April 23.

Treasury prices stumbled, lifting yields to 3.82% from Wednesday’s 3.75%. Treasury prices and yields move in opposite direction.

Oil prices recovered 40 cents to $88.16 U.S. a barrel.

Gold prices faltered $1.40 to $1,719.40 U.S. an ounce.