Equities in Canada aped their American cousins Thursday, falling down the well on weakness of tech and consumer stacks
The TSX dropped 292.45 points to conclude Thursday at 35,192.66.
The Canadian dollar edged up 0.02 cents to 71.01 cents U.S.
In company news, Mullen Group shares gained $1.27, or 5%, to $26.88, while those for Teck Resources gained $3.15, or 3.9%, to $83.84.
Companies including A&W Food Services of Canada, First Service Corp and Winpak were set to report their quarterly earnings Thursday day.
A&W shares forged up 14 cents to $36.43, while First Service blundered $15.92, or 7.5%, to $184.50.
Winpak closed higher 26 cents to $44.55.
Separately, Panama is considering creating a state-owned mining firm to partner with First Quantum on the re-opening of the shuttered flagship Cobre Panama copper mine. First Quantum shares lost 15 cents to $39.05.
On the macroeconomic page, retail trade increased 1.0% to $73.7 billion in May. Statistics Canada also reports sales were up in all nine subsectors, led by increases at gasoline stations and fuel vendors.
ON BAYSTREET
The TSX Venture Exchange dropped 7.37 points to 873.98.
All but three of the 12 TSX subgroups were negative Thursday, weighed most by information technology, down 2.9%, consumer discretionary stocks, off 2.7%, and real-estate, waning 2.5%.
The three gainers turned out to be energy, hiking 2.3%, utilities, advancing 0.9%, and industrials, inching up 0.1%
ON WALLSTREET
U.S. equities fell on Thursday, as oil prices surged amid escalating conflict in the Middle East, while investors weighed quarterly results from two of the largest companies in the world, with Alphabet’s fueling concerns about increased artificial intelligence spending.
The Dow Jones Industrials took a walloping, down 507.29 points, or 1%, to 51,711.29.
The S&P 500 gave back 90.84 points, or 1.2%, to 7,408.13
The NASDAQ Composite plunged 553.21 points, or 2.2%, to 25,137.69
Oil prices put more pressure on stocks, as they soared after Yemen’s Tehran-backed Houthi militant group claimed attacks on two Saudi Arabian tankers in the Red Sea, fueling concerns about an expansion of the conflict in the Middle East.
Hyperscalers Meta Platforms, Microsoft and Amazon were also in the red Thursday.
Tesla also dropped 14% after the electric vehicle maker posted a big earnings miss for the second quarter. The company’s operating expenses also rose faster than revenue during the period.
Both Tesla and Alphabet posted negative free cash flow for the second quarter.
Prices also moved higher after U.S. President Donald Trump threatened to bomb Iranian infrastructure.
Prices for the 10-year Treasury fell sharply, raising yields to 4.7% from Wednesday’s 4.66%. Treasury prices and yields move in opposite directions.
Oil prices soared $4.75 to $91.58 U.S. a barrel.
Gold prices gave back $100.60 to $4,051.30 U.S. an ounce.
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