Canada's main stock index reached midday on Thursday in lower territory, as gains in technology sector were offset by losses in mining and financial stocks, while investors kept a close eye on global bond markets.
The TSX lost another 240.23 points to stop for lunch Thursday at 34,995.64.
The Canadian dollar dipped 0.05 cents to 70.19 cents U.S.
Oil prices rose over 2% after China suspended oil products exports, potentially tightening fuel markets, while investors continued to assess renewed diplomatic efforts to end the US-Iran war.
In company news, a Panamanian government commission on Wednesday recommended opening formal negotiations with First Quantum Minerals to set conditions to reopen the shuttered Cobre Panama mine
First Quantum shares captured $1.19, or 3.1%, to $39.42.
On the economic beat, the S&P Global Canada Manufacturing PMI fell to 51.5 in September from 53 in August, falling to its lowest level in six months.
ON BAYSTREET
The TSX Venture Exchange lost 2.21 points to 879.69.
All but two of the 12 subgroups were lower, with financials sinking 1.7%, health-care ailing 1.5%, and materials, off 1.2%.
The lone two gainers were information technology, up 2.9%, and energy, picking up 0.7%.
ON WALLSTREET
The S&P 500 fell on Thursday as surging Treasury yields weighed on most of the market along with a blockbuster earnings report from Micron Technology.
The Dow Jones Industrials slid 328.37 points to 50,577.68
The much-broader index went lower 25.83 points to 7,625.71.
The NASDAQ Composite withered 86.16 points to 26,774.91.
Micron posted blockbuster earnings with revenue quadrupling last quarter. However, the stock failed to catch a bid having already risen more than 200% this year. Shares were down 3%.
Wells Fargo has downgraded ExxonMobil to equal weight but maintained a price target of $182 per share, implying 12% upside from Wednesday’s close of $162.75.
Tech shares led the broader market in September as a majority of stocks in the benchmark declined. That pattern held early Wednesday with most stocks outside of technology weaker or flat
Prices for the 10-year Treasury regained lost ground, reducing yields to Wednesday’s 5.29%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.87 to $92.29 U.S. a barrel.
Gold prices handed back $2.70 to $4,184.00 U.S. an ounce.
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