Stocks Nurse Wounds at Tuesday Close

Aritzia, Magna in Focus

Equities in Canada’s largest centre came off humbling lows of the day, though stocks couldn’t fully resist the downward pull from energy stocks as the rapid spread of COVID-19 infections in India raised concerns about oil demand.

The TSX lost 87.84 points to conclude Tuesday at 19,274.04.

The Canadian dollar was flat at 82.67 cents U.S.

Consumer discretionary bore the biggest weight on them during the day, with Aritzia tumbling $1.35, o 4.7%, to $30.33, while Magna International collapsed $4.29, or 3.7%, to $112.91.

Among real-estate plays, Colliers International Group blundered $5.40, or 3.8%, to $135.36, while First Service toppled $5.50, or 2.8%, to $190.32.

In the energy field, Crescent Point dipped 13 cents, or 2.5%, to $5.09, while Vermilion Energy eased off 23 cents, or 2.4%, to $9.20.

Gold and other metals tried to even things out, as Centerra Gold sprinted 96 cents, or 11.6%, to $9.21, while NovaGold acquired 44 cents, or 3.9%, to $11.75.

Ero Copper took on 83 cents, or 3%, to $29.00, while First Majestic Silver gained 77 cents, or 4%, to $19.88.

Health-care stocks did well, too, as Aurinia Pharmaceuticals climbed $1.48, or 12.3%, to $13.55, while Organigram Holdings picked up 18 cents, or 5.9%, to $3.21.

ON BAYSTREET

The TSX Venture Exchange lost 9.89 points, or 1.1%, to 930.45.

All but three of the 12 subgroups were down Tuesday, with consumer discretionary stocks swooning 2.2%, real-estate slipping 1.8%, and energy sputtering 1.3%.

The three gainers were gold, up 0.7%, materials, stronger by 0.5%, health-care, haler 0.4%.

ON WALLSTREET

It was one of the wildest days of the year for the U.S. stock market with technology shares as the battleground. Big Tech took a big hit to start the day on concerns about rising inflation and high valuations. The selling eventually spread to the rest of the market as the day went on.

But in an odd twist, tech shares rebounded in the afternoon as investors went back into names like Amazon and Netflix and left the rest of the market in the red.

The Dow Jones Industrials continued its downward trend, unloading 473.66 points, or 1.4%, to 34,269.16. Travelers Companies and Home Depot led the declines in the 30-stock Dow.

The S&P 500 lost 36.33 to finish at 4,152.10, as 10 out of 11 sectors registered losses.

The NASDAQ climbed to within 12.43 points of breakeven at 13,389.43, after shedding 2.2% at its low of the day.

Earlier in the volatile session, higher-priced technology shares led the market losses and the selling spilled over to everything from bank stocks to energy and industrials.

Then, many tech shares recouped most of the decline and closed in the green. Amazon and Netflix both rose more than 1%, while Facebook also reversed 0.2% higher. Apple and Alphabet also cut losses significantly.

Tesla shares, the poster boy for growth stocks with lofty valuations and expectations, fell 1.9%, but closed well off lows.

The latest headlines, including a labour shortage as well as a jump in Consumer Price Index in March, helped fuel inflation worries.

Job openings soared to a record high in March as employers struggled to find workers to fill those positions, the U.S. Labor Department reported Tuesday.

Even as help wanted jumped from February by 597,000, or 8%, to 8.12 million, hires rose just 215,000, or 3.7%, to just over six million.

Prices for 10-Year Treasurys lost ground, raising yields to 1.62% from Monday’s 1.60%. Treasury prices and yields move in opposite directions.

Oil prices regained 51 cents to $65.43 U.S. a barrel.

Gold prices recouped $1.10 to $1,838.70 U.S. an ounce.