Indexes Slide Steadily, End in Minus Category

Shopify, Kinross Punished

Stocks in Toronto shed earlier gains and finished solidly lower Tuesday, weighed mostly by tech and gold issues.

The S&P/TSX flopped 35.58 points to close Tuesday to 19,222.74.

The Canadian dollar tailed off 0.04 cents to 77.65 cents U.S.

Techs took the worst pounding, with HUT 8 Mining turning lower 19 cents, or 9.6%, to $1.89, while Shopify dumped $321.67, or 6.8%, to $448.03.

Gold stocks got bruised, with Kinross hammered 37 cents, or 7%, to $4.90, while New Gold sagged 10 cents, or 6.2%, to $1.52.

Health-care suffered, too, with Aurora Cannabis decked 10 cents, or 5.9%, to $1.91, while Tilray slipped 24 cents, or 5.1%, to $4.45.

Energy stocks proved the strongest, as Secure Energy Services gathered 45 cents, or 7.8%, to $6.25, while Nuvista jumped 80 cents, or 7.7%, to $11.13.

In utilities, TransAlta picked up 25 cents, or 1.7%, to $14.62, while Canadian Utilities progressed 60 cents, or 1.6%, to $38.48.

Losses in gold put a brake on things, as Kinross faltered 19 cents, or 3.6%, to $5.08, while Wesdome Gold lost 47 cents, or 3.8%, to $11.97.


The TSX Venture Exchange slid 7.45 points, or 1.1%, to 644.91.

All but two of the 12 TSX subgroups finished in the red with gold losing 2.9%, while information technology gave up 2.2%, and health-care dropped 1.5%.

The two gainers proved to be energy, up 4.2%, and utilities, eking ahead 0.1%.


U.S. stocks fell on Tuesday, erasing earlier gains as the market failed to keep its rebound from the bear-market lows going.

The Dow Jones Industrials hurtled lower 491.27 points, or 1.6%, to 30,946.99.

The S&P 500 fell 78.56 points, or 2%, to 3,821.55.

The NASDAQ Composite let go of 343.01 points, or 3%, to 11,181.54.

At one point, the Dow was up as much as 446.83 points, or 1.4%. The S&P 500 was ahead 1.2%, and NASDAQ gained 1%. However, the major averages reversed those gains after the release of disappointing economic data.

Major averages cut gains after disappointing economic data. Consumer confidence index fell to a reading of 98.7, down from 103.2 in May and missing a Dow Jones estimate of 100, according to The Conference Board.

Retail stocks fell after the release of the consumer confidence data. Bath & Body Works lost 5.8%. Lowe’s fell 5.2%, while Home Depot and Macy’s each lost more than 4%.

Shares of Nike fell 7% after the sportswear company issued weaker-than-expected revenue guidance for the current quarter.

Nike said it sees flat to slightly up revenue for its fiscal first-quarter versus the prior year, and low double-digit revenue for 2023 on a currency-neutral basis, as it continues to manage COVID disruption in Greater China.

Chip stocks saw big declines, with Nvidia down 5.3% and Advanced Micro Devices lower by 6.2%. Marvel fell 4.9%. Meanwhile, Qualcomm added 3.5% after an analyst predicted Apple will use its modems for the 2023 iPhone.

Treasury prices regained some strength, lowering yields to 3.19% from Monday’s 3.20%. Treasury prices and yields move in opposite directions.

Oil prices jumped $2.23 to $111.80 U.S. a barrel.

Gold prices faded $3.80 to $1,821.00 U.S. an ounce.