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Tech Shares Push TSX Down at Thursday Open

BlackBerry in Focus

Canada's main stock index fell at open on Thursday pressured by technology stocks as shares of BlackBerry slumped on downbeat second-quarter revenue outlook.

The TSX deleted 25.41 points to open Thursday at 20,201.55.

The Canadian dollar fell 0.15 at 73.16 cents U.S.

The company formerly known as Research in Motion toppled $1.23, or 16.2%, to $6.38.

Elsewhere, Peyto Exploration & Development has agreed to buy Spanish energy company Repsol's Canadian assets for $468 million, the two companies said in separate statements. Peyto gave up 30 cents, or 2.4%, to $12.46.

Magna International raised its sales forecast for fiscal 2025, on the back of sustained demand for its sensors and electrified powertrain systems. Magna shares dwindled $1.78, or 2.2%, to $79.40.

In the economic docket, Statistics Canada said building permits declined 1.5% in July to $11.7 billion.

Also Thursday, the IVEY Purchasing Managers Index (PMI) measured 53.5 in August, compared to 48.6 in July and 53.5 in August 2022.


The TSX Venture Exchange faded 1.05 points to 583.76.

Eight of the 12 TSX subgroups were negative in the first hour, with information technology retreating 2.1%, health-care down 1.3%, and materials off 0.4%.

The three gainers proved to be utilities, up 0.9%, industrials, up 0.3%, and energy, inching up 0.2%. Financial stocks were unchanged soon after the opening bell.


The S&P 500 and NASDAQ Composite fell Thursday as renewed concern swirled on Wall Street over the Federal Reserve’s interest rate policy path, and whether policymakers will enact another hike this year.

The Dow Jones Industrials tailed off 37.21 points to begin Thursday at 34,405.98.

The S&P 500 index slid 29.03 points to 4,436.48.

The NASDAQ index reversed 175.73 points, or 1.3%, to 13,696.74.

Apple shares dropped 3.3% on a Bloomberg News report that China’s looking to broaden a ban on the use of iPhones in state-owned companies and agencies. Technology and semiconductor stocks lagged, with Tesla, Nvidia and Advanced Micro Devices last down about 3% each.

Traders also combed through the latest corporate earnings reports. slid 16% after reporting lower-than-expected gross margin in the recent quarter, while ChargePoint Holdings more than 24% after missing revenue estimates.

A series of economic data points Thursday — including fewer-than-expected jobless claims — contributed to fears that the still strong labor market may make the Federal Reserve think twice about relaxing its tight monetary policy stance. Weekly jobless claims came in at 216,000, versus the 230,000 expected by Dow Jones, while second-quarter labor costs rose more than anticipated.

While 93% of interest rate traders foresee no change at September’s Federal Open Market Committee meeting, expectations of an additional interest rate hike at the November meeting rose to 45%,

Prices for the 10-year Treasury gained ground, lowering yields to 4.28% from Wednesday’s 4.29%. Treasury prices and yields move in opposite directions.

Oil prices took on 11 cents to $87.43 U.S. a barrel.

Gold prices dropped $1.30 to $1,942.90 U.S. an ounce.