Equities in Canada’s biggest centre opened lower on Thursday, weighed by losses in tech and consumer stocks, only 24 hours after the U.S. mid-term election results.
The TSX kicked off Thursday trading down 171.64 points to 36,169.76.
The Canadian dollar fell 0.05 cents at 71.51 cents U.S.
Among company news, Canadian Natural Resources beat analysts' estimate for third-quarter profit, helped by higher crude prices and stronger production. Natural Resources shares grabbed $1.40, or 2%, to $70.60.
Fertilizer producer Nutrien missed third-quarter profit estimates due to surging sulfur input costs in its phosphate segment and lower nitrogen sales volumes. Nutrien progressed $1.66, or 1.7%, to $102.02.
ON BAYSTREET
The TSX Venture Exchange broke even 29 points to 814.66.
Seven of the 12 subgroups were higher, led by telecoms, improving 2.3%, energy, surging 1.1%, and gold, brighter 0.4%.
The five laggards were weighed most by information technology, tumbling 3.5%, consumer discretionary stocks, down 2%, and materials faded 0.3%.
ON WALLSTREET
The NASDAQ Composite plummeted on Thursday, erasing the sharp gains from the previous session, as investors continued to rotate away from technology stocks and into more defensive areas of the market.
The Dow Jones Industrial index faded 477.74 points to kick off Thursday at 52,878.38, as gains in stocks such as Chevron and Johnson & Johnson were not enough to spare the 30-stock index from the tech selling spree. The Dow erased almost half of its advance from Wednesday’s massive rally.
The S&P 500 index dropped 138.48 points, or 1.8%, to 7,550.14.
The tech-heavy NASDAQ slumped 843.37 points, or 3.2%, to 24,893.14.
Chipmakers Broadcom and Nvidia each fell 5% Thursday, while others such as software stock Oracle declined close to 5%. Additionally, Elon Musk’s Tesla and SpaceX dropped 9% and 7%, respectively.
Another chip stock Qualcomm reported earnings that beat estimates, but the stock dropped 9% on a weaker-than-expected earnings outlook.
Shares of neocloud companies retreated, with CoreWeave losing 9%, Nebius losing 13% and Iren shedding 11%, amid those worries about a backlash to the industry in light of the election results in various states.
Prices for the 10-year Treasury gained slight ground, lowering yields to 4.87% from Wednesday’s 4.88%. Treasury prices and yields move in opposite directions.
Oil prices recovered $$1.62 to $89.74 U.S. a barrel.
Gold prices hiked $45.80 to $4,118.80 U.S. an ounce.
