Equities in Toronto ended Thursday in the red, as resource stocks tended to weigh things down, on the eve of employment numbers’ release on both sides of the border.
The TSX Composite Index surrendered 52.48 points to greet the closing bell Thursday at 22,988.28.
The Canadian dollar pointed upward 0.09 cents at 74.03 cents U.S.
In corporate news, Brookfield Asset Management-supported India’s Data Infrastructure Trust raised $941 million via rupee bonds to fund the purchase of American Tower Corp’s (ATC) local assets. BAM shares gained $1.03, or 1.9%, to $55.68.
Shares of CIBC rose $1.11, or 1.4%, to $80.71, after the Canadian lender named Jon Hountalas vice chair of North American banking on Thursday.
In consumer discretionary stocks, Canada Goose Holdings dropped 63 cents, or 4.2%, to $14.44, while BRP Inc. let go of $3.78, or 4.1%, to $89.37.
Energy stocks also took a pasting, with Arc Resources sliding 57 cents, or 2.4%, to $23.00, while Cenovus Energy dropped 59 cents, or 2.5%, to $23.25.
In tech stocks, Dye & Durham fell 74 cents, or 5.3%, to $13.26, while Descartes sank $4.01, or 3%, to $129.36.
Gold tried to prop things up, with B20 Gold grabbing six cents, or 1.7%, to $3.64, while Centerra Gold captured 14 cents, or 1.6%, to $9.07.
In communications, Rogers sprinted 78 cents, or 1.4%, to $55.66, while TELUS Corp. jumped 25 cents, or 1.1%, to $22.71.
In materials, Fortuna Silver Mines seized eight cents, or 1.4%, to $5.81, while Pan American Silver grew 39 cents, or 1.8%, to $22.72.
ON BAYSTREET
The TSX Venture Exchange stayed negative 2.13 points to 550.28.
Seven of the 12 TSX subgroups gained, with gold shining 1% brighter, communications up 0.9%, and materials stronger 0.5%.
The five laggards were weighed most by consumer discretionary stocks, down 1.8%, energy, sinking 1.2%, and information technology, off 1%.
ON WALLSTREET
Stocks struggled Thursday as investors dumped risk assets and concerns mounted over the outlook for the U.S. economy ahead of Friday’s keynote labour report.
The Dow Jones Industrial index handed back 219.22 points to close Thursday at 40,755.75.
The S&P 500 reversed 16.66 points to 5,503.41.
The NASDAQ gained ground 43.37 points to 17,127.66.
In other news, Tesla popped 4% after the electric vehicle maker said it plans to launch its full self-driving software in Europe and China early next year. Frontier Communications dropped 8% after Verizon said it would buy the company in a $20 billion deal valuing it below Wednesday’s close. Verizon added 0.3%.
Fresh labour market data Thursday sent mixed signals about the health of the U.S. economy as questions linger over whether the Federal Reserve is behind the curve on rate cuts. Private payrolls data showed the weakest growth since 2021, heightening fears of a slowing labour market. However, weekly claims for unemployment benefits declined from the previous week.
The market has shown hypersensitivity to potential growth scares in recent weeks, including Tuesday’s selloff on the heels of weak manufacturing data. That puts heightened scrutiny on labour market data, with all eyes on Friday’s August non-farm payrolls report. A weak July report released last month spurred recession fears and a raft of volatility in August.
Prices for the 10-year Treasury advanced, lowering yields to 3.73% from Wednesday’s 3.76%. Treasury prices and yields move in opposite directions.
Oil prices settled one cent to $69.19 U.S. a barrel.
Gold prices were higher $19.80 to $2,545.80.
