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Investment

Toronto index slips after spike in U.S. Treasury yields

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3 years ago

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Canada’s main stock index fell on Monday as a spike in U.S. Treasury yields fueled concerns about the prospect of higher interest rates.

At 9:44 a.m. ET (14:44 GMT), the Toronto Stock Exchange‘s S&P/TSX composite index was down 122.26 points, or 0.58%, at 20,962.19, as technology stocks hit its lowest level since May 2021.

Toronto-listed technology stocks fell 2.3%, and were on track for its sixth-consecutive session in losses mirroring weakness in U.S. tech-heavy Nasdaq index.

“Its going to be a continuation of last week’s pattern and I think everyone’s watching bond yields to get a signal. Yields are up, so that’s going to put pressure on tech stocks,” said Gregory Taylor, portfolio manager at Purpose Investments.

U.S. Treasury yields reached a new two-year high and investors fretted about the prospect of a more hawkish Fed this year, especially the timing of interest rate hikes.

Higher interest rates reduce the value to investors of the future cash flows that technology and other high growth sectors are expected to produce.

The energy sector climbed 0.1% as oil prices were largely steady as supply disruptions in Kazakhstan and Libya offset worries stemming from the rapid global rise in Omicron infections.[O/R]

The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.1% as gold futures fell 0.3% to $1,791 an ounce. [GOL/]

On the bright spot, Tilray Inc jumped 12% and was the largest percentage gainer on the index, after the Canadian cannabis producer reported a surprise quarterly profit.

HIGHLIGHTS

The TSX posted fourteen new 52-week highs and eight new lows.

Across all Canadian issues there were 48 new 52-week highs and 65 new lows, with total volume of 37.75 million shares.

 

(Reporting by Amal S in Bengaluru; Editing by Shinjini Ganguli)

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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2 days ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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1 week ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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1 week ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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