Stocks in Canada’s largest centre lost some of their starch Thursday, as American investors reacted to the latest inflation readings.
The TSX Composite finished Thursday in the red 140.26 points to 21,829.85
The Canadian dollar lost 0.36 cents at 73.91 cents U.S.
Canada stocks have risen this year so far benefiting from higher commodity prices and the continued expectation that central banks will move this year to lower interest rates.
Communications stock suffered the most, with BCE peeling back $2.17, or 4.5%, to $46.02, while TELUS dipped 49 cents, or 2.2%, to $22.30.
In gold stocks, B2Gold surrendered nine cents, or 2.5%, to $3.47, while Seabridge fell 29 cents, or 1.6%, to $18.06.
In the consumer discretionary field, Canada Goose Holdings fell 79 cents, or 4.5%, to $16.97, while Magna International let go of $2.14, or 3%, to $70.50.
Only energy stocks moved higher, as Precision Drilling gathered $2.58, or 3.1%, to $86.33, while Headwater Exploration hiked 16 cents, or 2.2%, to $7.31.
On matters economic, January manufacturing sales rose 0.2% mainly on higher sales of motor vehicles and chemical products. Meanwhile, production of aerospace products and parts posted the largest decline.
ON BAYSTREET
The TSX Venture Exchange lost 5.61 points, or 1%, to 549.47.
All but one of the 12 subgroups slumped by the closing bell, weighed most by communications, sliding 2.9%, gold dulling 1.5%, and consumer discretionary stocks, off 1.4%.
Only energy ducked the misfortune, gaining 0.6% Thursday.
ON WALLSTREET
The Dow Jones Industrial Average fell Thursday and snapped a 3-day win streak after the release of hotter-than-expected U.S. inflation data sent Treasury yields higher, while Nvidia shares were under pressure.
The 30-stock index dumped 137.66 points to close Thursday at 38,905,66.
The S&P 500 index skidded 14.83 points to 5,151.23.
The NASDAQ went south 49.24 points to 16,128.53.
Shares of Nvidia were lower for the fourth session in five, pulling back more than 3%.
Investors were buying major technology shares such as Apple and Microsoft on Thursday. Trading platform Robinhood popped 5% after the company reported a 16% increase in assets under custody in February from the prior month. Troubled electric vehicle startup Fisker tumbled nearly 52% after The Wall Street Journal reported that the company has hired restructuring advisors to prepare for a potential bankruptcy filing.
February’s producer price index, a measure of wholesale inflation, advanced 0.6% last month. Excluding food and energy prices, core PPI climbed 0.3% in February, compared to an estimate from economists polled by Dow Jones that forecast headline PPI increased by 0.3% in February, or 0.2% for the core reading.
The PPI report is the last major piece of economic data to be released prior to the Federal Reserve’s upcoming policy meeting, set for March 19-20.
Prices for the 10-year Treasury lost ground, boosting yields to 4.29% from Wednesday’s 4.19%. Treasury prices and yields move in opposite directions.
Oil prices jumped $1.41 to $81.13 U.S. a barrel.
Gold prices sagged $13.80 to $2,167.10.
