More Losses for TSX

Canada's main stock index extended losses for the second straight session on Thursday, dragged down by health-care and industrial stocks as weak U.S. economic data added to fears of a looming recession.

The TSX lost 70.18 points to move toward noon Thursday at 20,306.05.

The Canadian dollar inched higher 0.06 cents at 74.15 cents U.S.

The health-care index fell with cannabis producer Tilray Brands dropping 16 cents, or 3.9%, to $3.97, peers Canopy Growth behind seven cents, or 2%, to $3.51, and Cronos Group sliding six cents, or 1.8%, to $3.27.

Shares First Majestic Silver dropped 32 cents, or 2.8%, to $10.99, on lower fourth-quarter production, bucking a broader rally in precious metal miners.

On the economic calendar, wholesale sales rose 0.5% to $83.8 billion in November.

ON BAYSTREET

The TSX Venture Exchange removed 4.03 points to 613.82.

All but three of the 12 subgroups remained lower midday, with health-care sliding 1.6%, consumer discretionary stocks down 0.9%, and communications skidding 0.7%.

The three gainers were gold, brighter by 1.3%, consumer staples, up 0.5%, and materials higher by 0.2%.

ON WALLSTREET

Stocks fell Thursday as investors grew increasingly concerned the Federal Reserve will keep raising rates despite signs of slowing inflation.

The Dow Jones Industrials shed another 259.40 points to 33,037.56, erasing January gains.

The S&P 500 lost 37.09 points to 3,891.77

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The NASDAQ Composite Index subtracted 139.28 points, or 1.3%, to 10,817.74.

All of the major averages are on pace for a negative week. The Dow is down 3.5%, while the S&P and NASDAQ have each lost more than 2% on a weekly basis.

Initial filings for unemployment insurance fell to their lowest level since late June last week, the U.S. Labor Department reported Thursday, signaling to investors that the labour market is resilient amid a slowing economy.

Claims totaled a seasonally adjusted 190,000 for the week ending Jan. 14, a decline of 15,000 the previous period. Economists surveyed by Dow Jones had been looking for 215,000.

Investors have also been parsing through the latest data and Fed remarks for clues on how high rates will go. But, while recent numbers point to easing inflation, JPMorgan Chase CEO Jamie Dimon thinks rates will top 5%.

Bank of America double downgraded shares of Charles Schwab, saying it’s time to move away from interest rate sensitive brokers.
Discover lost 7.3% despite beating expectations for per-share earnings and revenue.

Alcoa slid 6.4% after reporting net losses for the most recent quarter, saying high costs for energy and raw materials, paired with low aluminum pricing, dragged on earnings.

Prices for the 10-year Treasury went south, raising yields to 3.39% from Wednesday’s 3.37%. Treasury prices and yields move in opposite directions.

Oil prices erased 12 cents to $79.36 U.S. a barrel.

Gold prices gained $13.00 to $1,920 U.S. an ounce.