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Stocks Bruised as Virus Scare Worsens
Canada's main stock index fell on Wednesday after data showed manufacturing activity in March hit a nine-year low in some of the clearest evidence yet of the domestic economic damage from the spreading coronavirus pandemic.
The TSX Composite Index retreated 405.83 points, or 3%, to shamble into noon hour EDT Wednesday at 12,972.82.
The largest percentage gainer on the TSX was Corus Entertainment, which jumped 9.6%, after reporting better-than-expected profit during the second quarter. Corus took on nine cents, or 3.6%, to $2.60.
BlackBerry fell 14%, the most on the TSX, after reporting quarterly results. BlackBerry hurtled lower 94 cents, or 16.3%, to $4.83.
Dollarama said it had seen a surge in current-quarter sales as consumers stocked up on everyday essentials fearing lockdowns due to the coronavirus pandemic, but suspended its current fiscal-year forecast. Its shares fought their way out of the red to gain five cents to $39.09.
Economically speaking, Markit Canada Manufacturing Purchasing Managers’ Index dropped from 51.8 in February to 46.1 in March, to register below the 50.0 no-change threshold for the first time since August 2019.
ON BAYSTREET
The TSX Venture Exchange slid 6.12 points, or 1.6%, to 384.28,
All but two of the 12 TSX subgroups were lower midday, with real-estate weakening 4.7%, health-care ditching 4.3%, and financials down 3.9%.
The two gainers were gold, up 2.8 %, and materials, ahead 1.5%.
ON WALLSTREET
Stocks fell sharply on Wednesday as Wall Street begins the second quarter on a sour note amid mounting concerns over the coronavirus outbreak.
Read: COVID-19: Makers of Hand Sanitizers are Racing to Keep Up with Demand
The Dow Jones Industrials fell back 759.74 points, or 2.9%, to 22,276.88. Boeing, American Express and United Technologies all fell more than 5% to lead the Dow Industrials lower.
The broader S&P 500 fell 94.01 points, or 3.6%, to 2,490.58. The S&P 500 was led lower by the real estate, energy and financial sectors.
The NASDAQ Composite jettisoned 236.98 points, or 3.1%, to 7,463.12.
President Donald Trump said Tuesday evening the U.S. should prepare for a “very, very painful two weeks” from the rampant coronavirus. White House officials are projecting between 100,000 and 240,000 virus deaths in the U.S.
More than 874,000 cases have been confirmed around the world, according to Johns Hopkins University. Of those cases, over 189,000 are in the U.S. Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, told the media that he is starting to see "glimmers" that social distancing is helping to lessen the spread of the coronavirus.
Data from ADP and Moody’s Analytics showed U.S. companies cut 27,000 jobs through March 12. Actual losses for the month were far worse, as shown by the record number of jobless claims in the week or March 20. Meanwhile, the Institute for Supply Management manufacturing index fell to 49.1 in March from 50.1 in February, signaling a contraction in U.S. manufacturing activity amid the pandemic.
Prices for the 10-Year U.S. Treasury hiked, lowering yields to 0.60% from Tuesday’s 0.67%. Treasury prices and yields move in opposite directions.
Oil prices faded 11 cents to $20.37 U.S. a barrel.
Gold prices reversed and gained $7.50 to $1,604.10 U.S. an ounce.
