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Stocks Fall Hard Thursday
Stocks took a licking Thursday, as investor nerves showed following a speech from the head of the U.S. Federal Reserve appearing to preclude further interest rate drops.
The S&P/TSX Composite Index retreated 91.87 points to finish Thursday to 16,410.88
The Canadian dollar dropped 0.17 cents to 74.25 cents
Parkland Fuel declined 51 cents, or 1.2%, to $40.90 and was among the biggest gainers after its first-quarter profit beat analysts' estimates.
Elsewhere among energy concerns, Suncor Energy chucked $1.10, or 2.5%, to $42.65.
Health-care stocks backtracked, with Sienna Senior Living dropping a dime to $18.46, while Canopy Growth lost $3.08, or 4.5%, to $65.11.
Among materials, First Quantum Minerals slid 29 cents, or 2.2%, to $12.88, while Agnico Eagle Mines sank 77 cents, or 1.4%, to $54.37.
The largest percentage gainer on the TSX was Pason Systems, which rose $1.27, or 6.5%, to $20.73 after reporting higher quarterly revenue. Shopify rocketed $13.07, or 4%, to $344.07.
Among consumer discretionary stocks, Canada Goose Holdings took flight $2.85, or 4.1%, to $72.45, while Canadian Tire spiked $2.57, or 1.7%, to $152.00.
Maple Leaf Foods jumped $1.68, or 5.3%, to $33.43, after the packaged meat producer reported a lower-than-expected quarterly profit on Thursday, hit by higher costs as it invested more in new initiatives and capacity expansion.
Restaurant Brands International climbed 76 cents to $88.47.
ON BAYSTREET
The TSX Venture Exchange dropped 8.63 points to 601.28
Eight of the 12 Toronto subgroups stayed negative to the final bell, with energy flagging 2.5%, health-care suffering 2.1%., and materials weaker by 1.3%.
The four gainers were led by information technology, surging 1.6%, while consumer discretionary issues gained 0.8%, and consumer staples strengthened 0.4%.
ON WALLSTREET
Stocks south of the border fell on Thursday as interest rates continued to rise following comments on Wednesday by Federal Reserve Chairman Jerome Powell.
The Dow Jones Industrials slumped 122.35 points to 26,307.79
The S&P 500 decreased 6.21 points to 2,917.52,
The NASDAQ Composite index forfeited 12.87 points to 8,036.77, despite a gain in Tesla shares.
There’s a pullback in the tech sector as Apple and Microsoft fell from their highs on earnings beats earlier this week. Shares of the iPhone maker fell 0.7% Thursday after surging as much as 6% on Tuesday when it reported strong guidance and an improvement in its China business.
Microsoft was down more than 1.3%, falling for a second day after briefly hitting $1 trillion market cap on strong earnings.
Tesla shares rose more than 3% after the company unveiled a plan to raise up to $2 billion, with $1.35 billion coming from convertible bonds. The remaining $650 million would come from new equity, which includes a $10-million purchase by CEO Elon Musk.
Meanwhile, earnings season continued with companies like Square reporting better-than-expected results on Wednesday after the close. However, the stock fell more than 7% as Square issued weaker-than-expected guidance for the second quarter.
Under Armour and Dunkin’ Brands reported better-than-expected results on Thursday. Armour shares rose 3.5% and Dunkin’ moved up 0.1%. Tempur Sealy also rose 7.4% on stronger-than-forecast results.
More than half of the S&P 500 has reported calendar first-quarter earnings and the results have largely outperformed expectations. Experts said 74.7% of the S&P 500 companies have beaten earnings estimates.
Yields and banks rose after Federal Reserve Chairman Jerome Powell said Wednesday that recently low inflation pressures may just be "transitory," hinting that a rate cut may not be on the horizon. Powell’s comments sent stocks tumbling in the previous session, with the Dow closing more than 150 points lower.
Powell’s comments followed the Fed’s decision to leave rates unchanged, citing lackluster inflation. Ahead of the meeting, President Donald Trump had asked the central bank to cut rates and increase stimulus.
Prices for the benchmark 10-year U.S. Treasury fell sharply, raising yields to 2.55% from Wednesday’s 2.50%. Treasury prices and yields move in opposite directions.
Oil prices sank $2.01 to $61.59 U.S. a barrel.
Gold prices slid $12.00 to $1,272.20 U.S. an ounce.
