TSX Negative by Thursday Close

Equities in Toronto failed to get untracked before the closing bell on Thursday, as industrials sagged, and tech and energy stocks failed to provide enough strength to lift the former stocks up.

The TSX Composite slumped 95.11 points to conclude Thursday at 18,579.29.

The Canadian dollar acquired 0.02 cents to 72.62 cents U.S.

Industrials proved the biggest yoke around the markets Thursday, with Mullen Group bruised $1.26, or 8.6%, to $13.41, while TFI International faded $6.57, or 5%, to $124.88.

In financials, Home Capital Group gave up $1.41, or 5.2%, top $25.89, while ONEX Corporation took it on the chin $1.80, or 2.7%, to $64.71.

Consumer discretionary stocks also had a rough go of it, as Uni-Select handed over 84 cents, or 2.4%, to $34.34, while Canadian Tire dipped $3.22, or 2.1%, to $146.95.

Tech stocks tried to lift stocks out of the gully, with Magnet Forensics rallying $1.53, or $6.30, to $25.83, while Shopify grabbed $1.75, or 1.5%, to $40.78.

In energy concerns, Arc Resources piled on 56 cents, or 3.1%, to $18.66, while Tamarack Valley Energy gushed 12 cents, or 2.9%, to $4.30.

Gold made a strong showing, as Osisko Gold Royalties captured 23 cents, or 1.7%, to $13.75, while Equinox Gold shone nine cents brighter, or 2.1%, to $4.34.

The TSX snapped a two-day rally on Wednesday, largely driven by earnings optimism as data showed inflation in Canada edged lower in September but still surpassed forecasts and was well above the Bank of Canada's target.

That spurred expectations that the bank would hike interest rates by 75 basis points instead of 50 basis points at its policy meeting next week, even as recession worries intensify.

ON BAYSTREET

The TSX Venture Exchange dropped 0.48 points to 586.91.

The 12 TSX subgroups were split down the middle, with industrials down 2.2%, while financials and consumer discretionaries were each off 1.4%.

The half-dozen gainers were led by information technology, ahead 1.3%, energy, surging 1.2%, and gold, shinier by 0.9%.

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ON WALLSTREET

Stocks fell in choppy trading on Thursday as investors weighed several key earnings reports and kept an eye on the bond market, where Treasury yields continue to climb.

The Dow Jones Industrials gave up morning gains and slouched 90.22 points to 30,333.59.

The S&P 500 let go of 29.38 points to 3,665.78.

The NASDAQ slipped 65.66 points to 10,614.84.

The benchmark 10-year Treasury yield reached a high of 4.239% on Thursday, trading at levels not seen since 2008.

Several strong earnings reports limited losses for the market, with AT&T taking on 7.7%, and IBM rising 4.7%, after beating estimates on the top and bottom lines for their most recent quarter.

On the downside, Tesla shares dropped more than 6% after the electric vehicle maker said Wednesday evening it expects to miss its 2022 deliveries target. The company also posted quarterly revenue that missed analysts’ expectations.

On the economic front, the weekly jobless claims showed a surprise decline in initial filings, but the Philadelphia Fed index showed a contracting manufacturing sector.

Treasury prices tumbled, raising yields to 4.24% from Wednesday’s 4.13%. Treasury prices and yields move in opposite directions.

Oil prices grabbed 16 cents to $85.71 U.S. a barrel.

Gold prices fell $2.50 to $1,631.70 U.S. an ounce.