TSX at One-Week Low
The TSX Composite slid 24.31 points into the red to move into noon hour EDT Thursday at 19,426.39.
The Canadian dollar dropped 0.13 cents at 72.90 cents U.S.
Shares of Canada Goose tanked 82 cents, or 4.7%, to $16.62, after two brokerages downgraded the stock.
On the economic calendar, Statistics Canada’s industrial product price index rose 0.4% month over month in September, following a 1.9% month-over-month increase in August, while its raw materials price index increased 3.5% in the same month.
ON BAYSTREET
The TSX Venture Exchange nosed up 1.75 points midday to 527.59.
All but three of the 12 TSX subgroups were negative by noon hour, with real-estate drooping 0.9%, gold, down 0.7%, and materials, off 0.5%.
The three gainers proved to be energy, up 0.2%, communications, better by 0.1%, and utilities, inching up 0.04%.
ON WALLSTREET
Stocks edged higher on Thursday as Wall Street parsed commentary from Federal Reserve Chair Jerome Powell while monitoring a key milestone for a closely followed bond yield.
The Dow Jones Industrials registered higher 89.66 points to pause for lunch at 33,754.74.
The much broader index moved higher 15.66 points to 4,330.26.
The NASDAQ index gained 62.67 points to 13,376.97.
Electric vehicle juggernaut Tesla slid more than 9% after the company missed analyst expectations on earnings and revenue in the third quarter. CEO Elon Musk also warned that the company’s Cybertruck will not produce much positive cash flow more than a year after production starts.
Netflix shares, meanwhile, jumped more than 15% after the streaming giant posted third-quarter earnings that beat estimates. The company got a boost from strong ad-tier subscriptions.
Beyond technology stocks, AT&T climbed more than 6% after beating expectations for the third quarter, while investment firm Blackstone slid 6% on a weaker-than-expected report.
Powell said inflation was still too high and would likely require lower economic growth. But he also noted recent data showed progress toward slowing prices.
“Incoming data over recent months show ongoing progress toward both of our dual mandate goals —maximum employment and stable prices,” he said.
Meanwhile, weekly jobless claims came in under 200,000, another sign of continued strength in the economy despite higher interest rates.
Prices for the 10-year Treasury restrengthened, lowering yields to Wednesday’s 4.91%. Treasury prices and yields move in opposite directions.
Oil prices pointed higher 32 cents to $88.64 U.S. a barrel.
Gold prices eked higher $1.40 to $1,969.70.
Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.
