The yo-yo week continued Thursday for equities in Toronto, with heavy losses reported primarily in the tech and health-care sectors.
The TSX dwindled 573.94 points, or 1.9%, to close Thursday at 30,253.64
The Canadian dollar dipped 0.1 cents to 71.27 cents U.S.
In corporate news, Pan American Silver Corp's revenue and profit beat estimates for the third quarter.
Pan American shares remained positive Thursday afternoon by $1.09, or 1.5%, to $54.78.
Manulife Financial reported a rise in third-quarter profit, helped by strong performance in the insurer's Asia unit. Shares in the insurance giant edged up six cents to $48.30.
Shares of power company Northland Power fell $6.83, or 27.2%, to $18.24, after reporting a net loss in the third quarter. The wider utility index was down 1.1%.
At least six brokerages raised the target price on CCL Industries following third-quarter results on Tuesday, sending its shares 12 cents to $87.40.
Tech stocks took a beating, with Bitfarms weakening 80 cents, or 18%, to $3.64, while Dye & Durham lost 92 cents, or 19.2%, to $3.87.
Health-care also floundered, as Curaleaf dropped 27 cents, or 6.9%, to $3.63, while Bausch Health Companies surrendered 43 cents, or 4.4%, to $9.27.
Gold stocks lost big time, too, as Seabridge Gold dwindled $2.36, or 6.7%, to $32.68, while Iamgold slid 87 cents, or 4.3%, to $19.34.
ON BAYSTREET
The TSX Venture Exchange dived 29.38 points, or 3.2%. to 889.54.
All but three of the 12 TSX subgroups were negative by the close, with information technology tunneling 5.9%, health-care down 2.9%, and gold off 2%.
The three gainers proved to be telecoms, up 0.7%, while consumer discretionary gained 0.5%, and consumer staples nosed up 0.2%.
ON WALLSTREET
Stocks retreated on Thursday, with technology stocks coming under pressure for another day. Investors also grew pessimistic about the interest rate outlook.
The Dow Jones Industrial index lost 797.84 points, or 1.7%, to 47,456.98, for its worst day since Oct. 10.
The S&P 500 gave back 113.38 points, or 1.7%, to 6,737.54, and saw notable declines in the communication services sector, led by Disney falling 7% on results for the company’s fiscal fourth quarter, as well as information technology.
The NASDAQ pulled back 536.10 points, or 2.3%, to 22,870.36.
Investors continued to sell shares of technology companies, especially those in the artificial intelligence trade, amid worries about their valuations.
Despite the NASDAQ starting off the week strong, the tech-heavy index was on track to close with a third straight day of losses Thursday, weighed down by heavyweights Nvidia, Broadcom and Alphabet
Despite the NASDAQ starting off the week strong, pressure has since resumed as investors continued to sell shares of technology companies, especially those in the artificial intelligence trade, amid worries about their valuations.
The tech-heavy index was on track to close with a third straight day of losses Thursday, weighed down by heavyweights Nvidia, Broadcom and Alphabet.
Disney was one the key laggards during the session as well, with shares falling 9% on mixed results for the company’s fiscal fourth quarter.
Wednesday again saw a divergence between tech stocks and other groups.
Prices for the 10-year Treasury lost strength, raising yields to 4.12% from Wednesday’s 4.07%. Treasury prices and yields move in opposite directions.
Oil prices gained 13 cents to $58.62 U.S. a barrel.
Gold prices ditched $34.40 to $4,179.20 U.S. an ounce.
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