TSX Forks over Gains from Previous Session
Cronos, Nuvei Roughed up
Equities in Toronto closed the day in red territory Tuesday, weighed by health-care and tech concerns.
The TSX shed 90.87 points to close Tuesday at 19,578.30.
The Canadian dollar dipped 0.14 to 77.65 cents U.S.
Cannabis concerns were clobbered Tuesday, most notably, Cronos Group, down 62 cents, or 13.7%, to $3.97, while Canopy Growth lost 52 cents, or 12.3%, to $3.70.
Techs sank, too, as Nuvei Corporation took it on the chin $11.41, or 21.1%, to $42.69, while Shopify got bruised $3.78, or 7.4%, to $47.33.
Among consumer staples, Premium Brands Holdings dipped $4.59, or 4.6%, to $95.80, while Primo Water faltered 68 cents, or 4.1%, to $15.73.
In energy, Meg Energy gained 69 cents, or 4.4%, to $16.50, while Spartan Delta cruised higher 48 cents, or 4%, to $12.51.
Communications also flexed muscle, with Rogers picking up 72 cents, or 1.3%, to $58.03, while Corus Entertainment eked up three cents to $3.81.
Materials gained, off the backs of Hudbay Minerals, ahead 22 cents, or 4.3%, to $5.33, while Nutrien jumped $3.44, or 3.1%. to $113.43.
Among cannabis concerns, Cronos Group tumbled 59 cents, or 12.8%, to $4.01, as its quarterly revenue fell short of estimates and it flagged higher costs.
The TSX Venture Exchange docked 4.45 points to 663.83.
Seven of the 12 TSX subgroups were lower on the day, with health-care withering 7.6%, information technology sliding 3.9%, and consumer staples falling 0.8%.
The five gainers were led by energy, up 0.5%, while communications and materials were each better by 0.4%
Stocks fell on Tuesday as investors navigated a batch of disappointing company reports ahead of a key inflation reading.
The Dow Jones Industrials finished in the red 58.13 points to 32,774.41
The S&P 500 slipped 17.59 points to 4,122.47.
The NASDAQ Composite stumbled 150.53 points, or 1.2%, to 12,493.93.
The declines came after memory chipmaker Micron warned that revenue may fall short of its prior guidance because of“macroeconomic factors and supply chain constraints.” The stock fell more than 3%.
It's been a rough week for chipmakers. On Monday, weaker-than-expected revenue guidance from Nvidia weighed on the group, and those stocks extended their losses on Tuesday.
Outside of chips, a pair of NASDAQ-listed stocks were also taking early hits. Novavax slumped 27% after slashing full-year revenue guidance because of poor demand for its COVID vaccines.
Upstart declined nearly 10% after the consumer lending company reported second quarter results that missed both profit and revenue expectations.
Treasury prices staggered, raising yields to 2.78% from Monday's 2.75%. Treasury prices and yields move in opposite directions.
Oil prices lost 18 cents to $90.58 U.S. a barrel.
Gold prices gained $5.70 to $1,810.90 U.S. an ounce.
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