Stocks Continue to Dip by Noon Hour
Nuvei, Canopy Growth in Focus
Equities in Toronto hit a fresh two-week low on Thursday, weighed down by technology and health-care stocks, as investors continued to fret over the pace of interest rate hikes by major central banks.
The TSX Composite dwindled 132.27 points to reach noon hour EDT at 19,052.27.
The Canadian dollar dropped 0.11 cents to 74.08 cents U.S.
Tech stocks bore the burden, as Nuvei Corporation sagged $1.92, or 4.7%, to $38.60, while Dye & Durham fell 61 cents, or 4.7%, to $12.29.
Health-care also suffered, as Canopy Growth lost 23 cents, or 5.8%, to $3.72, while Aurora Cannabis gave up eight cents, or 4.6%, to $1.66.
On the economic slate, Statistics Canada reported that in August, new home prices for Canada increased 0.1% for the second consecutive month.
Last month prices were unchanged in most of the 27 census metropolitan areas (CMAs) surveyed; prices were up in four CMAs and down in one.
The TSX Venture Exchange dropped 8.42 points, or 1.4%, to 605.19.
All but one of the 12 TSX subgroups had fallen midday, with information technology descending 2.1%, real-estate weaker by 1.9%, and health-care down 1.6%.
The lone gainer proved to be communications, and only 0.2% at that.
Stocks slipped on Thursday after the major averages came off a day of steep losses following another large rate hike from the Federal Reserve.
The Dow Jones Industrials lost another 109.37 points to break for lunch hour at 30,074.41.
The S&P 500 let go of 29.7 points to 3,760.23.
The NASDAQ Composite stumbled 153.02 points, or 1.4%, to 11,067.17.
Industrials and consumer discretionary were the worst-performing S&P 500 sectors, losing more than 1% each. Growth-oriented tech stocks and semiconductors also took a leg lower amid fears of a slowing economy.
The Federal Reserve's signal that it may risk a recession in its inflation fight prompted Evercore ISI to slash its market forecast Thursday.
Shares of Nvidia slumped about 4%, while Qualcomm, Broadcom, and Micron Technology fell about 1% each. On the big tech front, Amazon, Apple and Netflix shed about 1% each. Tesla shares fell roughly 2%.
Treasury prices fell sharply, sending yields springing up to 3.69% from Wednesday's 3.51%. Treasury prices and yields move in opposite direction.
Oil prices gained 87 cents to $83.81 U.S. a barrel.
Gold prices stayed afloat $2.50 to $1,678.20 U.S. an ounce.
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