(MENAFN- Baystreet.ca)
Stocks Recover by Noon
Equinox, Suncor in Spotlight
Canada's main stock index fell on Thursday, dragged down by gold miners as prices of bullion fell against a stronger dollar after the U.S. Federal Reserve signaled its rate-hike cycle was far from over.
The TSX Composite eked higher 9.65 points by midday Thursday to 19,286.66.
The Canadian dollar lost 0.03 cents to 72.88 cents U.S.
Suncor Energy Inc gained $1.43, or 3.1%, to $48.09. after its third-quarter profit beat analysts' expectations.
Equinox Gold crashed to the bottom of the TSX, falling 64 cents, or 15.8%, to $3.38, after it
reported a bigger-than-expected quarterly loss.
Nutrien fell $14.40, or 12.7%, to $99.43, after it cut its full-year adjusted earnings forecast.
On the economic slate, Statistics Canada reported Canada's merchandise exports rose 1.3%, while imports increased 0.4% in September.
As a result, Canada's merchandise trade surplus with the world widened from $550 million in August to $1.1 billion in September.
Elsewhere, the total value of building permits in Canada fell 17.5% in September to $10.2 billion, the largest recorded monthly decline.
This was the first time all survey components posted monthly decreases since September 2019.
Meanwhile, the federal government will outline its new fiscal forecasts and update its spending plans against the backdrop of a stalling economy brought on by a steep rise in interest rates. The document will be published at about 4 p.m. EDT.
ON BAYSTREET
The TSX Venture Exchange regained 1.57 points to 589.33.
Eight of the 12 TSX subgroups remained negative, with materials sliding 3%, gold off 2.3%, and real-estate falling 0.8%.
The four gainers were led by health-care, improving 2.4%, energy, ahead 2.3%. and industrials, better by 1.3%.
ON WALLSTREET
Stocks fell on Thursday, building on Wednesday's losses after the Federal Reserve delivered another three-quarter point interest rate hike and signaled that no pivot or rate cut will come anytime soon.
The Dow Jones Industrials came off its gully of the morning, but remained lower 135.99 points to 32,011.77.
The S&P 500 toppled 33.58 points, or 1%, to 3,726.11
The NASDAQ faltered 143.99 points, or 1.4%, to 10,380.80.
Markets will likely continue to seesaw until it is clear inflation has cooled off and that the Fed has stopped marching rates higher, but traders are split over where interest rates are headed. Any data that shows the U.S. economy isn't slowing as the central bank tightens policy will likely weigh on stocks.
Corporate earnings season continued, with Qualcomm, Roku and Fortinet all falling sharply on disappointing quarterly results and forward guidance.
Peloton's stock tumbled after reporting a wider-than-expected loss, while Moderna sank on a lowered COVID vaccine sales outlook.
Treasury prices slipped, raising yields to 4.17% from Wednesday's 4.08%. Treasury prices and yields move in opposite directions.
Oil prices tumbled $1.19 to $88.81 U.S. a barrel.
Gold prices skidded $19.00 to $1,631.00 U.S. an ounce.
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