Stocks Extend Losing Streak On Commodity Weakness

(MENAFN- Baystreet) Stocks Extend Losing Streak on Commodity Weakness
Barrick Serves Notice

Equity markets in Canada's largest centre fell on Wednesday, marking a four-day losing streak as shares in energy and materials tumbled tracking a decline in commodity prices, while treasury yields eased.
The TSX Composite lost 81.12 points to pause for lunch hour at 18,939.80.
The Canadian dollar skidded 0.27 cents at 72.67 cents U.S.
On the corporate front, Miner Barrick Gold said it would invest nearly $2 billion in a project to increase copper production at its Lumwana mine in Zambia, pushing shares down 1.8%. Barrick shares gave up 14 cents, however, to greet noon EDT at $19.32.
The TSX Venture Exchange remained in the minus column, 5.51 points, or 1%, to 530.75.
Seven of the 12 TSX subgroups were positive as morning became afternoon, with real-estate leading the way, up 1.4%, while utilities and information technology each climbing 0.7%.
The five laggards were weighed most heavily by energy, plunging 3.5%, while health-care plunged 0.5%, and financials lost 0.4%.
The S&P 500 ticked up Wednesday as Treasury yields pulled back from multiyear highs following the release of much weaker-than-expected jobs data.
The Dow Jones Industrials actually made plus territory, 4.14 points, to reach Wednesday afternoon at 33,006.52.
The much-broader index improved 11.42 points to 4,240.87.
The NASDAQ index acquired 100.64 points to 13,160.11.
Consumer discretionary was the best-performing sector, rising more than 1%. Tesla and Carnival led the sector gains, Tesla up 4%, and Carnival gaining 2.8%.
Energy was the S&P 500's worst-performing sector Wednesday. Philips 66 declined 5%, while APA, Marathon Petroleum and Valero Energy all dropped more than 4% as crude prices fell.
ADP said Wednesday 89,000 private payrolls were added last month, well below a Dow Jones forecast of 160,000 and fewer than an upwardly revised 180,000 payroll additions from August.
The ISM nonmanufacturing index came in at 53.6 for September, slightly below a StreetAccount forecast of 53.7. To be sure, that's below the August reading of 54.5.
Prices for the 10-year Treasury climbed, lowering yields to 4.73% from Tuesday's 4.80%. Treasury prices and yields move in opposite directions.
Oil prices retreated $3.36 to $85.67 U.S. a barrel.
Gold prices faded $2.20 to $1,839.30.


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.