Another Day Of Losses For TSX

(MENAFN- Baystreet) Stocks Drag Their Heels

  • TSX Drops at Outset
  • Futures Down with Oil Prices
  • TSX Starts Week Downward
  • TSX Flat by Noon Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Wednesday, February 21, 2024

    Another Day of Losses for TSX Bitfarms, Wheaton in Red Stocks in Toronto again moved into the red by the close on Wednesday, as heavy losses in Bitcoin-related stocks weighed.
    The TSX Composite fell 45.15 points to conclude Wednesday at 21,172.38.
    The Canadian dollar recovered 0.07 cents to 74.03 cents U.S.
    Techs were weighed by HUT 8 Mining, dropping a dollar, or 7.8%, to $11.80, while Bitfarms removed 42 cents, or 8.7%, to $4.27.
    In gold stocks, Kinross Gold lost 15 cents, or 2.2%, to $6.71, while Osisko Gold Royalties was lower 35 cents, or 1.8%, to $18.71.
    Materials were wounded, too, mostly by Wheaton Precious Metals, subsiding $4.63, or 7.8%, to $55.15, while Stelco lost $1.27, or 3.2%, to $38.93.
    Energy tried to prop things up, with Advantage Oil adding 69 cents, or 7.6%, to $9.77, while Nuvista Energy taking on 71 cents, or 6.7%, to $11.38.
    Health-care stocks gained ground, too, with Sienna Senior Living advancing 40 cents, or 3.3%, to $12.59, while Bausch Health Companies gained six cents to $11.69.
    In utilities, Superior Plus jumped 16 cents, or 1.2%, to $9.53, while Innergex Renewable Energy gained six cents to $7.19.
    The TSX Venture Exchange slipped 1.6 points to 550.02.
    Eight of the 12 subgroups were lower on the session, with information technology sinking 2.4%, gold off 1%, and materials down 0.9%.
    The four gainers were led by energy, popping 2.8%, while health-care progressed 0.4%, and utilities acquired 0.3%.
    U.S. tech stocks declined for a third day in a row Wednesday as traders look ahead to Nvidia's latest quarterly earnings report.
    The Dow Jones Industrials pulled into the plus column by day's end 47.92 points to 38,611.72.
    The S&P 500 jumped 6.31 points to 4,981.82.
    The NASDAQ index subtracted 49.91 points to 15,580.87.
    Nvidia is slated to post its fiscal fourth-quarter results after the bell. Concerns surrounding Nvidia's high valuation have grown leading up to the announcement, as shares of the chipmaker have soared about 230% over the past year. The stock slid more than 3.5% Wednesday.
    Elsewhere in corporate news, Palo Alto Networks shed more than 27% after the cybersecurity company cut its full-year revenue guidance. SolarEdge Technologies lost roughly 12%, dropping on weak first-quarter guidance.
    Wall Street will also have an eye out for the minutes from the Federal Reserve's January meeting, seeking further insight on where the central bank stands on rates. This comes on the back of hotter-than-expected economic data the previous week.
    Prices for the 10-year Treasury dipped, raising yields to 4.32% from Tuesday's 4.27%. Treasury prices and yields move in opposite directions.
    Oil prices gained 97 cents to $78.01 U.S. a barrel.
    Gold prices skidded $4.10 to $2,035.70.

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