(MENAFN- Baystreet) Stocks Crumble on Word of U.S. Inflation
Futures Muted Ahead of U.S. Inflation Data
TSX Charges Higher into Green Territory
TSX Rolls On
TSX Zooms at Wednesday Open Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Thursday, March 14, 2024
Stocks Dwindle After U.S. Inflation Lithium Americas in Focus Canada's main stock index dipped on Thursday as bond yields climbed after hotter-than-expected inflation data led to receding hopes of a rate cut in June by the Federal Reserve.
The TSX Composite handed back 141.85 points to start out Thursday at 21,828.26.
The Canadian dollar folded 0.15 cents at 74.11 cents U.S.
Canada stocks have risen this year so far benefiting from higher commodity prices and the continued expectation that central banks will move this year to lower interest rates.
In company news, the U.S. Department of Energy has granted Vancouver-based Lithium Americas a conditional commitment loan of $2.26 billion to finance the construction of its Thacker Pass project in Nevada. Lithium Americas shares galloped $1.20, or 15.6%, to $8.90.
On matters economic, January manufacturing sales rose 0.2% mainly on higher sales of motor vehicles and chemical products. Meanwhile, production of aerospace products and parts posted the largest decline.
ON BAYSTREET
The TSX Venture Exchange lost 1.98 points to 553.10.
All 12 subgroups fell in the first hour on Thursday, led by communications, down 1.3%, while gold shed 1.1%, and utilities lost 1%.
ON WALLSTREET
Stocks slipped Thursday after a hotter-than-expected wholesale inflation reading pressured equities and bond yields, while market leader Nvidia extended losses.
The Dow Jones Industrials lost 87.36 points to kick off Thursday at 38,955.96.
The S&P 500 index slid 7.76 points to 5,157.55.
The NASDAQ deducted 8.47 points to 16,169.36.
Investors were buying major technology shares like Apple and Microsoft early Thursday. Trading platform Robinhood popped 7% after the company reported a 16% increase in assets under custody in February from the prior month. Troubled electric vehicle startup Fisker tumbled 48% after The Wall Street Journal reported that the company has hired restructuring advisors to prepare for a potential bankruptcy filing.
Chipmaker Nvidia traded more than 3% lower.
February's producer price index, a measure of wholesale inflation, advanced 0.6% last month. Excluding food and energy prices, core PPI climbed 0.3% in February, compared to an estimate from economists polled by Dow Jones that forecast headline PPI increased by 0.3% in February, or 0.2% for the core reading.
The PPI report is the last major piece of economic data to be released prior to the Federal Reserve's upcoming policy meeting, set for March 19-20.
Prices for the 10-year Treasury lost ground, boosting yields to 4.27% from Wednesday's 4.19%. Treasury prices and yields move in opposite directions.
Oil prices jumped $1.13 to $80.80 U.S. a barrel.
Gold prices sagged $13.50 to $2,167.30.
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