Canadian Market Down In Negative Territory On Hot U.S. Inflation Data

RTTNews | vor 593 Tagen
Canadian Market Down In Negative Territory On Hot U.S. Inflation Data

(RTTNews) - The Canadian market is down in negative territory a little past noon on Thursday amid renewed concerns about the outlook for interest rates after data showed U.S. consumer prices rose by slightly more than expected in the month of September.

Materials, communications and utilities shares are among the prominent losers. Several stocks from real estate and consumer discretionary sectors are also notably lower. Energy stocks are finding some support.

The benchmark S&P/TSX Composite Index, which dropped to 19,534.05, was down 79.00 points or 0.4% at 19,584.84 a little while ago.

Ero Copper (ERO.TO) is down more than 5%. Bombardier Inc (BBD.B.TO), Teck Resources (TECK.B.TO), GFL Environmental Inc (GFL.TO), BRP Inc (DOO.TO) and Cogeco Communications (CCA.TO) are down 2 to 5%.

West Fraser Timber (WFG.TO), Kinaxis Inc (KXS.TO), Magna International (MG.TO), Toromont Industries (TIH.TO), CGI Inc (GIB.A.TO) and WSP Global (WSP.TO) are lower by 0.9 to 1.7%.

Spin Master Corp (TOY.TO) is up 4.5%, extending recent strong gains. Canadian Tire Corporation (CTC.TO) is up nearly 4% and Docebo Inc (DCBO.TO) is gaining about 2.6%.

Shopify Inc (SHOP.TO), Canadian Natural Resources (CNQ.TO), Descartes Systems (DSG.TO) and Goeasy (GSY.TO) are up 1 to 1.25%.

The U.S. Labor Department said its consumer price index climbed by 0.4% in September after increasing by 0.6% in August. Economists had expected consumer prices to rise by 0.3%.

The report also said the annual rate of consumer price growth was unchanged at 3.7%, while the annual rate of core consumer price growth slowed to 4.1% in September from 4.3% in August.

The data has contributed to a rebound by treasury yields, which are regaining ground following a two-day pullback but remain well off their recent sixteen years.

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