TSX Ends On Weak Note; Technology, Healthcare Stocks Post Sharp Losses

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(RTTNews) - The Canadian market ended notably lower on Tuesday after spending almost the entire session in negative territory.

Healthcare and technology stocks were the major losers. Several stocks from consumer discretionary and consumer staples sectors too closed notably lower.

The mood remained cautious with investors looking ahead to the crucial U.S. inflation data, due on Wednesday, for clues about future rate hike moves of the Federal Reserve.

Geopolitical tensions weighed as well. Investors also reacted to a slew of quarterly earnings updates.

The benchmark S&P/TSX Composite Index ended lower by 90.87 points or 0.46% at 19,578.30. The index touched a low of 19,540.21 and a high of 19,699.83 intraday.

The Health Care Capped Index tumbled 7.92%. Cronos Group (CRON.TO) plunged nearly 14% after results fell short of expectations. Cronos said it posted a net loss of $44.6 million, or $0.05 per share in the second quarter, compared to net loss of $165.59 million, or $0.48 a year ago. However, net revenue for the second quarter came in at $23.06 million, as against expectations of $28 million.

Bausch Health Companies (BHC.TO) tanked 10.7%. The company reported total revenues of $1.967 billion for the second quarter of 2022, as compared to $2.1 billion in the second quarter of 2021, a decrease of $133 million, or 6%.

Canopy Growth Corp (WEED.TO) drifted down 12.3%, Tilray Inc (TLRY.TO) ended 10.65% down, and Aurora Cannabis (ACB.TO) closed lower by 9.4%.

The Information Technology Capped Index ended 4.08% down. Nuvei Corp (NVEI.TO) plummeted 21.4%. Shopify Inc (SHOP.TO) ended nearly 7.5% down. Dye & Durham (DND.TO), Lightspeed Commerce (LSPD.TO), Converge Technology Solutions (CTS.TO), Magnet Forensics (MAGT.TO), Quarterhill (QTRH.TO) and BlackBerry (BB.TO) lost 4 to 6.5%.

MEG Energy Corp (MEG.TO), Barrick Gold Corporation (ABX.TO), Athabasca Oil Corporation (ATH.TO) and B2Gold Corp (BTO.TO) gained 1.3 to 4.3%, respectively.

U.S. Dollar Falls Against Most Majors

The U.S. dollar weakened against its most major counterparts in the New York session on Friday.

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German Inflation Accelerates To 2.2% In August

Consumer price inflation in Germany climbed in August to its highest level in five months, while the core figure was steady amid an acceleration in food price growth, and weakened chances for further easing from the European Central Bank in the near term.

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Canadian Market Up In Positive Territory; BRP Rises Sharply On Strong Earnings

Despite weak GDP data, the Canadian market is up firmly in positive territory Friday afternoon with stocks from materials and healthcare sectors contributing significantly to the gains.

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Swiss Market Ends Modestly Lower

Save for a very brief while early on in the session, and for less than an hour a little past mid afternoon, the Switzerland market stayed in negative territory on Friday with investors largely staying cautious due to a lack of positive triggers.

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European Stocks Close Lower On Geopolitical Tensions

European stocks closed lower on Friday, weighed down by geopolitical concerns due to rising clashes in Gaza and Ukraine, and political uncertainty in France. Investors also digested the latest batch of economic data, including the closely watched U.S. personal consumption expenditure report.

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U.S. Consumer Sentiment Deteriorates Slightly More Than Initially Estimated In August

The University of Michigan released a report on Friday showing consumer sentiment in the U.S. deteriorated by slightly more than previously estimated in the month of August. The report said the consumer sentiment index for August was downwardly revised to 58.2 from the preliminary reading of 58.6.

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Chicago Business Barometer Slumps Much More Than Expected In August

MNI Indicators released a report on Friday showing a sharp pullback by its reading on Chicago-area business activity in the month of August. The report said the Chicago business barometer tumbled to 41.5 in August after jumping to 47.1 in July, with a reading below 50 indicating contraction. Economists had expected the business barometer to edge down to 46.0.

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U.S. Consumer Prices Increase In Line With Estimates In July

Consumer prices in the U.S. increased in line with economist estimates in the month of July, according to closely watched data released by the Commerce Department on Friday. The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.2 percent in July after climbing 0.3 percent in June. The uptick matched expectations.

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