TSX Ends Weak As Technology, Energy Stocks Post Sharp Losses

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(RTTNews) - The Canadian market ended weak on Thursday, weighed down by losses in healthcare, technology and energy sectors.

Several stocks from consumer discretionary, industrials and materials sectors too posted sharp losses.

The mood in the market was cautious as investors awaited Federal Reserve Chair Jerome Powell's speech at the Jackson Hole Symposium on Friday.

The benchmark S&P/TSX Composite Index settled with a loss of 103.96 points or 0.52% at 19,775.83. The index, which opened marginally down, moved higher subsequently, but retreated soon and spent the rest of the day's session in negative territory.

Tilray Inc (TLRY.TO) plunged more than 9%. Bausch Health Companies (BHC.TO) ended nearly 1% down.

Among technology stocks, Dye & Durham ended nearly 5% down. Lightspeed Commerce (LSPD.TO) dropped 3.75%, while BlackBerry (BB.TO) and Kinaxis Inc (KXS.TO) ended down 2.9% and 2.56%, respectively. Shopify Inc (SHOP.TO), Constellation Software (CSU.TO), Coveo Solutions (CVE.TO) and Docebo Inc (DCBO.TO) also ended notably lower.

Energy stocks MEG Energy Corp (MEG.TO), Advantage Oil & Gas (AAV.TO), Paramount Resources (POU.TO), Crescent Point Energy (CPG.TO), Precision Drilling Corporation (PD.TO), Tourmaline Oil Corp (TOU.TO) and Cenovus Energy (CVE.TO) lost 1.6 to 4%.

Toronto-Dominion Bank (TD.TO) ended 3.2% down. The bank reported adjusted net income $3,731 million for the third quarter, compared with $3,813 million a year ago. The bank also announced that it intends to launch a new issuer bid to repurchase up to 90 million shares, representing around 4.9% of the 1.827 billion shares issued and outstanding as of July 31.

Royal Bank of Canada (RY.TO) climbed nearly 2%. The bank reported net income of $3.9 billion for the quarter ended July 31, 2023, up $295 million or 8% from the prior year. The bank reported adjusted net income and adjusted EPS of $4.0 billion and $2.84, respectively, both up 11% from the prior year.

On the economic front, preliminary data showed that manufacturing sales in Canada likely rose by 0.7% month-over-month in July 2023, rebounding from a 1.7% decline in June.

South Korea Shares May Be Stuck In Neutral

The South Korea stock market bounced higher again on Wednesday, one day after halting the two-day winning streak in which it had gained almost 200 points or 5 percent. Now at a fresh record closing high, the KOSPI sits just above the 4,080-point plateau although investors may lock in gains on Thursday.

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Japan Rate Decision On Tap For Thursday

The Bank of Japan will wrap up its monetary policy meeting on Thursday and then announce its decision on interest rates, highlighting a modest day for Asia-Pacific economic activity. The BoJ is expected to keep its benchmark lending rate steady at 0.50 percent.

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Swiss Market Ends On Weak Note

After spending a few minutes in positive territory at the start, Switzerland stock market's benchmark SMI drifted down and then stayed weak right through the trading session on Wednesday, with investors digesting corporate earnings updates and looking ahead to the Federal Reserve's rate decision due later in the day.

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Fed Announces Widely Expected Decision To Cut Rates By Another Quarter Point

After cutting interest rates for the first time this year in September, the Federal Reserve on Wednesday announced its widely expected decision to lower rates by another quarter point. The Fed said it decided to lower the target range for the federal funds rate by 25 basis points to 3.75 percent to 4.0 percent in support of its dual goals.

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Major European Markets Close On Mixed Note Ahead Of Fed Rate Decision

European stocks turned in a mixed performance on Wednesday with investors reacting to a slew of earnings announcements, and looking ahead to the monetary policy announcement from the Federal Reserve later in the day, and the upcoming meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping. Investors also looked ahead to the ECB's policy announcement due tomorrow.

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Canadian Market Drifts Lower After BoC Rate Decision; Energy, Materials Shares Rise

The Canadian market is down in negative territory around noon on Wednesday, weighed down by losses in consumer, healthcare, industrials and real estate sectors. Investors are digesting the Bank of Canada's rate cut decision, and looking ahead to the Federal Reserve's interest rate announcement due later in the day.

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U.S. Pending Home Sales Unexpectedly Unchanged In September

After reporting a sharp increase by pending home sales in the U.S. in the previous month, the National Association of Realtors released a report on Wednesday showing pending home sales unexpectedly came in flat in the month of September. NAR said its pending homes sales index was unchanged at 74.8 in September after surging by 4.2 percent in August.

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Bank Of Canada Cuts Interest Rates By Another Quarter Point

The Bank of Canada on Wednesday announced its widely expected decision to lower interest rates once again, cutting rates by a quarter point for the second consecutive meeting. The Canadian central bank said it reduced its target for the overnight rate by 25 basis points to 2.25 percent, with the Bank Rate at 2.5 percent and the deposit rate at 2.20 percent.

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