Canada's main stock index moved sharply lower at the open on Thursday due to losses in commodity-related shares, a day after the U.S. Federal Reserve projected only one interest-rate cut this year.
The S&P/TSX Composite Index stumbled 204.35 points to open Thursday at 21,757.20.
The Canadian dollar handed over 0.13 cents to 72.74 cents U.S.
BoC Governor Tiff Macklem said in a Montreal conference on Wednesday there is a limit to how far the central bank can diverge on rate cuts from the Fed, but it was not close to that limit. Macklem is expected to speak at BIS Toronto Innovation Hub Centre at 1:00 p.m. ET.
Riot Platforms said Bitfarms' move to adopt a poison pill to thwart its acquisition attempt was "shareholder unfriendly" and highlighted lack of solid corporate governance standards. Bitfarms shares rocketed 33 cents, or 9.9%, to $3.66.
ON BAYSTREET
The TSX Venture Exchange dropped 2.3 points to 580.95.
All but one of the 12 subgroups plummeted in the first hour, energy weighing 2.4%, gold, down 1.2%, and financials off 1%.
The lone gainers proved to be consumer discretionary, up 0.2%.
ON WALLSTREET
The S&P 500 fell marginally Thursday but remained near record levels as traders weighed more data showing inflation pressures may be easing.
The Dow Jones Industrials plummeted 259.14 points to 38,453.07.
The much broader index shed 3.51 points to 5,417.32.
The NASDAQ gained 56.93 points, or 1.5%, to 17,665.37, to yet another new high.
Broadcom shares surged 11% after the chipmaker topped fiscal second-quarter expectations and announced a 10-for-1 stock split. On the other hand, Dave & Buster’s Entertainment shares dropped 12% after the company’s first-quarter revenue missed estimates.
May’s producer price index fell 0.2% from the prior month. Economists polled by Dow Jones expected an increase of 0.1%. That report comes a day after May’s consumer price index rose less than expected last month.
Prices for the 10-year Treasury gained ground, lowering yields to 4.29% from Wednesday’s 4.33%. Treasury prices and yields move in opposite directions.
Oil prices took on 13 cents to $78.63 U.S. a barrel.
Gold prices dumped $27.70 to $2,327.10
