Equity investors on both sides of the border noticed a lot of red ink flowing out of the indexes, as jitters over runaway inflation and the prospect of employment numbers in both countries made their presence felt.
The TSX let go of 259.81 points, or 1.3%, to limp to the finish at 20,086.72.
The Canadian dollar shed 0.17 cents to 72.29 cents U.S.
All sectors were bruised, health-care worst of all, especially, Canopy Growth, falling 13 cents, or 4.2%, to $2.95, while Bausch Health Companies, shedding 43 cents, or 3.6%, to $11.49.
Banks took a hit, especially, Canadian Imperial Bank of Commerce, plummeting $2.52, or 4.1%, to $58.83, while Trisura Group wilted $1.54, or 4.2%, to $35.28.
In materials, Capstone Copper lost 54 cents, or 8.2%, to $6.02, while First Quantum Minerals dumped $2.55, or 8.5%, to $27.44.
The TSX Venture Exchange dipped 7.49 points, or 1.2%, to 617.74.
All 12 TSX subgroups moved downward on the day, as health-care dumped 1.8%, financials were off 1.7%, and materials lost 1.6%.
Stocks accelerated losses in the final hour of trading Thursday as banks and other financials sold off, and investors braced for a key payroll report Friday that could set the direction of interest rates.
The Dow Jones Industrials reversed course after this morning’s gains and plunged 542.35 points, or 1.7%, to conclude Thursday at 32,256.05.
The S&P 500 slumped 73.58 points, or 1.8%, to 3,918.43.
The NASDAQ Composite withered 237.65 points, or 2.1%, to 11,338.35.
SVB Financial cratered 61% after announcing a $1.75-billion stock sale, pushing its market capitalization to a little over $6 billion and dragging down other regional bank names. Silvergate shares plummeted 30% on news that it’s shutting down operations.
The losses pushed that S&P financial sector down 4% for its worst day since June 2020. Financial bellwethers Bank of America and Wells Fargo also took a hit, tumbling more than 6% each.
Thursday’s moves come a day after Federal Reserve Chief Jerome Powell reiterated his warning message to lawmakers that the central bank may raise interest rates higher than previously expected. While the Fed chair emphasized that no decision has been made regarding the March meeting, traders are bracing for a larger-than-expected hike following a batch of strong economic data in recent weeks.
Prices for the 10-year Treasury climbed, lowering yields to 3.92% from Wednesday’s 3.98%. Treasury prices and yields move in opposite directions.
Oil prices lost $1.12 to $75.84 U.S. a barrel.
Gold prices jumped $16.40 to $1,835.00 U.S. an ounce.