Stocks edge down, pausing rally
Thursday’s session saw this week’s winning streak end or at least pause in Toronto and New York. The TSX shed 0.19% to close below 20,300. Most sectors were down, led by staples, industrials and real estate, but tech rallied. A key name was Shopify which announced a partnership with Amazon.
SHOP-T soared 10.69% while Amazon gained 2.19%. Elsewhere on Bay Street, Tilray jumped 10.86%, but Parkland closed -4.49%, Suncor -1.19% and CIBC -3.22% as another Canadian bank reported a lackluster quarter. WTI, however, rose $1 a barrel to $83.50. The TSX lost 1.71% in August.
On Wall Street, the S&P closed -0.07% but stayed above 4,500, the Nasdaq 0.17% to remain above 14,000, and the Dow -0.42%. The major indices shed 1.5-1.75% during August. Thursday volumes were typically late-summer low. Notably, Dollar General tanked 12.16% after it cut full-year guidance, but tech caught a bid as Intel added 2.06%, Seagate 3.84% and Adobe 2.56% which made a new 52-week high. The U.S. 10-year yield ticked down to 4.104% while Bitcoin slid 4.3% to $26,100. The backdrop for all this activity was the latest core PCE read, up a modest 0.2% in July.
🛍 Shopify Inc. (SHOP-T) +10.69%
📦 Amazon.com, Inc. (AMZN-Q) +2.19%
🌿 Tilray Inc. (TLRY-Q) +10.86%
🚚 Parkland Fuel Corp (PKI-T) -4.49%
🛢 Suncor Energy Inc (SU-T) -1.19%
🏛 Canadian Imperial Bank of Commerce (CIBC) (CM-T) -3.22%
🛒 Dollar General Corp. (DG-N) -12.16%
💾 Intel (INTC-Q) +2.06%
💾 Seagate Technology (STX-Q) +3.84%
💾 Adobe Systems (ADBE-Q) +2.56%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -4.3%
