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The TSX composite index registered a decline on Thursday, May 6, due to weakened energy stocks pulled back by falling oil prices. The sudden surge in COVID-19 infections has raised some concerns regarding oil demand. The reported gains in gold futures prices were also negated by the dip in the oil prices.
The TSX composite index dropped 0.10% to settle at 19,290.98 on Thursday.
1 Year S&P/TSX Composite Daily Price Chart (as on May 06, 2021). Source: EODHD/Others (Thomson Reuters)
The TSX Venture Index was down by 0.20% to 943.77.
Movers and Laggards on TSX Composite
Source: EODHD/Others (Thomson Reuters)
Active Volume Leaders
The most heavily traded stocks on TSX on Thursday were Enbridge Inc, with 31.47 million, Tetra Bio-Pharma Inc, with 10.30 million, and Zenabis Global Inc, with 9.74 million.
Wall Street Update
Investors are expecting a more comprehensive non-farm payrolls report on Friday, May 7, which would provide an insight into the labor market's stability and, perhaps, the Federal Reserve's monetary policy stance.
Vaccine makers recorded a drop on Thursday as US President Joe Biden voiced support for plans to waive patents on COVID-19 vaccines. Meanwhile, economically vulnerable stocks rose.
The Dow finished the day gaining 0.93% to 34,549. The S&P 500 rose 0.82% to 4,202, while the Nasdaq Composite grew 0.37% to 13,633.
Commodity Update
Gold futures traded higher at US$ 1,815.15, up by 1.68%
Crude saw a slight bearish momentum, where Brent Oil declined by 0.39% to US$ 68.26/bbl, and WTI Crude Oil closed lower at US$ 64.91/bbl, down by 0.32%.
Currency News
The Canadian dollar continued to gain for the second day against the US Dollar, and USD/CAD closed at 1.2148, down 0.95%.
The US Dollar Index ended in red during Thursday’s trade and closed at 90.87, sliding 0.48%.
Money Market:
On May 06, 2021, the US 10-year bond yield continued its losing streak and was down 0.11% to 1.570.
The Canada 10-year bond yield dipped for the second day in a row and closed at 1.514, down 0.33%, on Thursday.
