Tech Tumble Sends Wall Street, Toronto Stock Exchange Into Reverse

2 min read | September 03, 2020 11:11 PM EDT | By Team Kalkine Media

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Tech Tumble Sends Wall Street, Toronto Stock Exchange Into Reverse

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The Canadian broader equity gauge, S&P/TSX Composite Index, ended its two-day winning streak on Thursday and plummeted 249.07 points or 1.49% to 16,448.90. Every constituent sector of the TSX Composite Index settled in red, with heavy technology stocks tanking significantly, followed by consumer cyclicals, telecommunication and financials.

Most Active Stocks (Volume): Suncor Energy Inc., Air Canada, Manulife Financial Corporation, Crescent Point Energy Corp., and Barrick Gold Corporation.

Sector Summary: Technology (down 4.48%), Consumer Cyclicals (down 1.65%), Telecommunication (down 1.28%), Financials (down 1.24%), Utilities (down 1.22%), Industrials (down 1.16%)

Source: EODHD/Others (Thomson Reuters)

Moving Averages (SMAs): S&P/TSX Composite Index traded below its 5-day, 10-day, 20-day simple moving averages (SMAs), which typically act as immediate support for an index; however managed to trade above its crucial short-term and long-term support levels of 50-day and 200-day SMAs. The leading momentum indicator 14-day Relative Strength Index (RSI) contracted, though hovering in a neutral zone but more tilted towards the oversold zone.

Top Movers on TSX Composite Index: Cenovus Energy Inc (up 2.95%), Teranga Gold Corp (up 1.62%), Eldorado Gold Corp (up 1.54%), Eldorado Gold Corp, First Capital Real Estate Investment Trust (up 1.34%) and Fairfax Financial Holdings Ltd (up 1.33%).

Bottom Movers on TSX Composite Index: Ballard Power Systems Inc (down 10%), Lightspeed POS Inc (down 7.85%), Celestica Inc (down 6.37%), SNC-Lavalin Group Inc (down 6.11%), and BlackBerry Ltd (down 5.69%).

5-day Price Performance (as on September 03, 2020). Source: EODHD/Others (Thomson Reuters)

On Wall Street: United States benchmark indexes dropped sharply on Thursday, marking their deepest one-day declines since June as investors dumped the high-flying technology sector after economic data highlighted long and difficult recovery. The Nasdaq led the pullback with a decline of almost 5% to 11,458.10, the S&P 500 Index tanked 3.51% to 3,455.06 and the Dow Jones Industrial Average slumped 2.78% to 28,292.73. The Nasdaq's Biggest drags came from heavyweights Apple Inc, Microsoft Inc, Amazon.com Inc, Tesla Inc and Nvidia Corp.

Commodity Cues*

Oil: Brent down 0.81% to US$ 44.07/bbl and WTI Crude Oil down 0.34% to US$ 41.37.

Gold: Gold Futures declined 0.35% to US$ 1,937.80/oz.

*As on September 03^rd, 2020 (after the market close)

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