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The S&P/TSX Composite Index declined on Thursday, June 4, after material stocks witnessed weakness in gold prices. The broader Canadian index closed 29.76 points, or 0.15%, lower to 19,941.39.
The material sector lost 2.2% as gold prices slipped around 2.3% over positive US employment and service sector data. The strong economic data signals at economic recovery and, thus, raise concerns over higher inflation.
1-Year Price Chart (as on June 04, 2021). Source: EODHD/Others
Major Movers and Gainers
Active Volume
BlackBerry Limited, with 34.82 million, Bombardier Inc, with 15.86 million, and Suncor Energy Inc, with 12.76 million, were the most actively traded shares on the TSX on Thursday.
Wall Street
Despite encouraging economic statistics on employment and service sector activity, the Dow Jones Industrial Average ended the day marginally down. This snapped a five-day winning run, as gains in cyclical industries that benefit from the rebound failed to outweigh early losses in technology sectors.
The Dow Jones Industrial Average closed flat with a negative bias at 34,577, while the S&P 500 traded flat at 4,193 as well. The Nasdaq Composite Index finished at 13,615, down by 1.03%
Commodity Update
In response to positive US economic statistics, the gold market faced a selling pressure. It traded at US$ 1,873.30, down 1.92%.
Brent Oil traded flat at US$ 71.31/bbl, while WTI Crude Oil stood at US$ 68.81/bbl.
Currency News
The Canadian Dollar traded weak on Thursday against the US greenback. The USD/CAD closed at 1.2102, up 0.58%.
On June 03, 2021, the US Dollar Index retained its winning streak for the second straight session against the basket of major currencies, up 0.67% to close at 90.5.
Money Market
The US 10-year bond yield soared 2.25% to 1.625 on Thursday, after sliding for the last two sessions.
The Canada 10-year bond yield also gained for the third trading session and closed at 1.520, up 1.67%, on Thursday.
