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Canada’s TSX Composite Index ended lower for the second straight day amid the free fall of technology stocks on the New York Stock Exchange. The index plummeted ~ 49 points or 0.30% to 16,246.72, after heavy weight Basic Materials, Energy, Technology and Financials slumped during the trading hours. However, Consumer Non-Cyclicals and Industrials extended some support and traded in green zone.
The key Canadian index traded below its five-day, 10-day, 20-day, 30-day and 50-day Simple Moving Averages (SMAs), which implies short-term weakness and bears are heavy on bulls. However, the index managed to trade above its 200-day SMA, which acted as crucial long-term support level for the index. Further, 14-day and nine-day relative strength indices hovered in a neutral territory but tilted towards the oversold zone.
Five-day Daily Price Chart (as on September 17, 2020, after markets close / Source: EODHD/Others, Thomson Reuters)
On Wall Street: The sell-off in big tech stocks continued on the Wall Street. At the close, Dow Jones Industrials Average slumped ~ 130 points or 0.47% to 27,901.98, technology-dominated Nasdaq Composite Index plummeted ~ 167 points or 1.5% to 11,080.95 and the S&P 500 index dropped 0.84% or 28.5 points to 3,357.01.
TSX Composite Cues*
Sector Summary
Performers: Consumer Non-Cyclicals (up 0.86%), Industrials (up 0.42%) and Utilities (up 0.24%)
Laggards: Technology (down 1.41%), Basic Materials (down 0.98%) and Energy (down 0.49%)
Source: EODHD/Others (Thomson Reuters)
Top gainers: SNC-Lavalin Group Inc (up 3.39%), Gildan Activewear Inc (Up 2.67%), and Parkland Corp (up 2.5%)
Top losers: Centerra Gold Inc (down 2.94%), Maple Leaf Foods Inc (down 2.78%), and Cominar REIT (down 2.79%)
Volume Leaders: Zenabis Global Inc., Suncor Energy Inc., and Just Energy Group Inc.
Safe-haven Yellow Metals “Gold Futures” down 1.05% to US$ 1,949.90/oz.
International Crude Oil Benchmark surged 2.56% to US$ 43.30/bbl and Crude WTI bagged 2.02% to US$ 40.97/bbl.
*Details as on September 17, after markets close.
