Jump to main navigation Jump to main content. A renewed slump in oil prices to seven-month lows dragged down world stocks on Wednesday and flattened bond curves as bets that inflation and interest rates will stay lower for even longer began to build again. World stock markets declined on Tuesday, as a sharp drop in oil prices weighed on the energy sector, while hawkish comments from U.

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Federal Reserve officials pushed the U. Oil prices fell over 2 per cent to seven-month lows after supply hikes by several key producers overshadowed compliance by OPEC and non-OPEC oil producers on a deal to cut global output. That slide weighed down energy stocks on Wall Street and in Europe.

That explains weakness in energy stocks. West Texas Intermediate crude, the U. Forget learning about bitcoin, retail stocks to buy and sell, and why the TSX stinks ; Carrick: ETF fee cut in the dividend aisle ; These 13 dividend stocks tick all the boxes. The company said it will replace Chief Executive Brian Ferguson, who championed an unpopular purchase of western Canadian oil sands assets, though it failed to name a successor.

The overall energy group fell 2. Suncor Energy fell 2.

Monday’s TSX breakouts: A stock in a holding pattern with an expected return of more than 40% - The Globe and Mail

Bank shares, which had rallied on Monday, also lost ground. Toronto-Dominion Bank fell 0. Shares of Home Capital Group Inc climbed 4. Based on the latest available data, the Dow Jones Industrial Average fell The pan-European FTSEurofirst index lost 0. On Monday, New York Fed President William Dudley said halting the rate-hiking cycle now would imperil the economy.

That was followed by Boston Fed President Eric Rosengren, who said on Tuesday the era of low interest rates in the United States and elsewhere poses financial stability risks. In addition, Chicago Federal Reserve Bank President Charles Evans said he was increasingly concerned that a recent softness in inflation is a sign the Fed will struggle to get price pressures back to its 2-per-cent objective.

The dollar index, tracking the unit against other key world currencies, rose 0. The greenback is up nearly 1 per cent for the month. Bank of England Governor Mark Carney doused speculation that he might soon back higher interest rates, telling bankers on Tuesday that he first wanted to see how the economy coped with Brexit talks in coming months.

With a file from Bloomberg News. Cenovus said it will replace Chief Executive Brian Ferguson, who championed an unpopular purchase of western Canadian oil sands assets, though it failed to name a successor, sending its shares tumbling The Canadian dollar weakened on Tuesday against its U.

The loonie had surged as much as 2. Most of those gains came after the Bank of Canada signaled last week that higher interest rates lie ahead.

Oil prices fell nearly 3 per cent to seven-month lows on Tuesday after increases in supply by several key producers overshadowed high compliance by OPEC and non-OPEC oil producers with a deal to cut global output amid a continued sell-off driven by funds.

A big focus for Asia is whether index provider MSCI will later in the day open up its Emerging Markets Index to Chinese mainland shares which have restricted access for foreign investors.

Royal Bank of Canada was the biggest gainer on the index, up 0. The financials group gained 0. The energy group, which accounts for about 30 per cent of the index, climbed 0. Shares of Suncor Energy advanced 0. Among individual stocks, Valeant Pharmaceuticals International Inc rose 6. Shares of Bombardier advanced 2. Gold miners were the main laggards, with the subindex retreating 0.

Agnico Eagle Mines declined 0. Leading the recovery, Apple rose 2. Microsoft and Alphabet were also up. Earnings growth, earnings revisions and forward looking indicators remain healthy. The Nasdaq Composite was up Consumer staples stocks, which were battered on Friday after Amazon.

The deal by Amazon, a proven retail disruptor, marked a major step by the internet retailer into the brick-and-mortar retail sector.

Amazon rose as much as 2.

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Wal-Mart, Target and Costco reversed premarket gains to trade lower. New York Fed President William Dudley, a close ally of Fed Chair Janet Yellen, said U. The Canadian dollar was little changed against its broadly firmer U.

The loonie rose 1. It held onto those gains on Monday even as oil prices fell and the U. Loblaw Companies Ltd, which has more than 2, corporate, franchised and associate-owned grocery stores and pharmacies across Canada, was down 3. Empire Company Ltd, which has about 1, Canadian stores operating under banners including Sobeys and FreshCo, fell 3.

Metro Inc, which operates some supermarkets in Quebec and Ontario, fell 2. Consumer discretionary shares also retreated sharply, declining 1. Dollarama Inc slid 1. The materials group, which includes precious and base metals miners and fertilizer companies, lost 0. Teck Resources Ltd fell 8. Several analysts cut its target price on the news. Six growth stocks that offer sustainable dividends. Wal-Mart shares sank 4. Shares of Target, Walgreen Boots and Costco fell between 5 per cent and 7 per cent.

Whole Foods shares surged Rogers Kniffen WWE in New York. The Dow Jones Industrial Average rose The technology sector fell 0. Apple shares closed down 1. Energy shares rose 1. A daily rundown of the economic reports and corporate earnings that will be grabbing the market's attention in the week ahead. ET Canadian wholesale trade for April is released. Estimate is an increase of 0. Amazon announced before markets opened that it was purchasing the U. The Canadian consumer staples sector tumbled as much as 3.

Metro Inc, which operates some supermarkets in Quebec and Ontario, fell 4. Teck Resources Ltd fell 5. The energy group was one of the few gainers, climbing 0. Pipeline operator Enbridge Inc rose 1. Amazon shares were up 3. The Dow Jones Industrial Average was down Technology was the second-biggest loser after consumer staples, led by losses in Microsoft and Apple.

The sector, which had surged Oil prices edged up from lows on Friday but remained on track for a fourth consecutive week of losses because of excess supplies, despite OPEC-led production cuts. Oil prices are more than 12 per cent below where they were in late May, when producers led by the Organization of the Petroleum Exporting Countries OPEC extended for nine months a pledge to cut output by 1.

The cuts had been due to end this month and will now run till March. The Canadian dollar strengthened on Friday against its U. The 2-year spread narrowed 2. World shares steadied on Friday after selling in the tech sector triggered their biggest fall in over a month, while the yen slid to a two-week low as the Bank of Japan signalled its stimulus was staying in place. World stock indexes fell on Thursday as technology shares extended their recent selloff, while the prospect of tighter monetary policy in the United States and Britain pushed up the U.

The Federal Reserve on Wednesday raised interest rates , as widely expected, and signalled another hike could follow this year.

In a sign that the squeeze on consumers may get tighter before long, three Bank of England policymakers voted to raise rates against five for keeping rates on hold. Economists polled by Reuters had expected a vote in favour of no change.

The recent sell-off in tech shares resulted in part by investors trying to take profits in an area that has led market gains this year and has fuelled concern about stretched valuations in the overall market.

Companies insiders are buying and selling. The influential energy group, which had see-sawed between gains and losses in morning trading, retreated 1. Canadian Natural Resources fell 1. The materials group, which includes miners, fertilizer and lumber companies, lost 0. Barrick Gold retreated 1. Shares surged as much as In New York, the Dow Jones Industrial Average fell Apple shares fell 0.

The consumer discretionary sector dropped 0. Nike was off 3. The number of Americans filing unemployment claims fell more than expected last week, suggesting slack in the labor market was shrinking, and the Philadelphia Fed business conditions for June beat expectations after a strong reading in May. The reports followed weak inflation data on Wednesday. The dollar index, which tracks the U. Treasury yields, with two-year yields touching their highest in three months.

But most yields remained depressed after their biggest plunge in a month Wednesday. Oil prices settled more than half a percent lower on Thursday after hitting a six-month lows, as high global inventories fed fears that rising crude production in Nigeria, Libya and the United States will feed the global supply glut despite output cuts from OPEC and other producing countries.

Oil has slumped despite output cuts of 1. On May 25, the countries said they agreed to extend the cuts nine months through next March. Yet crude prices have slid about 12 per cent since that day as other countries have boosted output. Brookfield Asset Management fell 0. Royal Bank of Canada was also a key index mover, despite seeing only a modest 0. The influential energy group, which had see-sawed between gains and losses in morning trading, retreated 0. Canadian Natural Resources fell 0.

Technology stocks were down nearly 0. The technology sector has risen The tech-heavy Nasdaq Composite has also surged Investors are also concerned about the U. A Washington Post report that President Donald Trump was being investigated for possible obstruction of justice added to the jitters. The gainers were utilities, real estate and telecom services, whose slow but steady growth makes them attractive during periods of uncertainty. Thee Dow Jones Industrial Average was down Among stocks, Kroger was down Mattel was down 7.

One bright spot was a Labor Department report that showed fewer-than-expected Americans applied for unemployment benefits last week.

The Canadian dollar softened against the U. Canadian manufacturing sales topped forecasts and hit a record in April as sales of petroleum and coal products rebounded after two months of declines, data from Statistics Canada showed.

Stocks fell in Europe and Asia on Thursday as investor concern over the pace of U. The Canadian dollar edged higher on Wednesday against its U. Investors have moved forward their expectations for when the central bank will begin raising rates, said Hosen Marjaee, senior managing director, Canadian fixed income at Manulife Asset Management. The energy group fell 3. The Fed also announced it would begin cutting its holdings of bonds and other securities this year.

Oil prices tumbled on Wednesday after an unexpectedly large buildup in gasoline stockpiles and the U. Oil prices fell to their lowest in over five weeks following the U.

The number of rigs operating in the United States has more than doubled since last year, and even though prices have fallen from their high-water-mark this spring, U. The International Energy Agency IEA forecast Wednesday that the United States would add 1. Scott Barlow is The Globe's in-house market strategist.

He is a year veteran of Canadian investment banks, including Merrill Lynch Canada, CIBC Wood Gundy and Macquarie Private Wealth MPW. Jennifer Dowty, CFA, is an equities analyst at The Globe and Mail. She has approximately 18 years of experience working in the financial industry. Darcy Keith is The Globe and Mail's Investment Editor.

He has been a business journalist since and joined the Report on Business in from Yahoo! Canada, where he was the senior editor of finance. Read more from Darcy and follow Darcy on Twitter eyeonequities. Rob Carrick has been a leading voice on Canadian personal finance matters for nearly 20 years. Read more from Rob and follow Rob on Twitter rcarrick. Tim Shufelt joined the Globe and Mail in August, , primarily to cover investments for Report on Business.

Read more from Tim and follow Tim on Twitter tshufelt. David Leeder is a content editor in the Report on Business. Read more from David and follow David on Twitter daveleeder. Gillian Livingston started her journalism career at The Gazette at Western University.

She's worked for The Financial Post, Dow Jones Newswires and The Canadian Press. Read more from Gillian and follow Gillian on Twitter gilllivingston. Newspaper delivered to your doorstep. Subscribe to the newspaper. Digital all access pass across devices. Subscribe to Globe Unlimited. The digital replica of our newspaper. Get top Globe stories sent to your inbox. Subscribe to email newsletters. Get digital access or the printed edition delivered to your door.

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Scott Barlow E-mail this writer Scott Barlow is The Globe's in-house market strategist. Jennifer Dowty E-mail this writer Jennifer Dowty, CFA, is an equities analyst at The Globe and Mail. Darcy Keith E-mail this writer Darcy Keith is The Globe and Mail's Investment Editor. Rob Carrick E-mail this writer Rob Carrick has been a leading voice on Canadian personal finance matters for nearly 20 years Read more from Rob and follow Rob on Twitter rcarrick. Tim Shufelt E-mail this writer Tim Shufelt joined the Globe and Mail in August, , primarily to cover investments for Report on Business.

David Leeder E-mail this writer David Leeder is a content editor in the Report on Business. Gillian Livingston E-mail this writer Gillian Livingston started her journalism career at The Gazette at Western University. She's worked for The Financial Post, Dow Jones Newswires and The Canadian Press Read more from Gillian and follow Gillian on Twitter gilllivingston. Supply worry hits oil prices, weighs on stocks Oil prices hit seven-month lows on global oversupply At the open: Oil nose-dive takes shine off stocks At midday: Stocks retreat as oil price slumps on supply worry Loonie retreats as oil price slumps to nine-month low.

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