Canadian Market Down Firmly In Negative Territory After U.S. Jobs Data

(RTTNews) - After a weak start and a subsequent recovery that very nearly lifted the benchmark S&P/TSX Composite Index into positive territory, stocks turned weak again on Tuesday as weak U.S. economic data weighed on sentiment.

Energy stocks tumbled. A few stocks from technology and materials sectors too reeled under pressure, while healthcare and real estate stocks moved higher.

The S&P/TSX Composite Index was down 173.73 points or 0.55% at 31,309.71 nearly half an hour past noon.

Energy stocks Imperial Oil, Vermilion Energy, International Petroleum Corp., Peyto Exploration & Development, Cenovus Energy, Whitecap Resources and Baytex Energy lost 3 to 4%.

Technology stock Dye & Durham tanked more than 10%. Bitfarms, Celestica, Constellation Software and Sangoma Technologies also declined sharply.

Materials stocks Aya Gold & Silver, Skeena Resources, B2Gold Corp., Ivanhoe Mines, Equinox Gold Corp., Aris Gold Corporation, Kinross Gold, Capstone Mining and New Gold shed 1 to 3.2%.

Healthcare stock Curaleaf Holdings surged nearly 7%. Sienna Senior Living gained about 1%, and Bausch Health Companies advanced 0.4%.

Real estate stocks Granite Real Estate Investment, CDN Apartment, Colliers International Group, Allied Properties Real Estate Investment Trust, Dream Industries and Altus Group gained 1 to 1.7%.

Data from the U.S. Labor Department showed non-farm payroll employment climbed by 64,000 jobs in November after tumbling by 105,000 jobs in October. Economists had expected employment to rise by 50,000 jobs.

Meanwhile, the Labor Department said the unemployment rate rose to 4.6% in November from 4.4% in September. The unemployment rate was expected to tick up to 4.5%.

Although the data has increased the likelihood the Federal Reserve continuing to cut interest rates in the near future, the report has also raised concerns about the strength of the economy.