TSX Down Marginally; Oil, Yields Pressure Market Sentiment

(RTTNews) - Canadian stocks are down firmly in negative territory Thursday afternoon, weighed down by elevated oil prices and higher bond yields.

With U.S.-Iran talks not making any meaningful progress, and another interest rate hike from the Federal Reserve looking imminent, the mood in the market is quite cautious. Investors are also digesting the nation's retails data.

Healthcare, materials and consumer discretionary stocks are sharply lower. Energy and technology stocks are finding support.

The benchmark S&P/TSX Composite Index was down 53.04 points or 0.15% at 35,698.39 a little while ago.

Data from Statistics Canada showed retail sales in Canada likely increased 1.3% month-over-month in August, rebounding from a 0.7% fall in July, according to preliminary estimates. Core retail sales, which exclude gasoline stations and fuel vendors and motor vehicle and parts dealers, were also down 0.7% in July. Year-on-year, retail sales increased 5.1%.

Retail sales in Canada likely increased 1.3% month-over-month in August, rebounding from a 0.7% fall in July, according to preliminary estimates. It would mark the strongest gain in retail sales since January.

A report from the Canadian Federation of Independent Business showed Canada's CFIB Business Barometer long-term index, measuring 12-month business expectations, fell to 47.9 in September from 57.7 in August, the lowest levels in three months.

Kinross Gold Corporation is down more than 12%. Gildan Activewear is down 11%.

Seabridge Gold, Propel Holdings, AtkinsRealis, Calian Group, Endeavour Mining, Stantec, West Fraser Timber, Brookfield Renewable Corporation, WSP Global, TFI International, Bird Construction, Aritzia Inc., Aecon Group, Rogers Communications and Magna International are down 2%-4%.

Air Canada, Telesat Corporation, Celestica, Parex Resources, NFI Group, Versa Group, Enerflex, Suncor Energy, Constellation Software, Thomson Reuters, Cenovus Energy, Ero Copper, Canadian Natural Resources, Precision Drilling and Colliers International Group are up 1.5%-3.6%.