Morning Market Breakdown, March 28: After a tough Tuesday across the board, American indexes spent Wednesday morning trying to rally.
Wednesday (March 28) morning it saw further losses when it dropped 8.26 points to reach 15,207.92.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) continued downward to close at 802.83 on Tuesday, a 13.71-point drop. The TSXV kept falling on Wednesday morning, losing 10.78 points to hit 792.05.
Despite gains in the telecom sector, tech and healthcare stocks took heavy hits that outweighed positivity. Aphria (TSX:APH) fell 2.1 percent and Crescita Therapeutics (TSX:CTX) dropped 8 percent, while in tech BlackBerry (TSX:BB) slipped 5.1 percent and Constellation Software (TSX:CSU) lost 2.6 percent.
While the Dow Jones Industrial Average (INDEXDJX:.DJI) started the week on a strong note, it lost its footing on Tuesday when it fell 344.89 points to close at 23,857.71. Wednesday morning it saw some growth, picking up 78.19 points to reach 23,935.9.
The S&P 500 (INDEXSP:.INX) fumbled 45.73 points on Tuesday to close in the red at 2,612.62. The index managed to regroup on Wednesday morning when it picked up 5.68 points to reach 2,618.3.
Tech sector losses dragged down the major indexes, as Facebook (NASDAQ:FB) shares dropped 4.9 percent after Bank of America Merrill Lynch lowered its price target on the stock. Nvidia (NASDAQ:NVDA) also lost 7.8 percent after Reuters reported that it would be suspending self-driving tests.
Note: All numbers shown above were accurate as of 10:00 a.m. EST.
Gold managed some growth when it closed at US$1,344.73 per ounce on Tuesday. It lost its grip on Wednesday morning as it fell to US$1,331.25. Silver plateaued on Tuesday when it closed at US$16.53 per ounce. It skidded downwards on Wednesday morning as it hit US$16.34.
Copper made small progress on Tuesday when it closed at US$3 per pound. It regressed slightly on Wednesday morning when it fell back to US$2.99.
Major miner news
- IAMGOLD (TSX:IMG,NYSE:IAG): IAMGOLD has released the first mineral resource estimate for its Monster Lake project, a joint venture with TomaGold (TSXV:LOT) and Quinto Resources (TSXV:QIT) in Quebec. The project has an inferred resource of over 1.1 million tonnes averaging 12.14 grams of gold per tonne for 433,300 ounces of contained gold.
- Rio Tinto (NYSE:RIO,ASX:RIO,LSE:RIO): Rio Tinto has sold an 80-percent interest in its Kestrel coal mine, located in Queensland, for US$2.25 billion. The transaction was made with private equity firm EMR Capital and PT Adaro Energy, an Indonesian coal company, with the funds said to be going towards “general corporate purposes.”
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.