Negative End to Thursday Session

Fortis, Goldcorp in Focus

Markets in Canada’s largest centre edged lower on Thursday, led by energy stocks, which lost ground due to a drop in commodity prices.

The S&P/TSX Composite Index descended 38.11 points to finish Thursday at 16,266.61

The Canadian dollar eked up 0.06 cents at 76.15 centsU.S.

Utilities proved the top gaining group Thursday, as Hydro One marched ahead 12 cents to $20.25. Fortis Inc. climbed 34 cents to $42.41.

Among gold concerns, Goldcorp tacked on five cents to $18.50, while Kinross Gold added four cents to $5.10.

Telecoms moved into the green with Rogers Communications acquiring 46 cents to $62.87, and Shaw Communications inching up nine cents to $26.70.

Among energy issues, Imperial Oil scaled back 13 cents to $43.42, while Enbridge gave back 70 cents, or 1.5%, to $46.14

Consumer staples also got cuffed around, as Metro Inc. dished off 64 cents, or 1.4%, to $43.93, while Loblaw Companies lost 75 cents a share, or 1.1%, to $66.35.

In the consumer discretionary sector, Canadian Tire doffed 58 cents to $170.57, and Gildan Activewear shed nine cents to $36.19.

Airbus Chief Executive Tom Enders said on Wednesday he expects to see the first results of the company’s new majority stake in Bombardier’s CSeries jetliner program within weeks. Bombardier shares traded higher by 17 cents, or 3.4%, higher to $5.18

ON BAYSTREET

The TSX Venture Exchange gained 3.16 points to 741.91

The 12 TSX subgroups were evenly split Thursday, with utilities shooting 0.8% higher, while gold and telecoms each added 0.3%.

The half-dozen laggards were weighed most heavily by energy, fading 0.9%, consumer staples, sliding 0.8%, and consumer discretionary stocks off 0.4%.

ON WALLSTREET

Stocks closed higher on Thursday as tech shares rose, but investors remained on edge as the U.S. prepared to slap tariffs on goods imported from China.

The Dow Jones Industrials leaped 181.92 points to 24,356.74, with Intel and Walgreens Boots Alliance outperforming.

The S&P 500 gained 23.39 points to 2,736.61, as tech climbed 1.5%.

The NASDAQ moved skyward 83.75 points, or 1.1%, to 7,586.43, as Facebook, Amazon, Netflix and Google-parent Alphabet all rose.

Shares of Deere dropped 0.7%, and Cisco fell 0.2%. Boeing fell about 1% before trading 0.1% higher.

Tech shares jumped on Thursday, as Micron climbed 2.6%. The company confirmed China is blocking some chip sales, but noted the situation will only have a minor impact on its revenue. Shares of Facebook, Apple, Alphabet and Amazon also rose.

Media reports quoted the U.S. ambassador to Germany that President Donald Trump could hold off on implementing tariffs on European cars in exchange for concessions.

Shares of General Motors climbed 1.3% and Fiat Chrysler accelerated 6%,

Investors have been grappling with increasing trade tensions for the past few months. On Friday, the U.S. is expected to activate levies on $34 billion in Chinese-made goods, with Beijing expected to respond with its own levies on U.S. goods.

The Federal Reserve released a summary of its most-recent meeting. The summary showed the central bank was worried that letting the economy run too strong could lead to a “significant economic downturn.”

At the last meeting in June, the Fed increased its benchmark short-term interest rate by a quarter percentage point. In addition, the central bank signaled that two more rate hikes were expected to occur by year-end.

The minutes will be released after data from ADP and Moody’s Analytics showed jobs grew by 177,000 in June, missing expectations. Jobs growth for May was revised higher, however.

ADP and Moody’s released their data ahead of the government’s monthly payrolls report, which is due Friday.

Prices for the benchmark for the 10-year U.S.Treasury gave back ground it had lost, raising yields back to Tuesday’s 2.84%. Treasury prices and yields move in opposite directions.

Oil prices slid $1.15 to $72.99U.S. a barrel.

Gold prices climbed $4.20 to $1,257.70U.S. an ounce.

This article provided by NewsEdge.