Stocks Revert To Red By Noon

By Baystreet Stock Market Update

Mining stocks plunge

Optimism about reaching a new North American Free Trade deal by the end of this week faded by midday Thursday, pushing Canada’s main index into negative territory, as energy companies slumped sharply.

The S&P/TSX Composite Index dropped 29.47 points to greet noon Thursday at 16,360.82

The Canadian dollar faded 0.47 cents to 76.97 cents

First Quantum Minerals slid 60 cents, or 3.4%, to $17.00. Teck Resources ailed 48 cents, or 1.6%, to $30.18. Agnico Eagle Mines fell 48 cents, or 1%, to $45.54.

Toronto-Dominion Bank reported third-quarter profit which topped expectations, but its shares dipped 19 cents to $79.12, after analysts said its performance was less impressive than rival Canadian lenders.

The biggest percentage gainer on the TSX was BRP Inc, which jumped $5.50, or 8.4%, to $70.65, after reporting better-than-expected quarterly results.

Westjet Airline gained 18 cents to $19.28.

Canadian Western Bank fell $1.37, or 3.6%, among the most on the TSX, to $36.74, after the company reported third-quarter results.

On the economic beat, Statistics Canada reported Thursday that gross domestic product was essentially unchanged in June, following a 0.5% gain in May. Increases in 12 of the 20 industrial sectors were tempered by reduced output in non-conventional oil extraction and lower activity in wholesale and retail trade.

The average weekly non-farm earnings of Canadians were $1,000 in June, little changed from the previous month. Compared with 12 months earlier, earnings increased 2.8%.

ON BAYSTREET

The TSX Venture Exchange subtracted 0.23 points to 726.72

The 12 subgroups evenly split, as information technology and consumer staples co-led the gainers, each up 0.7%, while industrials hiked 0.6%.

The half-dozen laggards were weighed most by energy, down 1.9%, while gold and materials each tumbled 0.9%.

ON WALLSTREET

Stocks fell on Thursday as a deadline for a U.S.-Canada trade deal loomed.

The Dow Jones Industrial Average swooned 106.46 points to 26,018.11, as DowDuPont and Caterpillar lagged.

The S&P 500 slipped 7.82 points to 2,906.22, with materials and energy underperforming.

The NASDAQ sank 5.1 points to 8,104.59, easing from a record high reached earlier in the session. The tech-heavy index hit an all-time high as shares of Amazon reached a milestone of their own.

Amazon gained 1% to break above $2,000 a share for the first time. Amazon’s move higher comes after analysts at Morgan Stanley hiked their price target on the stock, highlighting the strength in Amazon Web Services and other businesses.

Shares of Electronic Arts plunged more than 8% after the video-game company delayed the release of “Battlefield V,” a popular game, and adjusted its fiscal 2019 guidance for net bookings.

The major indexes were on track to close lower for the first time in five sessions. The S&P 500 and NASDAQ have traded at all-time highs all week, while the Dow is about 2% away from a record.

Canada has until Friday to join a trade deal made between the U.S. and Mexico, according to President Donald Trump. However, Trump said he was confident an agreement between the two nations was within reach.

Jobless claims rose slightly to 213,000 last week, but remained near multi-decade lows as the underlying trend still points to a tightening labour market. Personal income rose 0.3% in July.

Prices for the benchmark for the 10-year U.S.Treasury gained, lowering yields to 2.86% from Wednesday’s 2.89%. Treasury prices and yields move in opposite directions.

Oil prices picked up 21 cents to $69.72U.S. a barrel.

Gold prices dropped $5.80 to $1,205.70

This article provided by NewsEdge.