Stocks Sag at Thursday Open

Aecon, Lucara in Focus

Canada’s main stock index opened little changed on Thursday as gains in energy companies were offset by a decline in materials stocks.

The S&P/TSX Composite Index descended 34.05 points to open Thursday trading at 16,270.67

The Canadian dollar inched up 0.06 cents at 76.15 cents U.S.

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, around the time of the Farnborough Air Show later this month.

Bombardier shares took on seven cents, or 1.4%, to $5.08.

Hudson’s Bay has agreed to sell about half of its European business to Austria’sSigna Holding in a deal that will bring together two major German department store chains.

Bay shares jumped 34 cents, or 2.9%, to $12.04.

CIBC raised the rating on Aecon Group to outperform from neutral. Aecon shares retreated seven cents to $15.45.

Canaccord Genuity initiated coverage on Lucara Diamond with buy rating and a $2.45 price target. Lucara shares gained three cents, or 1.4%, to $2.15.


The TSX Venture Exchange recharged 2.7 points to start Thursday at 741.45

All but two of the 12 TSX subgroups lost ground to start the session, as energy dipped 0.5%, while materials and industrials each lost 0.4%.

The two gainers were health-care and utilities, acquiring 0.3% each.


Stocks opened higher on Thursday as the Trump administration is reportedly hinting at concessions on tariffs against European cars.

The Dow Jones Industrials perked 144.04 points to 24,318.86, with Walgreens Boots Alliance outperforming.

The S&P 500 gained 13.5 points to 2,726.72, as tech shares rose 0.8%

The NASDAQ picked up 38.04 points to 7,540.71

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 2.3% and Fiat Chrysler jumped 6.8%, Boeing and Caterpillar, two companies sensitive to trade news because of their overseas revenue exposure, climbed more than 1% each.

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.

Tech shares jumped on Thursday, as Micron surged nearly 4%, 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 in the premarket.

The Federal Open Market Committee is expected to publish the minutes from its latest central banking meeting at 2 p.m. ET. At the last meeting in June, the Fed decided to increase 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.

Investors will pore through the minutes looking for more clues about future monetary policy moves by the Fed.

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 stayed put, keeping yields at Tuesday’s 2.84%.

Oil prices ducked back 15 cents to $73.99U.S. a barrel.

Gold prices poked up $2.20 to $1,255.70U.S. an ounce.

This article provided by NewsEdge.