Canada’s main stock index opened muted on Thursday, propelled by materials stocks tracking higher prices of metals, while investors awaited fresh cues on the timing of interest rate cuts by central banks.
The TSX Composite gained 29.31 points to open Thursday at 21,685.36.
The Canadian dollar eked up 0.04 cents at 72.65 cents U.S.
In corporate news, TC Energy said on Wednesday it does not anticipate any service interruptions from the rupture of its NGTL gas pipeline in Alberta, which caused a wildfire on Tuesday. TC shares picked up 12 cents to $48.43.
ON BAYSTREET
The TSX Venture Exchange dropped 1.31 points to 570.53.
Eight of the 12 TSX subgroups made headway in the first hour, with materials stronger by 0.8%, energy improving 0.4%, and gold up 0.3%.
The four laggards were weighed most by health-care, ailing 0.8%, information technology, off 0.7%, and real-estate sagging 0.4%.
ON WALLSTREET
The S&P 500 gyrated on Thursday as Wall Street attempted to recover its footing amid a losing streak for the benchmark index. Investors also continued parsing the latest corporate earnings reports.
The Dow Jones Industrials popped 240.03 points to 37,993.64.
The much-broader index gained 15.2 points to 5,037.41.
The NASDAQ regrouped 24.3 points to 15,707.67.
The major averages are tracking for a losing week, the latest leg down amid the recent market pullback. The Dow has inched down 0.1% since the start of the week, while the S&P 500 has slid almost 2%.
The NASDAQ has tumbled more than 3% as technology shares struggled. That puts the index on pace for its fourth straight down week, which would mark the longest negative streak since December 2022.
Credit bureau Equifax declined more than 9% in Thursday’s session on disappointing second-quarter guidance. Homebuilder D.R. Horton advanced more than 4% after quarter financials topped expectations.
More than 12% of S&P 500-listed companies have now reported earnings in what’s shaping up to be a positive season. Of those that have already posted results, 73% have surpassed Wall Street expectations for their individual performances, according to FactSet.
With Thursday’s action, the S&P 500 and NASDAQ flirted with their fifth straight down session. That would mark the longest losing streaks for each since October and January, respectively.
Prices for the 10-year Treasury fell, raising yields to 4.63% from Wednesday’s 4.58%. Treasury prices and yields move in opposite directions.
Oil prices nicked up a penny to $82.70 U.S. a barrel.
Gold prices gained $6.90, to $2,395.30 U.S. an ounce.
