Stocks in Toronto were little changed on Friday -- the day before Remembrance Day -- with energy stocks offsetting modest declines among some financial stocks.
The S&P/TSX Composite Index started out negative 5.84 points Friday to 16,076.25
The Canadian dollar dipped 0.06 cents to 78.81 cents U.S.
TMX Group, Canada’s biggest stock exchange operator, reported a better-than-expected third-quarter profit on Thursday, as cutting costs helped lower operating expenses.
The stock, trading under the symbol X, gained 32 cents to $72.75.
Cameco Corp is not planning further cuts to uranium output “right now” but has the option of lowering production again without jeopardizing supply contracts, its chief executive said on Thursday.
Cameco shares picked up 23 cents, or 1.9%, to $12.07.
Azeri state oil company Socar’s North American trading division will close its Calgary office in Canada and move all commercial and support functions to Houston in the next three to four months
CIBC cut the rating on Cervus Equipment to neutral from outperform. Cervus shares slipped 85 cents, or 5.5%, to $14.66.
CIBC cut the rating on Gibson Energy to underperformer rating. Gibson shares descended 42 cents, or 2.5%, to $16.68.
JP Morgan raised the price target on Telus Corp. to $53.00 from $49.00. Telus shares moved higher 56 cents, or 1.2%, to $48.08.
ON BAYSTREET
The TSX Venture Exchange opened Friday 0.22 points lower to 792.98
Seven of the 12 TSX subgroups were ahead in the first hour, with information technology surging 0.6%, while telecoms and energy were each better by 0.4%
The five laggards were weighed most by utilities, retreating 0.4%, while industrials and financials each lost 0.3%.
ON WALLSTREET
The major U.S. stock indexes opened slightly lower on Friday as they threatened to snap multi-week winning streaks. But chip makers bucked the lower overall trend as strong earnings from Nvidia lifted sentiment in the space.
The Dow Jones industrial average faded 44.8 points to 23,417.14, with Intel as the biggest decliner. But a 2% gain in Disney shares capped losses in the 30-stock index.
The S&P 500 declined 6.18 points to 2,578.44, with energy as the biggest declining sector. Nordstrom was among the worst performers in the index.
The NASDAQ Composite dropped 12.18 points to 6,737.87
The Dow and S&P 500 were on track to snap an eight-week winning; the NASDAQ was on pace to end a six-week winning streak.
Nvidia posted earnings per share and revenue that easily beat analyst expectations. The company's stock rose 4% and was the best performer in the S&P 500.
Other chip makers, including Micron and Advanced Micro Devices, also saw their shares rise. The semiconductor space has been on fire this year, up more than 40% in 2017.
The retail sector also saw positive earnings surprises, with J.C. Penney shares surging 12% on stronger-than-expected quarterly results.
Nordstrom's results also beat expectations, but the stock fell slightly on a bigger-than-expected decline in same-store sales, a key metric for retailers.
Prices for the benchmark 10-year Treasury note lost ground, raising yields to 2.38% from Thursday’s 2.33%. Treasury prices and yields move in opposite directions.
Oil prices gave back five cents a barrel to $57.12 U.S.
Gold prices faltered $2.10 an ounce to $1,285.40 U.S.
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