Equities in Canada’s largest centre fell to two-week lows on Thursday as material and gold shares led broad-based declines.
The S&P/TSX Composite Index dived 61.7 points to open Thursday at 15,380.98
The Canadian dollar fell 0.08 cents to 77.83 cents U.S.
Toronto-Dominion Bank reported first-quarter results which were ahead of market expectations, helped by a strong performance in the United States and Canada.
TD shares gained 93 cents, or 1.3%, to $74.93.
Canadian Natural Resources said its fourth-quarter profit beat estimates, boosted by higher oil production and higher prices.
Natural Resources gathered 99 cents, or 2.5%, to $40.74.
Crescent Point Energy reported a smaller loss in the fourth quarter thanks to higher oil prices and production.
Crescent Point shares collapsed 37 cents, or 4%, to $8.86.
Husky Energy reported a higher quarterly profit on Thursday, led by corporate tax cuts in the United States. Husky shares fell 26 cents, or 1.5%, to $16.68.
Australia's competition regulator has raised concerns about a planned billion-dollar takeover of Murray Goulburn Co-operative by Canada's Saputo Inc, threatening a deal Australia's largest dairy processor says is key to its survival. Saputo shares lost 32 cents to $40.69.
Aurora Cannabis on Wednesday received final regulatory approval for the purchase of smaller rival CanniMed Therapeutics, which would make Aurora the world's most valuable weed producer. Aurora shares shot higher 22 cents, or 2.1%, to $10.62, while CanniMed gained 76 cents, or 2.1%, to $36.55.
TD Securities cut the target price on Laurentian Bank of Canada to $58.00 from $64.00. Laurentian shares lost $1.96, or 3.9%, to $48.85.
Piper Jaffray cut the target price on Valeant Pharmaceuticals International to $10 from $12. Valeant shares doffed 70 cents, or 3.3%, to $20.31.
Mexico's economy minister met with top U.S. trade officials on Wednesday midway through the latest push to renegotiate the North American Free Trade Agreement, as concerns about steel added to tensions between the two countries.
The TSX Venture Exchange faded 5.28 points to 823.84
All but one of the 12 TSX subgroups were negative, with gold dulling 1.5%, materials weakening 1.3%, and information technology sliding 1.2%
Only consumer staples were positive, picking up 0.3%.
Stocks traded lower on Thursday as investors listened to fresh testimony from Federal Reserve Chair Jerome Powell.
The Dow Jones Industrials declined 28.44 points to begin Thursday at 25,000.76
The S&P 500 dropped 3.2 points to 2,710.63, with health-care as the worst-performing sector.
The NASDAQ Composite slouched 19.31 points to 7,253.69
Elsewhere, steel and aluminum stocks rose before an expected tariffs announcement from President Donald Trump. U.S. Steel gained 3.8%, and AK Steel boosted 7.1%.
A White House official said Trump will announce tariffs at a meeting Thursday. This comes after word that executives from top U.S. steel and aluminum companies had been invited to the White House for an emergency meeting on Thursday.
The Commerce Department said consumer spending rose 0.2% in January, while personal income rose 0.4%. The core personal consumption expenditures price index, meanwhile, advanced 1.5% on an annualized basis, in line with expectations.
Powell is speaking before the Senate Finance Committee later on Thursday. Earlier this week, he testified before the House Financial Services Committee, where he indicated market volatility won't stop the central bank from raising rates.
Prices for the benchmark 10-year Treasury note eked higher, lowering yields to 2.86% from Wednesday’s 2.87%. Treasury prices and yields move in opposite directions.
Oil prices eased $1.05 a barrel to $60.59 U.S.
Gold prices slid $11.40 at $1,306.50 U.S. an ounce.