Equities in Canada’s largest market fell in early trading on Thursday as Tahoe Resources plunged after its license for a Guatemalan silver mine was suspended, while a bullish outlook from Air Canada boosted its shares.
The S&P/TSX Composite Index stumbled 68.84 points to kick off Thursday’s trading session at 15,084.28
The Canadian dollar regained 0.15 cents to 77.33 cents U.S.
Tahoe dropped $3.60 per share, or 33.4%, to $7.17.
Air Canada got lift of $1.41, or 8.1%, to $18.75.
Barclays cut the target price on Canadian Natural Resources to $34.00 from $50.00.
Natural Resources shares took on seven cents to $36.90.
CIBC raised the price target on Canadian Pacific Railway to $222.00 from $220.00
CP shares were in reverse 55 cents to $210.37.
On the economic slate, Statistics Canada reported our merchandise trade deficit with the world reached $1.1 billion in May, up from a $552-million deficit in April. Imports rose 2.4% and exports were up 1.3%.
The agency also said Canadian municipalities issued $7.7 billion worth of building permits in May, up 8.9% from April and the third highest value on record. The national increase was mainly the result of higher construction intentions for residential buildings, particularly in Ontario.
Seven provinces registered gains in the total value of building permits in May.
ON BAYSTREET
The TSX Venture Exchange moved ahead 2.12 points Thursday to 764.92
All but one of the 12 TSX subgroups were lower soon after the opening bell, as gold sank 1.6%, materials dropped 1.3%, and information technology dipped 1%.
Energy was the only gainer, ahead 0.1%.
ON WALLSTREET
U.S. stocks traded lower on Thursday as a fall in the technology sector dragged down the broader market.
The Dow Jones Industrials regressed 125.56 points to 21,352.61, with Home Depot and Apple contributing the most losses.
The S&P 500 dropped 16.53 points to 2,416.01, with telecommunications and information technology leading all sectors lower.
The NASDAQ stepped back 62.64 points, or 1%, to 6,088.21. Shares of Facebook, Tesla, Apple, Netflix and Google-parent Alphabet all traded lower
Tech — this year's best-performing sector coming into Thursday's session — has been sputtering lately, falling 4% over the past month. The sector was also on track for its fourth losing session in five.
Investors in the U.S. also focused on a series of economic data releases. First, a report from ADP and Moody's Analytics showed the U.S. economy added 158,000 jobs last month, less than the expected 185,000. The report usually serves as a warm-up act for the U.S. Bureau of Labor Statistics' monthly employment report, which is set for release Friday.
Weekly jobless claims, meanwhile, came in at 248,000, slightly higher than the expected 243,000. Other data set for release include the IHS Markit services Purchasing Managers Index and the Institute for Supply Management non-manufacturing index due for release later this morning.
Prices for the benchmark 10-year Treasury note lost strength, lowering yields to 2.37% from Wednesday’s 2.33%. Treasury prices and yields move in opposite directions.
Oil prices gained 79 cents to $45.92 U.S. a barrel
Gold prices strengthened $3.20 to $1,224.90 U.S. an ounce.
