Investors likely took profits Thursday from massive gains earned Wednesday, as indexes slumbered, mostly in technology and resource stocks.
The S&P/TSX Composite Index dropped 75.55 points to conclude Thursday at 15,454.42
The Canadian dollar dropped 0.21 cents to 78.98 cents U.S.
Tech stocks took the most punishment, as BlackBerry ducked lower 18 cents, or 1.3%, to $13.44, while Constellation Software dipped $15.99, or 1.8%, to $880.02.
Among material stocks, Teck Resources gave back 27 cents to $33.75, while Zenyatta Ventures lost seven cents, or 13%, to 47 cents.
Consumer discretionary shares were battered, too, as Magna International slumped $1.53, or 2%, to $74.10, while Gildan Activewear fell 13 cents to $37.11.
The energy sector, which accounts for nearly a fifth of the index's weight, advanced, helped by a 58-cent, or 1.3%, rise in shares of
Canadian Natural Resources and other oil and gas producers. CNQ’s price registered at $45.70 by the closing bell. Suncor Energy gathered 13 cents to $48.74.
Gold stocks inched their way upward, as Barrick Gold's unit, Acacia Mining, reported that its profit halved in the first quarter mainly due to lower production at its flagship mine. Barrick shares moved up eight cents to $16.82, while Goldcorp tacked on seven cents to $18.22.
On the economic front, Statistics Canada reported that the number of regular Employment Insurance beneficiaries decreased by 11,300, or 2.3%, in February to 480,200, the lowest level since comparable data became available in 1997.
ON BAYSTREET
The TSX Venture Exchange settled 0.5 points to 802.10
All but two of 12 TSX subgroups were lower Thursday, with information technology slumbering 0.9%, materials down 0.7%, and consumer discretionary off 0.6%.
The two gainers were energy, up 0.3%, and gold, brightening 0.2%.
ON WALLSTREET
U.S. stocks fell on Thursday after a major Asian chipmaker delivered a disappointing forecast which dragged the technology sector lower.
Investors also fretted over rising interest rates.
The Dow Jones Industrial Average came off its lows of the day, but still negative 83.18 points to 24,664.89, with Apple among the worst-performing stocks in the index.
The S&P 500 lost 15.51 points to 2,693.13, with technology down 1.1%, and consumer staples slouching 3.1%
The NASDAQ Composite index jettisoned 57.18 points to 7,238.06
The major indexes pared losses in the last hour of trading after Bloomberg News reported that Deputy Attorney General Rod Rosenstein told President Donald Trump last week he is not the target of an investigation by special counsel Robert Mueller.
Trump has told associates he no longer wants to fire Rosenstein now, the report said. Earlier this month, The Washington Post reported earlier this month that Mueller told Trump's lawyers that Trump himself was not a criminal target of his investigation at that point.
Taiwan Semiconductor Manufacturing said Thursday it expects second-quarter revenue to range between $7.8 billion and $7.9 billion, well below a Wall Street consensus estimate of $8.8 billion.
The announcement weighed on the entire technology sector. Shares of Apple fell 2.8%, while Nvidia, Micron and Advanced Micro Devices all declined at least 2.4%.
The corporate earnings season continued on Thursday, as Procter & Gamble, Bank of New York Mellon and Blackstone all reported better-than-expected earnings.
Earnings have been strong thus far. According to Thomson Reuters I/B/E/S, 77% of the S&P 500 companies that had reported through Thursday morning surpassed earnings expectations. Meanwhile, 75% of those companies topped sales estimates.
Elsewhere in corporate news, Amazon CEO Jeff Bezos revealed the company has 100 million Prime members in his annual letter to shareholders. The stock rose nearly 2%.
In data news, weekly jobless claims totaled 232,000, slightly more than expected. The Philadelphia Fed index hit 23.2 for April, higher than estimates of 20.
Prices for the benchmark 10-year Treasury note faltered, raising yields to 2.91% from Wednesday’s 2.88%. Treasury prices and yields move in opposite directions.
Oil prices slid 31 cents a barrel to $68.16 U.S.
Gold prices fell $4.90 to $1,348.60 U.S. an ounce.
