Canada's main stock index was set to snap a four-day winning streak on Thursday, retreating from record highs as tech shares slid.
The TSX dwindled 345.68 points to reach noon EST Thursday at 30,481.00.
The Canadian dollar eked down 0.01 cents to 71.36 cents U.S.
In corporate news, Pan American Silver Corp's revenue and profit beat estimates for the third quarter.
Pan American shares remained positive Thursday afternoon by $1.36, or 2.5%, to $56.57.
Manulife Financial reported a rise in third-quarter profit, helped by strong performance in the insurer's Asia unit. Shares in the insurance giant picked up 37 cents, or 1%, to $48.71..
Shares of power company Northland Power fell $5.92, or 23.6%, to $19.15, after reporting a net loss in the third quarter. The wider utility index was down 1.1%.
At least six brokerages raised the target price on CCL Industries following third-quarter results on Tuesday, sending its shares higher $1.26, or 1.4%, to $88.63.
ON BAYSTREET
The TSX Venture Exchange dipped 0.23 points to 918.69.
Seven of the 12 TSX subgroups were negative in the first hour, as information technology skidded 2.7%, utilities fell 1%, and health-care slumped 0.6%.
The five gainers were led by energy, traveling higher 0.8%, while gold and materials each picked up 0.5%.
ON WALLSTREET
Stocks pulled back on Thursday after a continued market rotation powered the Dow Jones Industrial Average to fresh highs.
The 30-stock index lost 479.84 points, or 1%, from Wednesday’s all-time high to pause for lunch Thursday at 48,774.98.
The S&P 500 gave back 85.97 points, or 1.3%, to 6,765.32, with declines in the communication services and information technology sectors leading the way
The NASDAQ tumbled 448.42 points, or 1.9%, to 22,958.03.
Despite the NASDAQ starting off the week strong, pressure has since resumed as investors continued to sell shares of technology companies, especially those in the artificial intelligence trade, amid worries about their valuations.
The tech-heavy index was on track to close with a third straight day of losses Thursday, weighed down by heavyweights Nvidia, Broadcom and Alphabet.
Disney was one the key laggards during the session as well, with shares falling 9% on mixed results for the company’s fiscal fourth quarter.
Wednesday again saw a divergence between tech stocks and other groups.
Prices for the 10-year Treasury lost strength, raising yields to 4.10% from Wednesday’s 4.07%. Treasury prices and yields move in opposite directions.
Oil prices rallied 51 cents to $59.09 U.S. a barrel.
Gold prices ditched $8.20 to $4,205.40 U.S. an ounce.
Dow Stumbles by Noon
Related Stories
