Canada's main stock index struggled into positive territory on Thursday, reclaiming a record high from the previous session, as slipping gold prices weighed on mining stocks.
The TSX fought its way into the green 16.66 points by noon EDT Thursday at 35,432.86.
The Canadian dollar inched up 0.01 cents to 71.25 cents U.S.
In company news, Cogeco Communications missed third-quarter revenue estimates late on Wednesday, on a lower U.S. subscriber base.
Cogeco shares captured 67 cents to $65.02.
Among gold plays, 5N Plus swooned $3.05, or 8.4%, to $33.29, Americas Gold and Silver lopped off 36 cents, or 6.4%, to $5.28, and AbraSilver Resource handed over 92 cents, or 6.3%, to $13.65, BlackBerry fell to a three-week low, falling $1.55, or 10.4%, to $13.42.
TFI International emerged as the top gainer, rising $7.28, or 15%, to $220.42. after a rating upgrade by Scotiabank.
On the trade front, U.S. Trade Representative Jamieson Greer noted progress in formal trade talks with Mexico, while ?discussions with Canada ?had yet to produce concessions sought by President ?Donald Trump as he pushes to reduce U.S. trade ?deficits with the two countries.
Earlier this month, ?the Trump administration said it will not ?renew the USMCA ?trade agreement, but that the pact would remain in effect until the issues were ?resolved or the agreement terminated.
On the economic slate, Canada Mortgage and Housing Corporation reported housing starts were down 6% from the previous month to a seasonally adjust annual rate of 239,000 units in June, compared to a downwardly revised 253,000 units in May and falling short of markets expectations of 258,000 units.
ON BAYSTREET
The TSX Venture Exchange dumped 22.94 points, or 2.6%, to 854.85.
All but three of the 12 TSX subgroups were positive midday, led by consumer discretionaries, up 2.4, industrials, ahead 2.3%, and telecoms, better by 2%.
The three laggards were gold, down 2.1%, materials, retreating 2.9%, and financials, off 0.1%.
ON WALLSTREET
The S&P 500 was little changed on Thursday, as the broader index fought higher on the back of solid earnings even as a slide in chip stocks
weighed on equities.
The Dow Jones Industrials gained 64.56 points to 52,723.20, thanks to a more than 3% advance in UnitedHealth, which easily topped earnings expectations.
Earnings season is off to a strong start this week. Of the 40 S&P 500 companies that have already reported, more than 87% reported positive surprises. The major banks, which are considered a bellwether for economic activity, crushed second quarter earnings expectations earlier in the week.
The much broader index gained 28.82 points to 7,572.41
The NASDAQ Composite regained 162.22 points to 26,269.23.
Taiwan Semiconductor declined by 2%, as an increase in its spending forecast overshadowed a better-than-expected second-quarter report.
The company expects capital expenditures to clock in between $60 billion and $64 billion for the year, up from a prior guidance in the range of $52 billion to $56 billion.
Techs gained, led by a more than 6% drop in Arm Holdings. Shares of Micron Technology lost 4% and Advanced Micro Devices was lower by more than 3%. Broadcom was lower by more than 3%. The U.S.-listed shares of SK Hynix slid more than 7%.
The latest raft of economic data continued to show a U.S. consumer holding up in the face of higher pricing pressures.
Jobless claims for the week ending July 11 came in at a seasonally adjusted 208,000, lower than the 218,000 expected by economists polled by Dow Jones. Retail sales met expectations, up 0.2%.
Prices for the 10-year Treasury hiked, lowering yields to 4.57% from Wednesday’s 4.55%. Treasury prices and yields move in opposite directions.
Oil prices dropped 26 cents to $79.34 U.S. a barrel.
Gold prices dumped $40.30 to $3,998.40 U.S. an ounce.
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