Markets experienced a lower opening in Toronto on Thursday on renewed worries over turmoil in Ukraine and as investors digested the latest U.S. GDP data.
The S&P/TSX composite index was down 57.21 points to open Thursday at 15,545.44
The Canadian dollar was up 0.08 cents at 92.11 cents U.S.
Toronto-Dominion Bank reported a higher quarterly profit, boosted by strong gains at its core Canadian retail business and the impact of buoyant capital markets on its investment banking and trading arm. TD began the day’s trading down three cents at $57.70
Canadian Imperial Bank of Commerce reported a higher third-quarter profit, helped by strong gains at its wealth management and investment dealer divisions. CIBC shares tumbled $2.18, or 2.1%, to $103.33.
TD Securities raised the price target on Canacol Energy to $12 from $11.50. Canacol shares acquired six cents in the day’s first hour to $6.55.
ON BAYSTREET
The TSX Venture Exchange gained 2.19 points to 1,021.53.
All but four of the 14 Toronto subgroups were lower at the outset, with global base metals tumbling 1.6%, metals and mining sliding 1.1%, and information technology issues clicking lower by 0.8%.
The four gainers were powered by gold, up 1%, while utilities and materials inched up 0.2% each.
ON WALLSTREET
U.S. stocks dropped early Thursday after worries about Russian aggression toward Ukraine ramped up again, with the S&P 500 pulling back from 2,000 and on pace to snap a three-day winning streak.
The Dow Jones Industrials removed 70.64 points to 17,051.37.
The S&P 500 retreated 5.75 points to 1,994.37. The NASDAQ shed 15.98 points to 4,553.66.
Kiev said Russian forces had entered Ukraine and seized the coastal town of Novoazovsk. A stronger-than-anticipated reading on U.S. economic growth wasn’t enough to push equities higher.
Abercrombie & Fitch Co. and Williams-Sonoma Inc. dropped after their quarterly earnings reports.
Signet Jewelers Ltd. rose in the wake of its quarterly results.
On the economic beat, the second estimate for second-quarter U.S. gross domestic product indicated expansion of 4.2%. Economists polled by MarketWatch had predicted 3.9% growth in GDP, down from an initial read of 4%.
Weekly jobless claims came in at 298,000, a slightly more encouraging result than what was expected by economists surveyed by MarketWatch, who forecast 300,000.
Also this morning, an index that measures how many U.S. homes are ready to be sold is expected to show a rebound in July, after declining in June.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.33% from Wednesday’s 2.36%. Treasury prices and yields move in opposite directions.
Oil prices were up 55 cents to $94.43 U.S. a barrel.
Gold prices surged nine dollars to $1,292.40 U.S. an ounce.
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