Canada's main stock index was headed for its fifth straight decline on Thursday as losses by the main financials, energy and materials sectors offset gains from companies reporting positive quarterly results.
The S&P/TSX composite index slid 79.24 points to move into noon hour at 14,227.88
The Canadian dollar remained higher 0.14 cents at 76.87 cents U.S.
Suncor Energy Inc retreated of 1.2% to $33.15, followed closely by Enbridge Inc, which fell 1% to $55.18.
Valeant Pharmaceuticals International Inc had the biggest positive impact on the TSX, with shares rising 3.7% to $323.77 after it reported a higher-than-expected quarterly profit. Strength in its U.S. dermatology business bolstered results.
Canada's largest grocer, Loblaw Cos Ltd, climbed 2.8% to $69.47 after it also posted upbeat results and said it would be closing more than 50 stores, a move expected to help future earnings.
Rogers Communications Inc rose 1.6% to $44.53 after the company said it added wireless accounts in the second quarter, marking progress as it seeks to fix customer service and billing as part of a broader strategic overhaul.
On the economic side of things, Statistics Canada reported that retail sales rose 1.0% to $43.0 billion in May. After steep declines in December and January, retail sales increased for the third time in four months to reach a new high.
The agency also reported that Canadians drawing regular employment insurance benefits increased 4,800 in May over April to 527,100, an increase of 0.9%.
ON BAYSTREET
The TSX Venture Exchange dipped 2.16 points to 606.60.
Of the 14 TSX subgroups, nine were lower, as metals and mining stooped 4.4%, gold was down 3.1%, and materials slid 2.6%.
The five gainers were led by consumer staples, climbing 1.2%, health-care, better by 0.9%, and telecoms, ahead 0.7%.
ON WALLSTREET
U.S. stocks turned lower after initially attempting gains on Thursday as investors focused on a slew of mostly lackluster earnings reports.
The Dow Jones industrial average fell 98.78 points by noon to 17,752.26, as Caterpillar, 3M and American Express each fell more than 3%.
The S&P 500 faltered 6.91 points to 2,107.24, despite Apple and Microsoft advancing about 1%. Amazon fell more than 2% ahead of its earnings report after the close.
The NASDAQ index scaled back 0.18 points to 5,171.59.
Caterpillar fell more than 3.5% to a multi-year low after reporting earnings per share that matched estimates, but revenue that missed.
The firm also cut its revenue forecast for the year. The heavy equipment maker cited currency impact and a soft economic environment, but said it is controlling costs and will be in position to take advantage of improving conditions when they occur.
General Motors jumped 4% after posting record North American profit and forecast that the second half of the year will be stronger than the first. The automaker reported earnings per share that beat by 21 cents U.S., but revenue that missed sharply, mostly due to currency headwinds.
3M traded more than 2% lower after the firm reported revenue that missed expectations and earnings per share that beat by two cents. 3M noted a mixed economic environment, but said it was nonetheless able to expand profit margins.
American Express fell more than 3%. The financial firm reported after the close Wednesday that it earned $1.42 U.S. per share, 10 cents above estimates. Revenue missed expectations, but the company benefited from job cuts and other cost savings.
Under Armour jumped nearly 9% to an all-time high after it reported earnings that beat on both the top and bottom line. The athletic apparel brand saw strong demand for both its Stephen Curry-branded shoes and its training apparel.
McDonald's traded mildly higher after the fast-food chain posted quarterly adjusted earnings of $1.26 U.S. a share, topping estimates, while revenue was slightly higher than estimates. However, global comps declined.
After the closing bell, Amazon.com, Starbucks and Visa post results.
In economic news, weekly jobless claims came in at 255,000, their lowest level since 1973.
The June leading economic indicator index came in at 123.6, a gain of 0.6%.
Prices for 10-year U.S. Treasuries gained slightly, lowering yields to 2.31% from Wednesday’s 2.33%. Treasury prices and yields move in opposite directions.
Oil prices dropped 14 cents a barrel to $49.05 U.S.
Gold prices remained positive $1.50 to $1,093 U.S. an ounce.
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