Stocks in Toronto edged lower on Wednesday, weighed down by financial stocks and ahead of a meeting between the United States and the European Union presidents that is likely to focus on trade.
The S&P/TSX Composite Index slid 22.46 points to approach noon hour ET Wednesday at 16,367.67
The Canadian dollar gained 0.19 cents at 76.19 cents U.S.
Top drags on the financials were shares of Royal Bank of Canada, which slipped $1.37, or 1.3%, to $100.66, and Brookfield Asset Management, which dropped 25 cents to $55.07.
The industrials sector, however, rose on a 3.3% rise in shares of Canadian National Railway after the company reported a better-than-expected quarterly profit. CNR shares hiked $3.47, or 3.1%, to $115.47.
Industrials were also boosted by a rise of $6.67, or 11.6%, in shares of Toromont Industries, which also reported quarterly results. Toromont reached noon hour at $64.36.
Among other earnings reports, Canadian grocery Loblaw quarterly profit topped analysts' estimates, driven by higher food and drug same-store sales. Loblaw shares ditched 40 cents to $68.36.
Stella Jones fell $1.58, or 3.4%, to $45.28, to become the top decliner on the TSX after posting quarterly results. The second-biggest decliner was Magna International, down $3.31, or 4.3%, to $73.67.
ON BAYSTREET
The TSX Venture Exchange moved higher 0.68 points to 707.10.
Seven of the 12 TSX subgroups lost ground, primarily consumer discretionaries, down 1.6%, materials, surrendering 0.7%, and telecoms, off 0.6%.
The five gainers were led by industrials, up 1.5%, utilities, ahead 0.5%, information technology, better by 0.3%
ON WALLSTREET
Stocks in New York remained in the red, after Boeing and General Motors issued disappointing profit guidance.
The Dow Jones Industrials came off its lows of the morning, but still trailed Wednesday’s close by 58.64 points to 25,183.30, as Boeing dropped 3% while General Motors fell 7.5%. Both companies reported better-than-expected quarterly earnings, but their full-year forecasts disappointed Wall Street.
Boeing reaffirmed its 2018 earnings forecast while General Motors slashed its estimates, citing "recent and significant increases in commodity costs" as well as currency headwinds for the cut.
The S&P 500 gained 3.65 points to 2,824.25
The NASDAQ gained 27.9 points to 7,868.76, as Google-parent Alphabet rose 0.3%, while Facebook and Amazon gained 0.1% each.
Anthem and Dow-component Coca-Cola also reported earnings that topped estimates. Shares of Anthem traded 7.4% higher, while Coca-Cola rose more than 2%.
Facebook and Qualcomm are among the companies scheduled to report after the close. Wall Street has high hopes for this earnings season, with analysts expecting a 20% year-over-year increase in second-quarter profits.
Nearly 30% of S&P 500 companies have reported quarterly results thus far. Of those companies, 82.6% have reported better-than-expected earnings
Investors also looked ahead to a meeting in Washington between President Donald Trump and European Commission President Jean-Claude Juncker. The two leaders are expected to discuss improving transatlantic trade relations among other subjects.
Prices for the benchmark for the 10-year U.S. Treasury made slight gains, lowering yields to 2.93% from Tuesday’s 2.95%. Treasury prices and yields move in opposite directions.
Oil prices gained 66 cents to $69.18 U.S. a barrel.
Gold prices regained $3.10 to $1,228.60 U.S. an ounce.
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