A three-day rally in Canada's main stock index stalled on Thursday, as shares of precious metal miners slipped and investors waited for further progress in U.S.-China trade talks.
The S&P/TSX Composite Index moved down 12.66 points to move into noon hour ET at 16,267.20
The Canadian dollar lost 0.12 cents at 74.84 cents U.S.
Among the largest percentage gainers on the TSX were Celestica, which jumped 14 cents, or 1.2% to $11.62, and Gran Tierra Energy, which rose four cents, or 1.2%, to $3.06
Oceanagold Corp fell seven cents, or 1.8%,, the most on the TSX, to $3.89, followed by Kinross Gold, down five cents, or 1.1%, to $4.49
On the economic beat, Western University’s IVEY School of Business reported its Purchasing Managers Index for March, The PMI measured 54.3 in March, up substantially from the 50.6 registered in February, but significantly lower than the 59.8 issued in March 2018.
ON BAYSTREET
The TSX Venture Exchange skidded 3.71 points to 624.84
Eight of the 12 Toronto subgroups were lower midday, as information technology retreated 1.5%, while energy stocks slipped 0.7%, and real-estate fell 0.5%.
The four gaining subgroups were led by consumer discretionary issues, up 0.5%, while materials and financials each gathered 0.2%.
ON WALLSTREET
The Dow Jones Industrial Average rose on Thursday as investors waited for more news on a potential trade deal between China and the U.S.
The 30-stock index leaped 155.62 points to break for lunch hour at 26,373.75, led by a 2.7% gain in Boeing.
The S&P 500 gained 2.51 at 2,875.87,
The NASDAQ Composite backtracked 10.55 points to 7,885
Boeing rose despite Ethiopia saying the company must review the "controllability" of its 737 Max 8 jet. This comes after an Ethiopian Airlines flight operated with a 737 Max 8 crashed last month.
Facebook shares rose nearly 1.7% after Guggenheim upgraded the social media company to buy from neutral, citing "stable" user trends and investors feeling more comfortable with the company's privacy issues.
Tesla shares dropped about 9% after the company said it delivered fewer-than-expected Model 3 cars in the first quarter.
The Wall Street Journal reported that President Donald Trump expects to announce the date of a trade summit with Chinese leader Xi Jinping later in the day, lifting market sentiment. Trump is due to meet with Chinese Vice Premier Liu He at the White House on Thursday.
Prices for the benchmark 10-year U.S. Treasury inched up, lowering yields to 2.51% from Wednesday’s 2.52%. Treasury prices and yields move in opposite directions.
Oil prices slid nine cents to $62.37 U.S. a barrel.
Gold prices faded $7.80 to $1,287.50 U.S. an ounce.
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