Canada's main stock index capsized by noon on Thursday, weighed by resource issues, as investors south of the line waited for word from the country’s top central banker.
The TSX Composite Index slid into minus country 51.01 points to break for lunch Thursday at 21,947.37.
The Canadian dollar faded 0.2 cents to 79.88 cents U.S.
Pot producers had the spotlight in the morning, including Canopy Growth, edging up a penny to $7.16, Tilray Brands, down two cents to $6.74, and Aurora Cannabis, down four cents, or 1%, to $3.98.
ON BAYSTREET
The TSX Venture Exchange dropped 14.1 points to 871.25.
Seven of the 12 TSX subgroups were higher, with health-care picking up 1.5%, information technology ahead 1%, and consumer discretionary stocks up 0.9%.
The five laggards were weighed most by gold, falling 2.4%, materials declining 1.3%, and consumer staples sliding 0.8%.
ON WALLSTREET
A rally on Wall Street waned Thursday, as traders assessed rising rates ahead of remarks from Federal Reserve Chairman Jerome Powell.
The Dow Jones Industrials came off its highs of the morning, but stayed afloat 47.74 points to 35,208.53.
The S&P 500 ditched 2.08 points to 4,457.37.
The NASDAQ Composite lost 37.08 points to 13,415.99. Even so, all the major averages are on pace to end the week higher.
Powell is set to speak at 1 p.m. ET during the International Monetary Fund Debate on the Global Economy.
Tesla rose about 6% after better-than-expected earnings. Those numbers were propelled in part by strong car deliveries in the quarter. Several analysts lauded Tesla after the release, with one calling it a “core holding.”
United added roughly 12% after the airline forecast a profit in 2022.
More than 17% of S&P 500 companies have reported earnings through Thursday’s open, with nearly 81% of those names beating analyst expectations, according to FactSet.
On the downside, Warner Bros. Discovery retreated 8.3% after news of the company shutting down CNN+.
Despite market expectations for a series of aggressive interest rate increases,
In economic data, initial jobless claims came in slightly higher than expected at 184,000 for the week ending April 16, showing a decline of 2,000. Dow Jones analysts estimated 182,000 first-time claims.
Treasury prices fell, raising yields to 2.94%, from Wednesday’s 2.84%. Treasury prices and yields move in opposite directions.
Oil prices added $2.10 at $104.29 U.S. a barrel.
Gold prices faltered $14.20 to $1,941.40 U.S. an ounce.
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