TSX Falls by Noon Hour

TD, Capstone in Vogue

Canada's main stock index rose on Thursday, as mining stocks tracked higher metal prices amid Russian supply concerns, while Canadian Natural Resources gained after reporting strong results.

The S&P/TSX Composite gave up morning gains and slid 38.9 points, to 21,216.74.

The Canadian dollar dipped 0.12 cents at 78.95 cents U.S.

Capstone Mining was among the top gainers on the market, picking up 37 cents, or 5.4%, to $7.19.

First Quantum Minerals surged $2.10, or 5.7%, to $38.82, and Ero Copper heightened $1.02, or 5.6%, to $19.26.

Canadian Natural Resources jumped $3.65, or 5%, to $76.47, after it posted a fourth-quarter profit that beat estimates and hiked its dividend.

Toronto-Dominion Bank fell $2.06, or 2%, to $99.43 as higher variable expenses and weaker growth in interest income than peers left some analysts underwhelmed.

ON BAYSTREET

The TSX Venture Exchange remained in the minus category 8.04 points to 846.92.

The 12 TSX subgroups were divided evenly as afternoon approached, as consumer staples and communications each took on 0.9%, and as materials gained 0.7%.

The half-dozen losing groups were weighed most by health-care, down 2.6%, consumer discretionary stocks, off 1.5%, and information technology, sliding 1%.

ON WALLSTREET

U.S. stocks fell on Thursday as rapid moves in the energy and bond markets slowed and investors monitored the war in Ukraine.

The Dow Jones Industrials peeked lower 0.61 points to 33,890.74.

The S&P 500 decreased 10.94 points to 4,375.78.

The NASDAQ fell 132.67 points to 13,619.35

Software was a weak spot in morning trading, with Okta and Snowflake tumbling after their quarterly reports. Tesla dropped 2.6%, while Amazon lost more than 1%.

Some more defensive names supported the Dow, with health care stocks like Amgen outperforming. Transport stocks were also a strength, with Union Pacific rising more than 3%.

Some on Wall Street are arguing that the market is close to or has already found its bottom for the year. On Thursday, strategists at Citi upgraded their view on U.S. stocks and the global IT sector.

On the earnings front Thursday, shares of Best Buy rose more than 4% after the retailer met earnings expectations and hiked its dividend, and Kroger climbed 7.7% after beating estimates on the top and bottom lines.

However, BJ’s Wholesale and Burlington Stores were down sharply in early trading after their earnings reports.

Markets continued to watch the situation in Ukraine, where fighting entered its second week. Ukrainians maintained the capital city of Kyiv, while heavy shelling hit Maripol and Kharkiv.

Markets have been volatile in recent sessions as investors assess risks to the U.S. economy fueled by Russia’s war in Ukraine.

On the economic front, jobless claims for last week came in at 215,000. That was lower than the 225,000 expected by economists, according to Dow Jones. The reading comes ahead of February’s highly-anticipated jobs report, which will be released Friday.

Prices for the 10-Year Treasury moved higher, thus lowering yields to 1.85% from Wednesday’s 1.91%. Treasury prices and yields move in opposite directions.

Oil prices retreated three cents to $110.57 U.S. a barrel.

Gold prices hiked $8.10.80 to $1,933.10.