RBC on Rise, TD Flounders
Toronto stocks inched lower in choppy trading on Thursday as healthcare and technology stocks led the declines, while the Canada's second largest bank Toronto-Dominion fell after it missed profit estimates on bigger credit-loss provisions.
The TSX handed back 49.83 points to move into Thursday afternoon at 19,829.96.
The Canadian dollar dipped 0.24 cents to 73.70 cents U.S.
Heavyweight financials sector gained 0.2% as shares of Royal Bank of Canada rose $1.83, or 1.5%, to $122.09 after the country's largest bank reported better-than-expected quarterly profit.
However, limiting gains among financials, TD shares fell $1.74, or 2.1%, to $81.62, after the company missed estimates for quarterly profit, hurt by higher expenses and rainy day funds to cover for unpaid loans.
TD Bank was among the worst performers on the benchmark index.
Elsewhere, BCE Inc rose 82 cents, or 1.5%, to $55.67, after brokerage National Bank of Canada upgraded the stock.
ON BAYSTREET
The TSX Venture Exchange lost 4.1 points to 589.41.
The 12 TSX subgroups were equally divided, as real-estate, financial and utility stocks each advanced 0.4%.
The half-dozen laggards were weighed most by health-care, down 1%, materials, off 0.4%, and gold, sliding 0.3%.
ON WALLSTREET
Stocks fell Thursday as excitement around blockbuster Nvidia results failed to boost the broader market, and investors looked ahead to a key speech from Federal Reserve Chairman Jerome Powell.
The Dow Jones Industrials flopped 189.07 points to greet noon EDT at 34,283.91.
The S&P 500 index dropped 35.78 points to 4,400.23.
The NASDAQ index lost 181.11 points, or 1.3%, to 13,539.92.
Nvidia shares gained 2.8% and reached an all-time high after the company reported quarterly earnings and revenue that exceeded lofty analyst expectations. The company also raised its guidance, with executives predicting third-quarter revenue would climb to $16 billion, or a year-over-year increase of 170%.
This marks the second straight quarterly report from Nvidia that blew away expectations. The first-quarter numbers, released in May, helped stoke investor interest in artificial intelligence, which became a key market driver in the first half of the year. Interest in the chip stock catapulted its value to more than $1 trillion.
However, that wasn’t enough to lift the broader tech sector. Shares of Amazon lost 2.2% and Apple declined 1.8%, while Netflix shed 4.4%.
Thursday’s moves come as investors await comments from Federal Reserve Chair Jerome Powell from Jackson Hole, Wyoming, on Friday, which Wall Street hopes will provide insight toward the path of benchmark interest rates.
Prices for the 10-year Treasury were down, raising yields to 4.22% from Wednesday’s 4.19%. Treasury prices and yields move in opposite directions.
Oil prices fell three cents to $78.86 U.S. a barrel.
Gold prices regained 90 cents to $1,949.00 U.S. an ounce.
