The Toronto stock market was little changed Thursday afternoon ahead of a much-anticipated U.S. job creation report coming out Friday that could provide an indication of where the Federal Reserve will go in cutting back on stimulus.
The S&P/TSX composite index inched up 14.78 points to close the day at 13,629.41.
The Canadian dollar slipped off another 0.25 cents to 92.15 cents U.S.
The industrials sector advances as Canadian Pacific Railway was ahead $3.45 to $161.19.
The Transportation Safety Board says their preliminary investigation into a Canadian National Railways train derailment in northwestern New Brunswick has found a cracked wheel and a broken rail but it's too early to say what caused the train to leave the tracks.
A CN spokesman says the priority now is to extinguish the fire on three cars carrying crude oil and liquefied petroleum gas, along with burning diesel.
CN shares were six cents lower at $58.57.
Financials also turned positive with Manulife Financial ahead 64 cents to $21.99.
The base metals sector was down as March copper lost four cents to $3.30 U.S. a pound. Teck Resources dropped 56 cents to $25.72 while HudBay Minerals fell 24 cents to $8.57.
The energy sector also weighed on the TSX, down in strength as Husky Energy Inc. has given the green light to two new heavy oil construction projects in Saskatchewan in the Lloydminister region.
Husky says the two projects will deliver a total of 20,000 barrels per day, with the first oil expected in 2016. Its shares were down three cents at $33.19.
The gold sector was flat with Goldcorp gained 44 cents to $24.31.
On the earnings front, Quebec-based pharmacy chain Jean Coutu had $62.5 million of net income or 30 cents a share in its fiscal third quarter, an increase from $56.2 million a year earlier and two cents higher than analyst estimates.
However, the Jean Coutu's revenues were below estimates, falling to $712.5 million from $716.6 million. Its shares slipped 14 cents to $18.49.
Economically speaking, Canada Mortgage and Housing Corporation reported that housing starts in December came in at 195,760 units compared to 196,430 in November.
Moreover, contractors took out $6.8 billion worth of building permits in November, down 6.8% from the month before, while Statistics Canada’s new housing price index was unchanged in the same month, following a 0.1% advance in October.
Canadian jobs data also comes out on Friday with expectations that about 13,000 jobs were cranked out during December.
ON BAYSTREET
The TSX Venture Exchange eked up 0.54 points to 956.40
Losing groups outnumbered gainers eight to six, among the 14 TSX subgroups. Metals and mining stocks dipped 1.9%, global base metals were down 1.1%, and gold was off 0.9%.
The half-dozen gainers were led by health-care, up 1.6%, while industrials moved ahead 0.6% and financials surged 0.5%.
ON WALLSTREET
Stocks barely budged Thursday as investors digested the latest economic data and awaited the government's key jobs report Friday.
The Dow Jones Industrial Average slumped 17.98 points to end the day at 16,444.76
The S&P 500 index inched up 0.64 points to 1,834.08. The NASDAQ went south 9.42 points to 4,156.19, dragged down by an 8% drop in wireless chip company ARM Holdings after Goldman Sachs downgraded the stock.
On the corporate front, Macy's shares surged after the department store operator revealed cost-cutting plans late Wednesday that included laying off 2,500 workers and closing five stores.
Bed Bath & Beyond tumbled more than 12% after the retailer reported quarterly earnings that missed estimates and was downgraded by an analyst at Credit Suisse.
Family Dollar shares plunged after the budget-oriented retailer missed estimates for revenue and profits, reported a drop in same-store sales and lowered its guidance for the year.
Airline stocks took off, with United Continental Holdings soaring 7% after reporting an increase in revenues for December. Delta Airlines hit an all-time high.
Shares rose for Costco after it reported an increase in same-store sales.
Twitter dropped after a bearish analyst report from Cowen & Co. Twitter's stock has fallen recently due to concerns about its valuation.
Aluminum producer Alcoa was down after reaching a $384-million U.S. agreement with the Securities and Exchange Commission relating to allegations that it bribed officials in Bahrain in its business dealings there. The company will report fourth quarter results after the bell.
On the economic slate, the U.S. Labor Department said Thursday that the number of people filing jobless claims for the first time last week fell to 330,000, a drop of 15,000 compared to the previous week and better than what economists were predicting.
On Friday, the government will release its all-important December jobs report.
Economists predict the report will show 193,000 jobs were added in December, consistent with the solid hiring during the last four months of 2013. The unemployment rate is expected to remain at 7%.
Prices for 10-year U.S. Treasuries were higher, lowering yields to 2.96% from Wednesday’s 2.99%. Treasury prices and yields move in opposite directions.
Oil prices eased four cents at $92.29 U.S. a barrel.
Gold prices increased $2.50 to $1,228.00 U.S. an ounce.
