The Toronto stock market was lower amid a forecast that sees slower global economic growth and a heavy slate of positive earnings from the telecom, consumer and industrial sectors.
The S&P/TSX composite index remained negative 44.86 points to greet noon at 14,652.37 – off its lows of the morning.
The Canadian dollar was stronger by 0.56 cents at 91.83 cents U.S.
BCE, WestJet and consumer giant George Weston all posted earnings that beat expectations
Among financials, Toronto Dominion Bank was down 0.5% at $51.98, and Bank of Montreal lost 0.5% to $74.96.
In the materials sector, Potash Corp slipped 1.2% to $39.16.
With the price of bullion falling, Barrick Gold Corp fell 0.7% to $18.97.
On the economic beat, Statistics Canada reported this morning that our exports declined 1.4% in March, while imports edged up 0.4%.
As a result, Canada's trade surplus with the world narrowed from $847 million in February to $79 million in March.
Elsewhere, Western University’s Ivey Purchasing Managers Index (PMI) by the end of April 2014 stood at 54.1, compared to 55.2 in March, and 52.2 in April 2013.
The PMI asks company purchasing managers whether they spent more, less, or the same the month before. A figure above 50 shows an increase while below 50 shows a decrease.
Moreover, the Organization for Economic Co-operation and Development said the global economy will grow by 3.4% this year, down from its forecast of 3.6% growth last November.
Meanwhile, the U.S. economy is forecast to grow 2.6% this year against last November's 2.9% estimate.
The news is better for Canada: economic growth is projected to accelerate to 2.75% by 2015.
ON BAYSTREET
The TSX Venture Exchange fell 0.51 points to 1,008.94
All but two of the 14 Toronto subgroups remained downward at noon, with information technology falling 1.5%, health-care going south 1.2%, and consumer discretionary stocks off 0.7%.
The two gainers were telecoms, up 0.2%, and energy, pumping 0.1% higher.
ON WALLSTREET
Tuesday has been a lucky day for stock market bulls, but this particular Tuesday has been lackluster start.
The Dow Jones Industrial Average fell 67.53 points to 16,463.02
The S&P 500 subtracted 7.72 points to 1,876.95, and the NASDAQ composite index moved backward 21.28 points to 4,116.78.
The S&P 500 has gained every Tuesday for the past eight weeks. So far this year, the index has advanced every Tuesday except for two.
Twitter shares led the plunge this morning, hitting a new low in early trading as the "lockup" period for company insiders to sell the stock expired. Under federal securities law, company founders and executives must wait six months before selling any shares following an initial public offering.
The stock is now trading under $35 U.S. a share -- that's still above its IPO price of $26 U.S. -- but it's the lowest trading price for the social media giant.
It was a far better morning for Apple. Shares are firmly above $600 U.S., a level not seen October 2012. Apple recently announced a stock split that will take place in early June.
Drugmaker Merck announced that it will sell its consumer care business to Bayer AG for $14.2 billion U.S. It was the latest in a recent spate of larger mergers in the pharmaceutical industry. Merck fell slightly in early trading.
DirecTV shares gained after the satellite TV company reported stronger-than-expected earnings, despite a quarterly slide in net profit year over year.
Office Depot shares also surged after announcing solid earnings and plans to close 400 stores.
Well-known brands Groupon, Disney and Whole Foods will report after the close.
Prices for 10-year U.S. Treasuries eked higher, lowering yields to 2.60% from Monday’s 2.61%. Treasury prices and yields move in opposite directions.
Oil prices picked up 72 cents to $100.20 U.S. a barrel.
Gold prices dipped $1.90 to $1,307.40 U.S. an ounce.
