Canadian stocks fell slightly for a third day, as energy producers declined.
The S&P/TSX Composite Index dropped 2.09 points to close Wednesday at 14,063.69. Even so, the index has surged 18% since reaching a two-year low on Jan. 20 and is up 7.5% this year,
The Canadian dollar gained 0.14 cents to 76.5 1 cents U.S.
National Bank of Canada dropped 32 cents to $43.20, as second-quarter profit tumbled 48% after setting aside more money to cover bad energy loans.
Bank of Nova Scotia gained 75 cents, or 1.2%, to $64.89, two days after profit shrank, while Royal Bank of Canada, Toronto-Dominion Bank and Canadian Imperial Bank of Commerce posted better-than-expected results last week.
Royal gained 27 cents Wednesday to $79.10, while TD climbed 25 cents to $57.36, and Commerce took on 18 cents to $101.93.
Suncor Energy ducked back 86 cents, or 2.4%, to $35.36, and Crescent Point Energy retreated 47 cents, or 2.1%, to $21.73, to lead energy producers lower.
Valeant Pharmaceuticals led health-care issues northward, gaining $1.49, or 4%, to $38.91.
Among gold issues, Barrick moved higher 15 cents to $22.07.
On the economic slate, RBC reported that its RBC Canadian Manufacturing PMI came in at 52.1 during May, above the neutral 50.0 mark and only fractionally lower than the 16-month high of 52.2 recorded in April.
ON BAYSTREET
The TSX Venture Exchange subtracted 2.15 points to 675.94
Eight of the 13 TSX subgroups moved into positive territory by day’s end, with health-care better by 0.7%, gold up 0.5%, and utilities up 0.4%.
The five laggards were weighed most by energy, retreating 1.1%, consumer discretionaries down 0.3%, and consumer staples, off 0.2%.
ON WALLSTREET
U.S. stocks closed well off session lows Wednesday, the first trading day of June, helped by an intraday recovery in oil prices and better-than-expected manufacturing data.
The Dow Jones Industrials eked higher 1.92 points to 17,789.12. IBM had the greatest negative impact on the index.
The S&P 500 squeezed up 2.53 points at 2,099.49, with consumer staples leading seven sectors higher and telecommunications the greatest laggard.
The NASDAQ Composite was higher 4.2 points to 4,952.25. Shares of Costco had the greatest positive impact on the NASDAQ. Goldman Sachs upgraded Costco to buy from neutral. Apple traded more than 0.5% lower.
The ISM manufacturing PMI was 51.3 in May. Consensus estimates from Reuters expect a 50.5 print, barely in expansion territory and off slightly from the previous month's 50.8 read.
April construction spending fell 1.8%.
The final read for May on Markit's manufacturing PMI was 50.7. The flash read was 50.5, down from 50.8 in April.
The Fed's Beige Book said there was modest economic growth since the last report. The Beige Book also said tight labour markets were pushing up wages.
Prices for the 10-year Treasury gained ground, lowering yields to 1.84% from Tuesday’s 1.85%. Treasury prices and yields move in opposite directions.
Oil prices gained seven cents a barrel to $49.17 U.S.
Gold prices remained negative $2.32 to $1,213 U.S. an ounce.
