Canada's main stock index opened lower on Thursday as a fall in gold prices hit shares of precious metals miners, and trade tensions between the United States and China escalated as their new tariffs took effect.
The S&P/TSX Composite Index dropped 36 points to open Thursday at 16,311.34
The Canadian dollar sank 0.37 cents to 76.59 cents
Gold stocks suffered the most, as Barrick Gold dropped nine cents to $13.41, while Kinross Gold doffed two cents to $3.76.
Canadian Imperial Bank of Commerce reported third-quarter earnings that beat market expectations with the help of strong performances from all its businesses.
CIBC shares gained 93 cents to $122.66.
Bombardier on Wednesday appointed Danny Di Perna as its aerospace unit's chief operating officer. Bombardier shares were static at $4.61.
Eight Capital raised the price target on Royal Bank Of Canada to $122.00 from $119.00. Royal shares dipped 40 cents to $103.57.
On the economic beat, Statistics Canada reported that, in June, 460,000 people received regular Employment Insurance benefits, up 3,800, or 0.8%, from May.
ON BAYSTREET
The TSX Venture Exchange inched up 0.5 points to 699.37
Eight of the 12 subgroups were down in the first hour of trading, as gold tumbled 1.4%, materials were weaker 1.1%, and consumer discretionary stocks slipped 0.6%.
The four gainers were led by information technology, up 0.7%, health-care, ahead 0.5%, and industrials, nudging up 0.1%.
ON WALLSTREET
Stocks traded little changed on Thursday as renewed legal issues and an ongoing trade war between the U.S. and China hindered investor sentiment.
The Dow Jones Industrial Average dropped 14.69 points to 25,718.91, as Caterpillar fell. Caterpillar fell 1.5%, while Boeing, also a bellwether of global trade, fell 0.1%
The S&P 500 nudged ahead 3.32 points to 2,865.14, as tech outperformed and energy lagged.
The NASDAQ grew 27.91 points to 7,917.01
Shares of AMD rose more than 2% after analysts at Rosenblatt Securities hiked their price target on the stock to $30 from $27, highlighting the company's manufacturing advantage against Intel.
Tempur Sealy's stock rose about 2% after KeyBanc Capital Markets upgraded it to overweight, noting it could benefit from Mattress Firm's expected bankruptcy and negotiate a new partnership with the retailer.
Weekly jobless claims slipped by 2,000 to 210,000 last week despite the ongoing trade worries, the U.S. Labor Department said. Economists expected claims to rise to 215,000.
The data come as leading central bankers meet for an economic symposium at Jackson Hole in Wyoming, where they will discuss the future of monetary policy. Federal Reserve Chair Jerome Powell will address attendees in a speech Friday.
President Donald Trump's former lawyer, Michael Cohen, pleaded guilty to eight counts related to tax fraud, campaign contributions, making false statements to a financial institution, and unlawful corporate contributions.
Cohen also admitted to making payments to two women at the direction of Trump. Meanwhile, former Trump campaign manager Paul Manafort was found guilty on eight counts in a separate case.
The legal troubles have raised questions about whether Trump will remain in office.
Prices for the benchmark for the 10-year U.S. Treasury stayed put, keeping yields at Wednesday’s 2.82%.
Oil prices slid 14 cents at $67.72 U.S. a barrel.
Gold prices eased $5.20 to $1,298.10 U.S. an ounce.
