Markets in Canada’s largest centre slipped on Thursday as falling gold prices led to losses in shares of precious metals miners, with new U.S-China tariffs weighing on the sentiment.
The S&P/TSX Composite Index dropped 14.99 points – off its lows of the morning -- to move into noon hour at 16,332.35
The Canadian dollar fell 0.31 cents to 76.65 cents
Gold issues were hit particularly hard, as Detour Gold Corp fell 40 cents, or 3.7%, the most on the TSX, to $10.32, while the second biggest decliner was First Majestic Silver down 36 cents, or 5%, to $6.81.
Canadian Imperial Bank of Commerce CM.TO rose $1.17, or nearly 1%, to $122.90, after the country's fifth-biggest lender, reported third-quarter earnings which beat expectations.
The largest percentage gainer on the TSX was Air Canada, up 49 cents, or 1.9%, to $27.01, and Shopify, popping $2.44, or 1.4%, to $181.01.
The most heavily traded shares by volume were Aurora Cannabis down four cents to $8.01, after the company received approval from Health Canada to produce cannabis softgel capsules at its Aurora Vie facility.
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 dipped 0.87 points to 698
Seven of the 12 subgroups had grown positive, with health-care soaring 0.9%, information technology surging 0.6%, and industrials up 0.2%.
The five laggards were weighed most by gold, down 1.7%, materials, weaker by 1.4%, and consumer discretionary issues, off 0.7%
ON WALLSTREET
Stocks fell on Thursday as an ongoing trade war between the U.S. and China and worries of renewed legal issues for President Donald Trump dampened investor sentiment.
The Dow Jones Industrial Average plummeted 93.39 points to 25,640.21, as Caterpillar lagged.
The S&P 500 faltered 4.72 points to 2,857.10, with materials falling more than 0.5%
The NASDAQ dropped 11.41 points to 7,877.69, as Netflix fell more than 1%, erasing earlier gains.
Caterpillar fell 2%, and Boeing, another bellwether of global trade, sank 1%. Deere shares also dropped 1.5%.
Shares of AMD rose 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.
Synopsys shares jumped after the company reported better-than-expected earnings and raised its fiscal fourth quarter guidance for earnings and revenue.
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 19 cents at $67.67 U.S. a barrel.
Gold prices eased $7.50 to $1,195.80 U.S. an ounce.
