TSX Declines at Open
Canada's main stock index fell on Thursday, dragged down by gold mining shares, as investors monitored updates on U.S. trade deals ahead of the approaching August 1 deadline and assessed corporate results.
The TSX Composite Index let go of 22.94 points to open Thursday at 27,393.47.
The Canadian dollar inched higher 0.11 cents at 73.40 cents U.S.
Investors continued to monitor tariff-related developments after Japan reached a deal with the United States, while two European Union diplomats indicated the bloc was moving toward a trade agreement with Washington.
Meanwhile, Trump, who has frequently criticized Fed Chair Jerome Powell for not cutting interest rates more frequently will visit the central bank on Thursday, ahead of next week's meeting where rates are widely expected to be kept steady.
With corporate earnings underway, Teck Resources reportedly beat second-quarter profit estimates on improved profitability at its Trail operations. Teck shares dived $2.33, or 4.4%, to $50.16.
Economically speaking, Statistics Canada reports retail sales decreased 1.1% to $69.2 billion in May.
The agency also says sales were down in three of nine subsectors and were led by decreases at motor vehicle and parts dealers.
ON BAYSTREET
The TSX Venture Exchange shed 4.06 points to open Thursday at 800.42.
Seven of the 12 TSX subgroups lost ground, with gold dulling 1.2%, materials off 0.9%, and consumer discretionary concerns sliding 0.5%.
The five gainers were led by real-estate, up 0.8%, telecoms, picking up 0.7%, and consumer staples, gaining 0.6%.
ON WALLSTREET
The S&P 500 ticked higher on Thursday after Alphabet’s latest quarterly results came in better than expected.
The Dow Jones Industrial Average flopped 217.53 points, to begin Thursday at 44,792.76, bogged down by shares of IBM slipping 10% after its second-quarter software revenue missed expectations.
The S&P 500 index forged ahead 2.64 points to 6,361.55, another intraday high.
The NASDAQ slid 10.89 points to 21,009.13, Alphabet advanced almost 2% after posting a second-quarter earnings and revenue beat.
Along with IBM, gains were kept in check by declines in Tesla, which fell 7% after auto revenue fell for a second straight quarter.
Investors also turned their attention to the ongoing feud between President Donald Trump and the Federal Reserve.
The White House said that President Donald Trump will visit the Fed on Thursday, escalating his pressure campaign against Chairman Jerome Powell.
This is the first time in nearly two decades that an American president will make an official trip to the central bank.
Stocks were also helped by a Financial Times report that the U.S. was inching closer to a trade deal with the European Union. Bloomberg confirmed the progress, citing diplomats briefed on the talks. This trade deal would raise tariffs to 15% on imports from the EU.
Prices for the 10-year treasury dipped, raising yields to 4.41% from Wednesday’s 4.37%. Treasury prices and yields move in opposite directions.
Oil prices gained 68 cents to $65.93 U.S. a barrel.
Gold prices handed back $43.20 to $3,400.50 U.S. an ounce.
