TSX Falls off by Noon

Markets in Toronto retreated slightly by Thursday noon EDT from their peaks of earlier in the week, as investors took in the latest trade news from south of the border.

The TSX Composite Index lost 19.58 points to 26,263.87

The Canadian dollar restored 0.26 cents to 72.43 cents U.S.

The Court of International Trade on Wednesday found Trump had overstepped his authority by imposing duties on trading partners.

The Canadian Imperial Bank of Commerce reported a rise in second-quarter profit, led by its capital markets business. CIBC lost two cents to $93.97

Royal Bank of Canada posted a jump in second-quarter profit, as the country's biggest bank benefited from the acquisition of HSBC's domestic business and the performance of its wealth management business. Shares in Canada’s biggest bank doffed $5.95, or 3.3%, to $172.65.

The heavyweight financial sector slipped led by a fall of $6.87, or 6.9%, in EQB's shares to $92.31, after the lender reported second-quarter results.

On the economic front, Statistics Canada said the number of employees receiving pay and benefits from their employer—measured as "payroll employment" in the Survey of Employment, Payrolls and Hours—decreased by 54,100 (-0.3%) in March, following a decline of 40,200 (-0.2%) in February.

ON BAYSTREET

The TSX Venture Exchange let go of 0.99 points to 701.41.

Seven of the 12 TSX subgroups were higher, as real-estate moved ahead 1.1%, while telecoms and health-care each 0.8%.

The five laggards were weighed most by financials and consumer staples, each giving back 0.5%, and industrials, down 0.1%.

ON WALLSTREET

The S&P 500 ticked higher on Thursday as Nvidia shares staged a post-earnings rally. But gains were restricted as investors wondered what would come next after a federal court knocked down President Donald Trump’s “reciprocal” tariffs.

The Dow Jones Industrials dumped 177.38 points to pause for lunch Thursday at 41,921.32, weighed down by a slide of more than 7% in Salesforce following earnings.

The U.S. Court of International Trade ruled on Wednesday night that Trump overstepped his authority when he imposed his “reciprocal” tariffs. The court ordered that the challenged tariff orders be vacated.

The much-broader index slid 1.02 points to 5,886.33

The NASDAQ Composite recovered 35.79 points to 19,136.73.

Stocks are coming off a lackluster session Wednesday, but the major U.S. indexes are on track to close the week — and month — higher.

The S&P 500 gained 1.7% and 30-stock Dow is up 1.2% this week, while the tech-heavy NASDAQ has rallied more than 2%.

This month, the S&P 500 has gained 6%. The Dow has added 3.5%, while the NASDAQ has jumped close to 10%.

Nvidia shares jumped more than 5%. The chipmaker exceeded expectations on the top and bottom lines in the first quarter, as its data center business recorded year-over-year growth of 73%.

Prices for the 10-year Treasury were ahead by noon, lowering yields to 4.43% from Wednesday’s 4.44%. Treasury prices and yields move in opposite directions.

Oil prices slid 70 cents to $61.14 U.S. a barrel.

Prices for gold resurged $22.50 to $3,317.40.