TSX Staggers by Thursday Close

Stocks in Canada’s largest centre lost some strength Thursday, weighed mostly consumer and resource stocks, as trade-related issues ruled the roost.

The TSX Composite Index lost 44.15 to end Thursday at 27,372.26.

The Canadian dollar dipped 0.24 cents at 73.27 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, BRP Inc. slid $2.24, or 3.2%, to $68.20, while Linamar sank $1.11 or 1.6%, to $68.53.

Teck Resources reportedly beat second-quarter profit estimates on improved profitability at its Trail operations. Teck shares dived $4.53, or 8.6%, to $47.96. Orla Mining slid $2.28, or 14.2%, to $13.74.

IAMGOLD slid 25 cents, or 2.5%, to $9.63, while Novagold lost 24 cents, or 3.1%, to $7.62.

FirstService led gains, rising $21.60, or 8.9%, to $264.66, while Colliers International Group surged $3.34, or 1.8%, to $193.24.

Health-care stocks were in the green, with Bausch Health Companies captured 22 cents, or 2.4%, to $9.25, while Sienna Senior Living gained 14 cents to $18.19.

In energy issues, Athabasca Oil ticked higher 17 cents, or 3%, to $5.85, while Whitecap Resources forged ahead 60 cents, or 5.9%, to $10.79.

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 slid 1.55 points to finish Thursday at 802.93.

The 12 TSX subgroups were evenly divided, with laggards weighed most by consumer discretionary stocks, down 0.9%, materials, slipping 0.8%, and gold, off 0.3%.

The half-dozen gainers were led by real-estate, up 1.3%, while health-care and energy headed upward 0.9% each.

ON WALLSTREET

The S&P 500 and the NASDAQ Composite ticked higher on Thursday after Alphabet’s latest quarterly results came in better than expected.

The Dow Jones Industrial Average toppled 316.2 points, to 44,694.09, bogged down by shares of IBM slipping 8% after its second-quarter software revenue missed expectations.

The much broader index forged ahead 4.46 points to 6,363.75.

The NASDAQ took on 37.94 points to 21,057.96.

Both the S&P 500 and the NASDAQ had scored new intraday all-time highs earlier in the session, bolstered by a 1% move higher in Alphabet shares after the Google parent posted a second-quarter earnings and revenue beat.

Along with IBM, gains were kept in check by declines in Tesla, which fell 8% 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 4.40% from Wednesday’s 4.37%. Treasury prices and yields move in opposite directions.

Oil prices gained 99 cents to $66.24 U.S. a barrel.

Gold prices handed back $22.50 to $3,375.10 U.S. an ounce.