Big earnings week ahead
The S&P/TSX composite index faltered 81.05 to greet noon at 14,684.10, as the HSBC index of Chinese factory activity rose by 0.1 point to 48.1 in April, using a 100-point scale on which readings below 50 indicate contraction.
The gauge also fell short of its already weak preliminary result, raising concerns among investors that the slowdown in the world's second biggest economy is entrenched.
The Canadian dollar was stronger by
The base metals sector gave back strength, while July copper was off a cent at
Ritchie Bros. Auctioneers Inc. reports first-quarter net earnings of
It's a heavy earnings week in
Later in the week, there will be quarterly earnings reports from pipeline company Enbridge, Kinross Gold, Talisman Energy, Tim Hortons, Canadian Natural Resources, Canadian Tire and Valeant Pharmaceuticals.
All but two of the 14 Toronto subgroups were lower by noon hour, weighed mostly by metals and mining, down 2.1%, global base metals, down 1.3%, and information technology, off 1.1%.
The two gainers were utilities, up 0.2%, while telecoms slid 0.04%.
Monday started as an ugly day on
The Dow Jones Industrial Average rebounded 2.22 points to pause for noon hour at 16,515.11, after dropping as much as 120 points during the morning session.
The S&P 500 recovered 1.07 points to 1,882.21, and the NASDAQ composite index eked forward 4.06 points to 4,127.96.
The early pessimism might have been drive by Target's announcement Monday that
Earnings season is winding down, but a few more quarterly releases remain on the docket this week. Tyson Foods shares dove after the company reported first quarter earnings that fell short of analyst estimates.
Pfizer sank after the pharmaceutical giant reported slightly better than expected earnings, but it's clear the company is struggling in its traditional drug business.
That might explain why Pfizer is so keen to buy British pharmaceutical company AstraZeneca despite that company's rejection of Pfizer's most recent offer of
JP Morgan shares dipped Monday after the nation's largest bank by assets said Friday that it expects a 20% drop in trading revenue in the second quarter.
On a more positive note, shares of King Digital, the maker of the hit online game
Salesforce.com also got a boost after receiving a favorable rating from an analyst at Deutsche Bank.
Prices for 10-year U.S. Treasuries eked lower, raising yields to 2.61% from Friday's 2.59%. Treasury prices and yields move in opposite directions.
Oil prices gave back
Gold prices remained positive
Most Popular Stories
- Pandora Tumbles in Late Trading
- Sporty Ford Fiesta Fires on All 3 Cylinders
- Stop-Start Engines Save Gas, Reduce Emissions
- World Tensions Don't Curb Enthusiasm for Stocks
- Russia Fears Lasting Damage From Ukraine Crisis
- Visa, Amazon Results Drag Down the Street
- U.K. Economy Surpasses Pre-Crisis Peak
- Hispanic Leader Goes the Extra Mile
- Ohio State Band Chief Fired After Probe
- Shia LaBeouf Plea Deal, Alcoholism Treatment