Base metals take pounding
The S&P/TSX composite index tumbled 83.32 points to greet noon at 15,118.77.
The Canadian dollar slipped
While the benchmark TSX index is still up nearly 12% since the start of the year, it has been in negative territory in four of the past five sessions.
Also weighing on the market, shares of Air Canada dropped 3.5% after the carrier reported quarterly results that missed expectations. Air Canada stock was grounded
The gold-mining sector recovered ground with the bullion price. Goldcorp gained
Financials climbed as they benefited from a gain in Manulife Financial Corp.
The insurer raised its dividend for the first time since the financial crisis and reported a quarterly profit that jumped on stronger financial markets. Manulife shares were down
The health-care sector proved one of the few bright spots, as Extendicare gained
On the economic front, Statistics Canada reported this morning that contractors took out building permits worth
All but three of the 14 Toronto subgroups were down on the day, as global base metals fell 1.4%, metals and mining ditched 1.3%, and information technology lost 1.1%.
The three gainers were health-care, up 1.8%, gold up 0.2%, and utilities inching up 0.1%.
The major indices in the U.S. all started the day in positive territory, before dropping.
The Dow Jones Industrials dumped 75.07 points to 16,368.27
The S&P 500 subtracted 10.67 points to 1,909.57. The NASDAQ composite erased 20.08 points to 4,334.97.
Jack in the Box and Wendy's both reported their quarterly earnings, and the results are mixed. Jack in the Box, up 9%, surpassed expectations for revenue and earnings. A particularly bright spot is its burrito brand Qdoba, where Jack is squeezing more sales out of fewer stores.
Wendy's is up 2% after its results showed that sales were good but profits that weren't quite what
Global sportswear giant Adidas reported quarterly results that fell just short of analyst estimates, with better sales numbers overall, but shrinking profits and margins. Notably, its TaylorMade and Adidas Golf sales are down more than a fifth from the same period last year. Adidas shares are down more than 4%.
Netlfix now has more subscriber revenue than HBO. Netflix CEO
Shareholders are happy that Twenty-First Century Fox has squashed any potential deal to buy Time Warner.
Fox shares are 5.5% higher today, which is on top of the gains it registered when it first said it withdrew its
U.S. government figures showed the number of Americans filing new claims for unemployment benefits fell unexpectedly last week.
The announcement of potential military air drops in
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.42% from Wednesday's 2.47%. Treasury prices and yields move in opposite directions.
Oil prices gained
Gold prices regained
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