Baystreet.ca - Canada's main stock index dipped on Thursday as gains in energy and technology stocks were countered by losses in mining and consumer stocks, after the Bank of Canada's outsized interest rate cut in the previous session.
The TSX erased 57.66 points to open Thursday at 24,515.96.
The Canadian dollar inched up 0.03 cents to 72.30 cents U.S.
In corporate news, Teck Resources (TSX:TECKa) beat third-quarter profit estimates, helped by higher production of copper at its Quebrada Blanca mine. Teck shares lost $4.28, or 6.2%, to $64.30.
ON BAYSTREET
The TSX Venture Exchange recovered 3.69 points to 616.41.
Eight of the 12 TSX subgroups lost ground in the first hour, gold dropping 2.1%, while materials and communications each docked 1%.
The four gainers were led by information technology, higher by 1.2%, health-care, haler by 0.7%, and real-estate, stronger 0.5%.
ON WALLSTREET
The S&P 500 rose Thursday as the benchmark rebounded following three straight losing sessions. Strong earnings from Tesla (NASDAQ:TSLA) and others led the gains.
The Dow Jones Industrials lost 82.84 points to open Thursday at 42,432,11
The broader index regained 16.7 points to 5,814.12.
The NASDAQ revived 111.41 points to 18,388.06.
Tesla surged more than 15% after the electric vehicle manufacturer posted third-quarter results that beat analyst expectations. Whirlpool (NYSE:WHR) was higher 9% and Lam Research (NASDAQ:LRCX) chugged 5% ahead on the back of better-than-expected earnings.
Weighing on the Dow was IBM (NYSE:IBM), which fell more than 5% as consulting revenue narrowly missed analysts’ estimates. Boeing (NYSE:BA) also weighed on the 30-stock index, as the company’s shares slipped more than 2% after its machinists rejected a new labor contract.
More than 32% of the S&P 500 has reported third-quarter numbers thus far. Of those companies, 76% have beaten analyst expectations,
Prices for the 10-year Treasury gained a bit of space, pulling down yields to 4.23% from Wednesday’s 4.24%. Treasury prices and yields move in opposite directions.
Oil prices gained 22 cents to $70.99 U.S. a barrel.
Prices for gold jumped $16.50 an ounce to $2.745.90 U.S.