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 slumped 165.74 points to pause for lunch Thursday at 24,407.88.
The Canadian dollar stumbled 0.1 cents to 72.16 cents U.S.
In corporate news, Teck Resources beat third-quarter profit estimates, helped by higher production of copper at its Quebrada Blanca mine. Teck shares lost $3.74, or 5.5%, to $64.84.
Communications lost ground, hurt by a decline of $1.93, or 3.6%, in Rogers Communications to $52.35 as it missed market expectations for third-quarter wireless subscriber additions.
In contrast, information technology rose, benefitting from a jump of $14.31, or 18%, in Celestica to $93.78, after it reported third-quarter results.
ON BAYSTREET
The TSX Venture Exchange recovered 0.58 points to 613.30.
All but of the 12 TSX subgroups lost ground during the morning run, gold dropping 4%, while materials surrendered 2.2%, and communications docked 1.2%.
Only information technology enjoyed gains, and only 0.9% at that.
ON WALLSTREET
The S&P 500 continued to have trouble reaching into the green Thursday following three straight losing sessions.
The Dow Jones Industrials withered 297.96 points to pause for lunch Thursday at 42,216.99.
The broader index stumbled 9.87 points to 5,787.55.
The NASDAQ revived 40.87 points to 18,317.53.
Tesla surged more than 17% after the electric vehicle manufacturer posted third-quarter results that beat analyst expectations. Whirlpool and Lam Research were also higher on the back of better-than-expected earnings by roughly 12.5% and 3.8%, respectively.
Weighing on the Dow was IBM, which fell more than 6.5% as consulting revenue narrowly missed analysts’ estimates. Boeing 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 4.20% from Wednesday’s 4.24%. Treasury prices and yields move in opposite directions.
Oil prices backtracked 72 cents to $70.05 U.S. a barrel.
Prices for gold jumped $14.80 an ounce to $2.744.20 U.S.
