Equities in Toronto waned at the open, despite a surge in technology shares, as positive comments on rates from Bank of Canada Governor Tiff Macklem lifted sentiment.
The TSX Composite dipped 19.79 points in the first hour of trading at 21,708.76.
The Canadian dollar docked 0.01 cents at 72.85 cents U.S.
Canadian Natural Resources missed analysts’ estimates for first-quarter profit, hurt by lower-than-expected production. Natural Resources shares began the day up 14 cents to $103.16.
Air Canada reported a smaller first-quarter adjusted loss, as Canada’s largest carrier benefited from a rebound in bookings for business travel. Shares in the Maple Leaf airline tumbled $1.56, or 7.6%, to $18.90.
On the economic calendar, Statistics Canada says Canada’s merchandise exports declined 5.3% in March, while imports were down 1.2%. Thus, Canada’s merchandise trade balance with the world went from a surplus of $476 million in February to a deficit of $2.3 billion in March, the largest trade deficit since June 2023.
ON BAYSTREET
The TSX Venture Exchange moved downward 2.38 points to 581.57.
Eight of the 12 subgroups fell, with health-care ailing 1.2%, while communications sank 1.1%, and gold lost 1% of its luster.
The four gainers were led by industrial stocks, advancing 0.5%, while utilities marched 0.4%, and energy was better by 0.3%.
ON WALLSTREET
Stocks rose slightly Thursday as investors looked ahead to more corporate earnings and a key labour report set for later in the week.
The 30-stock index leaped 139.41 points to begin Thursday at 38,042.70
The S&P 500 forged ahead 16.06 points to 5,034.45.
The NASDAQ recovered 84.96 points to 15,690.44.
Chipmaker Qualcomm rose 9% on better-than-expected adjusted earnings and strong revenue guidance. Restaurant delivery service DoorDash dropped 13% after reporting a wider loss per share than Wall Street forecast. Used-car retailer Carvana soared 34% after reporting best-ever earnings after the bell Wednesday.
Those moves followed a choppy day on Wall Street as investors reacted to the Federal Reserve’s decision to keep interest rates unchanged. In the closely-watched press conference, Fed Chair Jerome Powell essentially ruled out an interest rate hike as the central bank’s next move, despite few recent signs of easing inflation.
Thursday’s quarterly earnings reports are dominated by Apple and Amgen after the close, alongside Coinbase and DraftKings
Prices for the 10-year Treasury gained ground, lowering yields to 4.64% from Wednesday’s 4.63%. Treasury prices and yields move in opposite directions.
Oil prices fell five cents to $78.95 U.S. a barrel.
Gold prices slid $9.70 to $2,301.30.
