TSX Staggers Midday Thursday
The TSX fell back 58.56 points to move into noon hour Thursday at 20,432.61.
The Canadian dollar settled 0.05 cents to 75.91 cents U.S.
Dock workers on this country's Pacific coast said they have revoked a strike notice issued for Saturday, after Prime Minister Justin Trudeau directed a crisis meeting to pursue all options to ensure the stability of supply chains as he stressed the critical role of port operations.
In company news, Magna International rose 45 cents to $81.80 after the Canadian auto parts maker said it will invest $790 million to build three new supplier facilities.
Logistics provider Mullen Group reported second-quarter revenue of $494.3 million compared with analysts' estimate of $495.2 million. Mullen shares ducked 25 cents, or 1.6%, to $15.00.
ON BAYSTREET
The TSX Venture Exchange dipped 3.26 points to 618.88.
All but two of the 12 TSX subgroups lost ground ahead of lunch hour, with gold tumbling 1.7%, information technology off 1.1%, and materials down 1%.
The two gainers were industrials, better by 0.4%, and energy, surmounting breakeven 0.2%.
ON WALLSTREET
Stocks were mixed Thursday as trades weighed the latest batch of corporate earnings reports, including results from Netflix and Johnson & Johnson.
The Dow Jones Industrials exploded 242.21 points to greet noon at 35,303.42, gunning for its ninth straight day of gains, its longest streak since 2017.
The S&P 500 backpedaled 14.96 points to 4,550.76.
The NASDAQ index skidded 175.86 points, or 1.2%, to 14,182.63.
Johnson & Johnson posted earnings per share and revenue that exceeded analyst expectations, helping lift the 30-stock Dow. The company also hiked its full-year outlook. Shares rose more than 5%.
Travelers, meanwhile, beat analyst estimates for revenue in the quarter. Shares in the insurance provider climbed 2.8%.
Shares of Netflix dropped nearly 9% after the streaming giant posted its second-quarter earnings report. The company posted $8.19 billion in revenue, falling short of the $8.3 billion anticipated by analysts.
Tesla, meanwhile, tumbled 6.1% after CEO Elon Musk and other executives said on an earnings call that vehicle production would slow during the third quarter due to shutdowns for factory improvements.
Of the S&P 500 companies that have reported earnings thus far, 74% have exceeded expectations, FactSet data shows. The strength in corporate earnings have created optimism for a soft landing for the economy.
Prices for the 10-year Treasury slumped, raising yields to 3.85% from Wednesday’s 3.74%. Treasury prices and yields move in opposite directions.
Oil prices regained 15 cents to $75.50 U.S. a barrel.
Gold prices dulled $8.60 to $1,972.20 U.S. an ounce.
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