Stocks Just Barely in Positive Country - InvestingChannel

Stocks Just Barely in Positive Country

Stocks in Toronto finished positive Thursday, as data showed the country’s trade deficit shrunk – the latest sign the economy is recovering from a slowdown, while the energy sector gained on stabilizing oil prices.

The S&P/TSX Composite Index recovered 15.14 points to close Thursday at 16,227.80

The Canadian dollar grew 0.29 cents to 74.79 cents U.S.

Techs led the way, mostly on strength of Descartes Systems, which jumped $1.38, or 2.8%, to $50.66, while Shopify gained $4.94, or 1.3%, to $397.18.

Baytex Energy gained two cents, or 1%, to $2.02, while Suncor moved up 31 cents to $40.55.

In utilities, Hydro One poked ahead 12 cents to $23.05, while Fortis Inc.

Restaurant Brands International was among the consumer staples which faltered, docking 65 cents to $88.09, while Saputo crumbled $2.97, or 6.5%, to $42.98.

Among health concerns, Cronos Group fell 44 cents, or 2%, to $21.14, closely by shares of Aurora Cannabis, down 30 cents, or 2.9%, to $10.07.

Consumer discretionaries were also on the downside looking up, as The Stars Group lost 70 cents, or 3.1%, to $22.16, while Uni Select doffed 33 cents, or 2.7%, to $11.99.

On the economic schedule, Statistics Canada says our exports rose 1.3% in April, while imports decreased 1.4%. As a result, Canada’s merchandise trade deficit with the world narrowed from $2.3 billion in March to $966 million in April

Meantime, Western University’s IVEY School of Business said its purchasing managers’ index rang in at 55.9 in May, identical to April’s reading, but way below the 62.9 figure shown in May 2018.

ON BAYSTREET

The TSX Venture Exchange slipped 1.7 points to 595.20

Eight of the 12 Toronto subgroups had ventured into the red by noon hour, with health-care down 1.1%, consumer discretionary, off 0.7%, and industrials, fading 0.4%.

The four gainers were co-led by utilities and information technology, each progressing 0.7%, and communications, up 0.5%.

ON WALLSTREET

Stocks rose on Thursday as investors remained hopeful that the U.S. and Mexico are getting closer to a resolution over immigration issues.

The Dow Jones Industrial Average leaped 217.24 points to end Thursday at 25,552.45

The S&P 500 gained 17.34 points to 2,843.49

The NASDAQ Composite regrouped 40.08 points to 7,615.55.

Thursday’s gains followed the Dow’s 500-point jump on Tuesday, its second-best session of 2019. The index’s subsequent 200-point climb on Wednesday and Thursday’s gains have pushed its week-to-date performance up more than 3.6%. The S&P 500 is 3.3%, and NASDAQ was boosted 2.2% this week.

The talks between U.S. and Mexican officials resumed Thursday afternoon after they failed to reach an agreement on Wednesday. Martha Barcena Coqui, Mexico’s ambassador to the U.S., told reporters on Thursday that negotiators had “a very good discussion”

Shares of companies with the most to lose from Mexico tariffs pared their losses on the new headlines. Shares of Ford, GM and Kansas City Southern took a noticeable jump, though the three still finished the day lower.

The market was lifted from a deep slump earlier this week when Federal Reserve Chairman Jerome Powell said on Tuesday the Fed will “act as appropriate to sustain the expansion, ” opening the door to rate cuts.

Traders are now pricing in a more than 90% chance of a September rate cut and about 60% probability of three rate cuts this year,

Prices for the benchmark 10-year U.S. Treasury fell, raising yields to 2.13% from Wednesday’s 2.12%. Treasury prices and yields move in opposite directions.

Oil prices chugged ahead $1.50 to $53.18 U.S. a barrel.

Gold prices gained $4.30 at $1,337.90 U.S. an ounce.

Stocks Hike as Tariffs May be Delayed