Equities in Canada’s biggest market opened lower on Thursday, weighed down by the communications sector, while investors maintained caution ahead of key domestic employment data later this week.
The TSX Composite gave back 47.7 points to 20,921.48.
The Canadian dollar settled 0.07 cents at 74.21 cents U.S.
Sun Life Financial reported a 10% rise in fourth-quarter core profit on Wednesday after the closing bell. Sun Life shares advanced 31 cents to $71.09.
Bombardier forecast better-than-expected 2024 revenue on Thursday. Shares in Bombardier were pasted $4.05, or 7.8%, to $48.06.
ON BAYSTREET
The TSX Venture Exchange slid 2.27 points to 545.05.
All but two of the 12 subgroups were lower in the first hour, with communications off 1.5%, while gold and utilities each slumped 0.8%.
The lone two gainers were information technology, up 1.3%, and energy, up 0.3%.
ON WALLSTREET
Stocks hovered near the flatline Thursday, with the S&P 500 on the brink of breaching the 5,000 milestone for the first time ever.
The Dow Jones Industrial Average stepped back from this week’s gains, shedding 13.66 points to open Thursday at 38,663.70.
The S&P 500 index dipped 1.8 points to 4,993.26.
The NASDAQ index moved forward 21.04 points to 15,777.69.
Earnings remained top of mind for investors, with Disney surging more than 9% after the media giant beat quarterly earnings estimates and raised its guidance. Chipmaker and designer Arm jumped 32% after reporting stronger-than-expected earnings and providing an upbeat profit forecast.
Markets also wrestled with the notion of fewer rate cuts than previously expected this year after recent commentary from the central bank and Federal Reserve Chair Jerome Powell dashed hopes for a cut in March.
So far this season, 77% of S&P 500 companies have topped earnings expectations, while about 68% have beaten sales forecasts, according to FactSet. These strong earnings, and a continued chug higher in 2023’s winning megacap technology stocks, have boosted the market in recent sessions.
The earnings season continues after the bell with reports from Expedia, Affirm Holdings and Take-Two Interactive
Prices for the 10-year Treasury sagged, raising yields 4.16% from Wednesday’s 4.12%. Treasury prices and yields move in opposite directions.
Oil prices surged $1.52 to $75.38 U.S. a barrel.
Gold prices backpedaled $7.40 to $2,044.30.