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TSX tails off at opening
Equities in Canada’s largest market opened lower on Wednesday, weighed down by financial stocks and ahead of a trade meeting between the United States and the European Union.
The S&P/TSX Composite Index slid 27.68 points to kick off Wednesday’s session at 16,362.45
The Canadian dollar gained 0.04 cents at 76.4 cents U.S.
Loblaw’s quarterly profit topped analysts' estimates on Wednesday, driven by higher food and drug same-store sales.
Loblaw shares lost 85 cents, or 1.2%, to $67.91
Singapore has bought 66 new trains from Bombardier to replace an older fleet on its metro rail service in a contract worth up to S$1.2 billion (about $1.15 billion Canadian).
Bombardier shares dipped four cents to $4.76.
Canadian National Railway on Tuesday reported a better-than-expected quarterly profit and raised its forecast for full-year adjusted earnings as the railroad moved higher volumes of commodities including grains and fertilizers at better pricing.
Morgan Stanley raised the target price on CN shares to $116 from $106. CN shares progressed $2.97, or 2.7%, to $114.97.
CIBC raises price target on Choice Properties REIT to $13.00 from $12.75. Choice units inched up nine cents to $12.42.
ON BAYSTREET
The TSX Venture Exchange moved higher 0.64 points to 707.06.
Seven of the 12 TSX subgroups were negative at first, as consumer staples backtracked 0.8%, consumer discretionary issues faltered 0.7%, and energy lagged 0.5%.
The five gainers were led by industrials, charging ahead 1.4%, health-care, haler 0.6%, and real-estate, up 0.4%.
ON WALLSTREET
Stocks traded lower on Wednesday as investors received the latest batch of corporate earnings.
The Dow Jones Industrials deducted 99.89 points to 25,142.05, with Boeing as the biggest decliner in the index.
The S&P 500 fell 1.15 points to 2,819.25, with telecom and financials lagging.
The NASDAQ recovered 4.38 points to 7,845.15
Dow-component Boeing reported better-than-expected earnings, but the stock fell more than 3% after the company issued full-year guidance that disappointed Wall Street.
General Motors' stock fell nearly 6% after cutting its full-year profit forecast. The company cited "recent and significant increases in commodity costs" as well as currency headwinds for the cut. The company posted, however, quarterly earnings and revenue that surpassed analyst expectations.
Anthem and Dow-component Coca-Cola also reported earnings that topped estimates. Shares of Anthem traded 0.1% lower, while Coca-Cola rose more than 2%.
Facebook and Qualcomm are among the companies scheduled to report after the close. Wall Street has high hopes for this earnings season, with analysts expecting a 20% year-over-year increase in second-quarter profits.
Investors also looked ahead to a meeting in Washington between President Donald Trump and European Commission President Jean-Claude Juncker. The two leaders are expected to discuss improving transatlantic trade relations among other subjects.
Prices for the benchmark for the 10-year U.S. Treasury made slight gains, lowering yields to 2.95% from Tuesday’s 2.95%. Treasury prices and yields move in opposite directions.
Oil prices gained 59 cents to $68.48 U.S. a barrel.
Gold prices slid 30 cents to $1,225.30 U.S. an ounce.
