Stocks Take Header by Noon
May 06, 2021 at 12:58 PM EDT
Thursday, May 6, 2021 11:58 AM EST Stocks Take Header by Noon Cascades, Stantec in Focus Stocks in Toronto went downward midday Thursday, as gains in gold were countered by a drop in oil prices, while Bombardier rose after strong quarterly results. The TSX plummeted 101.15 points to face noon EDT Thursday at 19,209.59 The Canadian dollar gained 0.46 cents to 81.97 cents U.S. Bombardier gave up earlier gains, and was unchanged at 89 cents, after the company's quarterly adjusted profit jumped 43% and it used less free cash, helped by a recovery in business aviation, as rising COVID-19 vaccinations encourage travel. Magna International added $2.56, or 2.2%, to $117.60, after reporting a 136% rise in quarterly profit and raising its full-year revenue outlook. Spin Master grew $2.89, or 6.8% to $45.40, while SSR Mining, gathered $1.77, or 9%, to $21.48, after strong quarterly results. Cascades Inc. fell 54 cents, or 3.7%, the most on the TSX, to $14.16 after poor quarterly results. Stantec was down $4.24, or 7.4%, to $53.20. ON BAYSTREET The TSX Venture Exchange added 2.83 points to 948.52. Seven of the 12 subgroups moved higher to begin the session, led by energy, jumping 2.7%, industrials, stronger 1.2%, and materials up 1%. The five laggards were weighed most by information technology, sliding 1%, while utilities lost 0.6%, and real-estate dipped 0.4%. ON WALLSTREET U.S. stocks rose on Thursday as investors awaited Friday’s highly anticipated jobs report to gauge the pace of the labour-market recovery. The Dow Jones Industrials leaped 189.5 points above Wednesday’s all-time high to 34,419.84. The S&P 500 recovered 15.05 points to 4,182.64. The NASDAQ Composite edged up 3.27 points to 13,585.69. The muted action came despite a better-than-expected reading on jobless claims. First-time claims for unemployment insurance totaled 498,000 for the week ended March 1, hitting a fresh pandemic-era low and better than a Dow Jones estimate of 527,000. The data came one day before April’s jobs report is released on Friday. Economists polled by Dow Jones expect a total of 978,000 payrolls to be added last month and the unemployment rate is expected to fall to 5.8% from 6%. PayPal shares jumped 1.5% to lead tech names after the company posted better-than-expected earnings and said revenue last quarter surged 31%. Etsy tanked by 11% after warning that sales will slow as the pandemic boost wanes. The busiest week of earnings is now in the rearview mirror, but a number of companies have yet to provide their quarterly updates. Dropbox, Expedia, Roku, Beyond Meat, Shake Shack and Square will report after the market closes. Prices for 10-Year Treasurys gained ground, weighing yields to Wednesday’s 1.57%. Treasury prices and yields move in opposite directions. Oil prices dipped 43 cents to $65.20 U.S. a barrel. Gold prices popped $31.50 to $1,815.80 U.S. an ounce.