Dow Tumbles on Job Numbers, GM Bottom Line

U.S. stocks fell on Wednesday morning after the earnings of a major automaker and a private sector jobs report came in lower than expected.

The Dow Jones Industrials tumbled 152.49 points to 34,963.91, after a sharp rise on Tuesday

The S&P 500 faltered 9.91 points to 4,413.24, from Tuesday’s all-time closing high.

The NASDAQ eked higher 4.51 points to 14,766.06.

Shares of General Motors fell about 7% in early trading, weighing on the broader market, after the automaker missed earnings expectations for the second quarter. The automaker did raise its guidance for a key profit metric for the rest of the year.

A strong earnings season continued after the bell Tuesday with Caesars Entertainment reporting stronger-than-expected results for the second quarter and citing a rebound to pre-pandemic levels of activity. Travel stocks MGM Resorts, Wynn Resorts and Booking Holdings will report after the bell on Wednesday.

Energy stocks struggled in … Read more

TSX Flat to Start Short Week

Canada’s main stock index opened slightly lower on Tuesday after a long weekend with technology stocks leading the gains, while official data showed domestic factory activity in July grew at its slowest pace in five months.

The TSX Composite index dipped 7.15 points to open for business Tuesday at 20,280.65

The Canadian dollar fell 0.41 to 79.58 cents U.S.

Markets in Canada were closed Monday for holiday.

National Bank of Canada raised the target price on Atco to $45 from $44. Shares in Atco docked 44 cents, or 1%, to $44.64.

JP Morgan raised the target price on Fortis to $60.00 from $58.00. Fortis shares gained 49 cents to $57.07.

CFRA raised the rating on SNC-Lavalin Group to buy from hold. Lavalin shares fell 38 cents, or 1.1%, to $32.82.

On the economic slate, the headline seasonally adjusted IHS Markit Canada Manufacturing Purchasing Managers’ Index (PMI) registered 56.2 in July, … Read more

Stocks End Week, July on Wrong Foot

Equities in Toronto stumbled to the finish on Friday, weighed on by cannabis share weakness and bad performance in the energy sector.

The TSX Composite index lost 23.98 points to end Friday at 20,287.80. Over the last five sessions, however, the index gained 95 points, or 0.47%.

The Canadian dollar fell 0.19 to 80.14 cents U.S.

Markets in Canada will be closed Monday for holiday.

As mentioned off the top, cannabis stocks took the biggest body blows, as Tilray fell $1.05, or 5.5%, to $18.13, while Canopy Growth shed 76 cents, or 3.1%, to $23.54.

In the oil patch, Imperial Oil dropped 86 cents, or 2.5%, to $34.01, while Tourmaline Oil dropped 74 cents, or 2.1%, to $34.00.

In financials, BMO fell $2.76, or 2.2%, to $123.38, while TD moved downward 94 cents, or 1.2%, to $82.76.

The half-dozen laggards were led by consumer discretionary stocks like BRP, up $1.36, … Read more