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Futures and Commodity Market News

Sharp Drop by Noon

Aug 10, 2017 (Baystreet.ca via COMTEX) --

Equities in Toronto fell hard by noon Thursday, despite better-than-expected quarterly results, as investors sought refuge in safe-haven assets amid rising tensions between the United States and North Korea.

The S&P/TSX Composite Index thundered lower by 125.2 points to greet noon at 15,092.13

The Canadian dollar gave back 0.1 cents to 78.68 cents U.S.

The influential financial stocks were among the biggest drags on the index, with Royal Bank of Canada down 1% to $93.36, and Manulife Financial falling 2.8% to $24.93. Shares of Manulife, which reported better-than-expected results, fell after the company played down talk of a John Hancock spinoff.

Materials, home to gold producers and other resource-based companies, was among only two gainers

Barrick Gold rose 2.1% to $21.7, while Goldcorp rose 0.9% to $16.29. Pan American Silver, which reported second quarter results, rallied 11.8% to $22.69.

Nevsun Resources offset some of the material group's gains, plunging 18.4% to $2.685 after the company reported disappointing quarterly results.

In other corporate results, a number of companies reported forecast-beating numbers. TMX Group Ltd was up 3.5% to $68.23, while Quebecor added 2.9% to $44.60.

Canadian Tire rose 3.4% to $146.65. Canada Goose Holdings fell 3.6% to $23.16, but the luxury down-coat maker initially jumped more than 7% after reporting smaller-than-expected quarterly loss.

On the macroeconomic slate, Statistics Canada reported new house prices eked up 0.2% nationwide in June, due largely to lack of momentum on prices in Southern Ontario.

This was down from a 0.8% increase in April and a 0.7% gain in May.

ON BAYSTREET

The TSX Venture Exchange nicked up 0.8 points to 763.53

All but two of the 12 TSX subgroups were negative, with information technology skidding 1.7%, financials down 1.2%, and health-care off 1.1%.

The two gainers were gold, up 1.6%, and materials, up 0.6%.

ON WALLSTREET

U.S. equities fell on Thursday as tensions between the United States and North Korea persisted.

The Dow Jones Industrials stumbled 138.94 points to 21,909.76, with Goldman Sachs contributing the most losses.

The S&P 500 was punished 25.87 points, or 1.1%, to 2,448.15, with information technology and financials leading all sectors lower.

The NASDAQ tumbled 104.81 points, or 1.7%, to 6,247.69, with Apple, Alphabet, Amazon and Netflix all trading lower.

Wall Street also focused retail earnings, as Macy's and Kohl's both reported better-than-expected quarterly results. Dillard's, however, posted much weaker-than-expected results, sending the stock down 14%.

Calendar second-quarter earnings have been mostly better than expected, with growth surpassing initial expectations and most S&P 500 companies topping profit and sales estimates.

Earlier this week, U.S. President Donald Trump said that North Korea would face "fire and fury" if it continued to threaten the States, however North Korea has dismissed these warnings by the U.S. incumbent as a "load of nonsense."

Prices for the benchmark 10-year Treasury note leaped, lowering yields to 2.23% from Wednesday's 2.25%. Treasury prices and yields move in opposite directions.

Oil prices lost 34 cents to $49.22 U.S. a barrel

Gold prices jumped $10.70 to $1,290.00 U.S. an ounce.

********************************************************************** As of Sunday, 08-06-2017 23:59, the latest Comtex SmarTrend® Alert, an automated pattern recognition system, indicated a DOWNTREND on 05-31-2012 for KSS @ $46.59. For more inform

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