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Stocks Remain in Red Noon Friday

Nov 10, 2017 ( via COMTEX) --

Canada's main stock index fell on Friday, but was still on track for its longest weekly winning streak in more than two decades after hitting a record high on Tuesday.

The S&P/TSX Composite Index tumbled 70.96 points Friday to greet noon at 16,011.13

The Canadian dollar dipped 0.07 cents to 78.80 cents U.S.

The TSX's nine consecutive weeks of gains, a feat not seen since 1996 when it rose for 13 straight weeks, was fueled in large part by energy stocks that profited from a nearly 25% rise in U.S. crude oil prices.

On Friday, Manulife Financial Corp was the most influential drag on the index, falling 1.7% to $27.01. Four of the index's five heftiest negative drivers were bank stocks, with the financial subgroup slipping

Offsetting some of the declines was TSX operator, TMX Group Ltd, which rose 0.8% to $71.01 after posting a better-than-expected quarterly profit.

TransCanada Corp was up 1.1 percent at $62.42 to lead the gainers.

Industrials also added some pressure, as Ritchie Bros. Auctioneers dropped 7.5% to $33.08 and CAE lost 3.7% to $22.04 after both companies reported weaker-than-expected results.

Hydro One shares fell 0.8% to $22.79 as third-quarter profit fell.


The TSX Venture Exchange lost 1.58 points to 791.62

Seven of the 12 TSX subgroups were lower midday, with gold, financials and materials each off 0.9%

The five gainers were led by information technology, up 1%, health-care better by 0.9%, and telecoms surging 0.7%.


The major U.S. stock indexes traded slightly lower on Friday as they threatened to snap multi-week winning streaks as tech stocks pulled back.

The Dow Jones industrial average faded 48.42 points to 23,413.52, with Intel as the biggest decliner. But a 1.5% gain in Disney shares capped losses in the 30-stock index.

The S&P 500 declined 4.26 points to 2,580.36, with health care as the biggest declining sector. Coty was the worst-performing stock in the index, falling 5.1%.

The NASDAQ Composite dropped 1.66 points to 6,748.39

The Dow and S&P 500 were on track to snap an eight-week winning; the NASDAQ was on pace to end a six-week winning streak.

For the week, tech stocks are down 0.4%.Tech has been the best-performing sector this year. Stocks have also been pressured by fears that a corporate tax cut could be delayed.

Nvidia posted earnings per share and revenue that easily beat analyst expectations. The company's stock rose 4% and was the best performer in the S&P 500.

Other chip makers, including Micron and Advanced Micro Devices, also saw their shares rise. The semiconductor space has been on fire this year, up more than 40% in 2017.

The retail sector also saw positive earnings surprises, with J.C. Penney shares surging 16% on stronger-than-expected quarterly results.

Nordstrom's results also beat expectations, but the stock fell slightly on a bigger-than-expected decline in same-store sales, a key metric for retailers.

Prices for the benchmark 10-year Treasury note dropped sharply, raising yields to 2.39% from Thursday's 2.33%. Treasury prices and yields move in opposite directions.

Oil prices gave back 34 cents a barrel to $56.83 U.S.

Gold prices faltered $11.60 an ounce to $1,275.90 U.S.

********************************************************************** As of Monday, 11-06-2017 23:59, the latest Comtex SmarTrend® Alert, an automated pattern recognition system, indicated a DOWNTREND on 05-04-2012 for AMD @ $7.27. As of Monday, 11

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