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Morning Market Breakdown, April 3: After a Monday filled with losses, the major indexes continued to flounder going into Tuesday morning.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) tripped and fell at Monday’s (April 2) close as it hit 15,213.45, losing 153.84 points along the way.
Tuesday (April 3) morning saw the index teeter between the red and green, eventually toppling to a 13.34-point loss, hitting 15,200.11.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) saw a loss of 13.04 points on Monday, eventually closing the day at 783.63. The TSXV made small efforts to recoup on Tuesday morning as the index gained 1.23 points to hit 784.86.
While gold made progress on the TSX on Monday, with Barrick Gold (TSX:ABX,NYSE:ABX) and Goldcorp (TSX:G,NYSE:GG) picking up 2 percent and 1.6 percent, respectively, energy and healthcare stocks brought the index down. Prometic Life Sciences (TSX:PLI) lost almost 16 percent, with Aurora Cannabis (TSX:ACB) dropping 2.4 percent.
The Dow Jones Industrial Average (INDEXDJX:.DJI) went tumbling on Monday as it dropped 458.92 points to close at 23,644.19. The market regained some strength on Tuesday morning when it picked up 116.98 points to reach 23,761.17.
The S&P 500 (INDEXSP:.INX) flopped into correction territory on Monday with a 58.99-point drop, hitting 2,581.88. It moved back in the right direction on Tuesday as it recovered 8.78 points to reach 2,590.66.
Struggling social media stocks caused some suffering on the indexes Monday, as Facebook (NASDAQ:FB) fell 2.8 percent and Snap (NYSE:SNAP) lost 8.9 percent following Moffett Nathanson’s maintained “sell” rating on the company.
Note: All numbers shown above were accurate as of 10:00 a.m. EST.
Daily metals
Gold closed at US$1,352.90 per ounce on Monday. Tuesday morning saw a struggle as it dropped to US$1,338.30. While silver closed at US$16.66 per ounce on Monday, it stumbled on Tuesday morning when it hit US$16.44.
Copper closed at US$3.05 per pound on Monday, and the commodity continued to grow on Tuesday morning when it rose to US$3.06.
Major miner news
- IAMGOLD (TSX:IMG,NYSE:IAG): The company has released a new inferred mineral resource estimate for its Eastern Borosi joint venture gold project, shared with Calibre Mining (TSXV:CXB) in Nicaragua. The underground estimate totaled 3,219,000 tonnes grading 6.03 g/t gold and 104 g/t silver, for 624,000 ounces of contained gold and 10,758,500 ounces of contained silver; the open-pit estimate totaled 1,199,000 tonnes grading 1.98 g/t gold and 16 g/t silver, for 76,500 ounces of contained gold and 601,000 ounces of contained silver.
- Fortuna Silver Mines (TSX:FVI,NYSE:FSM): The company has filed its fiscal annual report for 2017 on Form 40-F with the US Securities and Exchange Commission. The form includes the company’s audited financial statements.
- Eldorado Gold (TSX:ELD,NYSE:EGO): The company filed three separate technical reports for its Lamaque, Kisladag and Skouries projects. The Lamaque project is in Quebec, while the Kisladag project is in Turkey and Skouries is located in Greece.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.