Morning Market Breakdown, March 7: Markets Cool Off

- March 7th, 2018

After a day of skyrocketing commodity values, the markets spent Wednesday morning settling down and dipping back into the red.

Despite high hopes for Tuesday (March 6), the S&P/TSX Composite Index (INDEXTSI:OSPTX) closed at 15,545.19, a meager 3.91-point increase. The index got off to a rocky start on Wednesday (March 7), but eventually rallied to 15,547.32 points by 10:00 a.m. EST.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) also started Tuesday with high anticipation, but eventually closed at 843.57 with a modest 4.38-point boost. The index took a small fall on Wednesday morning, as it dropped to 839.44 points.

The Dow Jones Industrial Average (INDEXDJX:.DJI) didn’t see much movement on Tuesday as the index closed at 24,884.12 points, a 9.36-point gain. The Dow quickly found itself in the red on Wednesday as it hit 24,708.84 points by 10:00 a.m. EST.

Finishing in the green on Tuesday was the S&P 500 (INDEXSP:.INX) when it gained 7.18 points to close at 2,728.12. The S&P took a small hit on Wednesday morning, however, when it landed at 2,714.04.

Note: All numbers shown above were accurate as of 10:00 a.m. EST.

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Daily metals

Gold saw a successful day on the market on Tuesday when it closed at US$1,338.58 an ounce. By Wednesday morning, however, the commodity took a tumble as it hit US$1,329.71 by 10:00 a.m. EST. Silver met a similar fate as it closed at a whopping US$16.88 an ounce on Tuesday, but fell to US$16.56 by 10:00 a.m. EST on Wednesday.

Copper was prosperous on Tuesday when it closed at US$3.16 per pound, but like gold and silver, took a hit on Wednesday when it fell to US$3.13 by 10:00 a.m. EST.

Major miner news

  • SEMAFO Inc. (TSX:SMF): The company announced their Q4 and full-year financial and operational results for 2017. Some highlights include 206,400 ounces of gold production, along with US$107 million in cash flow from operations over the year as a whole.
  • Sabina Gold & Silver Corp. (TSX:SBB): Sabina Gold & Silver have begun drilling on their Back River gold project in Nunavut, Canada. The first phase will feature a 6,000 meter spring drill program, while the second phase to follow may include up to 20,000 meters in their summer drill program.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.

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