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Morning Market Breakdown, May 18: Both Canadian and American indexes spent Friday morning flip-flopping between the red and green.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) moved ahead 35.49 points on Thursday (May 17) to close at 16,143.55. It took a small slip on Friday (May 18) morning as it dropped 4.46 points to land at 16,139.09.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) just barely missed the green when it fell 0.15 points to 781.35 at Thursday’s close. Friday morning saw the index get a boost forward with 3.87 points, hitting 785.22.
Energy paved the way for the TSX’s gains yesterday, as the sector grew 2.3 percent. Leading the pack was Canadian Natural Resources (TSX:CNQ), which grew 2.4 percent. Meanwhile, one of the TSX’s top gainers yesterday was ATS Automation Tooling Systems (TSX:ATA), which galloped 11.1 percent forward.
The Dow Jones Industrial Average (INDEXDJX:.DJI) tumbled 54.95 points on Thursday to end the day at 24,713.98. The index slowly pushed ahead on Friday morning as it picked up 2.31 points to reach 24,716.29.
The S&P 500 (INDEXSP:.INX) shedded 2.33 points to close at 2,720.13 on Thursday. It slipped further on Friday morning with losses of 5.36 points to hit 2,714.77.
As the S&P 500’s tech sector dropped 0.5 percent, big brands on the NASDAQ like Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL), Netflix (NASDAQ:NFLX) and Alphabet (NASDAQ:GOOGL) all ended the day in red.
Note: All numbers shown above were accurate as of 10:00 a.m. EST.
Daily metals
Gold took a small hit on Thursday when it closed at US$1,289.40 per ounce. It continued to struggle on Friday as it fell to US$1,288. Silver saw gains on Thursday as it closed at US$16.48 per ounce. It came to a simmer on Friday as it settled at US$16.40.
Copper made moves upwards on Thursday as it pushed to US$3.09 per pound. It slipped from its gains on Friday as it landed at US$3.08.
Major miner news
- Detour Gold (TSX:DGC): In a change of management, Detour’s president and CEO Paul Martin will be retiring as of June 1. Martin will also be stepping back from his position as a member of the board. Chairman of the board Michael Kenyon will take over as an interim CEO, while director Alex Morrison will fill Martin’s role as a board chairman.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.