Wall Street Tumbles as Bay Street Wavers

- May 2nd, 2018

Morning Market Breakdown, May 2: As the TSX attempted to find gains on Wednesday morning, both the Dow Jones and S&P 500 struggled in the red.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) ended Tuesday (May 1) in the green, managing to pick up 11.05 points to close at 15,618.93.

It continued ahead on Wednesday (May 2) morning as it gained 39.8 points to reach 15,658.73.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) dropped 8.17 points by Tuesday’s close, capping the day at 775.46. It stuttered on Wednesday as it lost 1.92 points to land at 773.54.

Despite gains in materials and real estate, drops in healthcare and industrial stocks plateaued the TSX’s earnings. Colliers International Group (TSX:CIGI) led the way in real estate, growing 7.8 percent after releasing expectation-beating first-quarter results.

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In materials, First Quantum Minerals (TSX:FM) grew 1.2 percent, while Agnico Eagle Mines (TSX:AEM,NYSE:AEM) picked up 0.35 percent. However, Aurora Cannabis (TSX:ACB) dropped 3 percent as Canopy Growth (TSX:WEED) tumbled 2.1 percent.

The Dow Jones Industrial Average (INDEXDJX:.DJI) recovered from some of its early day losses, but still fell 64.1 points to end at 24,099.05 by Tuesday’s close. It tumbled again on Wednesday morning as it dropped 67.94 points to hit 24,031.11.

The S&P 500 (INDEXSP:.INX) regained its strength on Tuesday as it ended the day 6.75 points higher at 2,654.8. The index lost its energy on Wednesday morning as it fumbled 10 points to hit 2,644.8.

While Apple’s (NASDAQ:AAPL) gains of 2.3 percent helped push the technology sector ahead 1.5 percent, drops of 1.2 percent from Boeing (NYSE:BA) and 3.3 percent from Pfizer (NYSE:PFE) dragged down the Dow Jones.

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

Daily metals

Gold ended Tuesday in the red at US$1,306.8 per ounce. It continued to struggle on Wednesday morning as it fell to US$1,305.7. Silver took a heavy hit on Tuesday when it closed at US$16.13 per ounce. The precious metal started working its way back up on Wednesday as it blossomed to US$16.38.

Copper tumbled on Tuesday when it closed at US$3.04 per pound. It made upward progress on Wednesday morning when it rose to US$3.07.

Major miner news

  • McEwen Mining (TSX:MUX,NYSE:MUX): The company announced its Q1 results for 2018, reporting production of 44,344 gold equivalent ounces. Other highlights include net cashflow of $12.4 million.
  • Sabina Gold & Silver (TSX:SBB): Sabina Gold & Silver has announced results from two drill holes at the Llama extension target, part of the company’s Back River gold project in Nunavut. According to the report, hole 18GSE533 intersected high-grade gold values, including 47.04 g/t gold over 0.55 meters and 15.43 g/t gold over 3.15 meters, including 34.48 g/t gold over 1.25 meters. Drill hole 18GSE535 intersected 28.95 g/t gold over 5.65 meters within a greater than 20-meter interval of strongly altered and mineralized host stratigraphy. Further high-grade intercepts hosted within this same interval are highlighted as 24.72 g/t over 2.2 meters, 25 g/t over 1 meter and 15.75 g/t over 0.6 meters.

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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