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Morning Market Breakdown, May 3: As precious metals began to regain their strength, many of the major indexes struggled in the red on Thursday morning.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) barely managed to squeeze into the green at Wednesday’s (May 2) close, picking up 9 points to end the day at 15,627.93.
It continued to hang on by the skin of its teeth on Thursday (May 3) morning when it gained 7.86 points to reach 15,635.79.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) fell 3.35 points on Wednesday, closing the day at 772.11. It hit another small snag Thursday morning when it dropped 1.54 points to hit 770.57.
While seven of the TSX’s 12 subgroups finished in the green, drags on the index came from consumer staples, down 1.1 percent, telecoms, down 0.7 percent, and utilities, down 0.5 percent.
The energy sector helped keep the TSX positive yesterday, as Suncor Energy (TSX:SU,NYSE:SU) picked up 0.12 percent and Imperial Oil (TSX:IMO,NYSE:IMO) grew 1.6 percent. Also lending a hand was Teck Resources (TSX:TECK.B,NYSE:TECK), which gained 0.47 percent, and First Quantum Minerals (TSX:FM), which picked up 2.1 percent.
The Dow Jones Industrial Average (INDEXDJX:.DJI) took another tumble when it dropped 174.07 points on Wednesday, falling past the 24,000 mark to close at 23,924.98. Thursday morning saw a continued struggle as the Dow fell 125.6 points to hit 23,799.38.
The S&P 500 (INDEXSP:.INX) saw red once again, dropping 29.81 points to end the day at 2,635.67. It continued tumbling downwards on Thursday morning when it shedded 12.66 points to hit 2,623.01.
Wall Street stocks became skittish on Wednesday after the US Federal Reserve released a monetary policy announcement suggesting higher inflation could be ahead. Despite the market’s uneasiness, Apple (NASDAQ:AAPL) grew 4.4 percent when it announced better-than-expected quarterly earnings.
Note: All numbers shown above were accurate as of 10:00 a.m. EST.
Daily metals
Gold stumbled on Wednesday when it slipped to US$1,305.60 per ounce. It found much-needed growth on Thursday morning as it reached US$1,316.70. Silver found strength on Wednesday as it grew to $16.37 per ounce. It continued to acquire gains on Thursday as it jumped to US$16.58.
Copper kept things steady when it closed at US$3.07 per pound on Wednesday. It made moves in the right direction on Thursday morning as it flourished to US$3.10.
Major miner news
- Tahoe Resources (TSX:THO,NYSE:TAHO): The company announced its financial and operating results for Q1 2018. Highlights include the production of 90,900 ounces of gold. Tahoe Resources also successfully resolved a labor strike at its La Arena mine in Peru. Tahoe expects that operations will resume within 48 hours.
- Glencore (LSE:GLEN): Glencore announced its production results for Q1 2018. Highlights include copper production of 345,400 tonnes, zinc production of 242,700 tonnes and nickel production of 30,100 tonnes.
- Endeavour Silver (TSX:EDR,NYSE:EXK): Endeavour Silver released its financial results for Q1 2018. Highlights include a silver production increase of 25 percent to 1,350,840 ounces and a gold production increase of 13 percent to 13,208 ounces . Net earnings decreased 61 percent to $2.3 million, all compared with Q1 2017.
- Great Panther Silver (TSX:GPR,NYSE:GPL): The company released its Q1 2018 financial results. Highlights include a $4.6-million, or 38-percent, increase in revenue compared to Q1 2017.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.