Indexes Teeter as Commodities Simmer

Despite its best efforts, the S&P/TSX Composite Index (INDEXTSI:OSPTX) slipped into the red at Thursday’s (May 3) close, dropping 6.46 points to cap the day at 15,621.47.

It recovered some gains on Friday (May 4) morning as it picked up 33.95 points to reach 15,655.42.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) fell 0.86 points on Thursday, closing at 771.25. The index remained in the red on Friday morning as it dropped 0.46 points to hit 770.79.

The energy sector brought the biggest losses to the TSX on Thursday, as Canadian Natural Resources (TSX:CNQ) saw its share price drop 2.3 percent, Crescent Point Energy (TSX:CPG) fell 7.8 percent and Seven Generations Energy (TSX:VII) plunged 5.4 percent.

The Dow Jones Industrial Average (INDEXDJX:.DJI) made an impressive turnaround after a day of losses to end Thursday 5.72 points in the green at 23,930.7. Friday morning saw the Dow struggle, however, as it dropped 3.06 points to land at 23,927.09.

The S&P 500 (INDEXSP:.INX) dropped 5.94 points on Thursday, closing the day at 2,629.75. It continued to fumble on Friday morning as it lost 2.24 points to hit 2,627.49.

Gains from Boeing (NYSE:BA) helped bring the Dow Jones ahead, as the manufacturer picked up 2 percent. Fellow industrial giant 3M (NYSE:MMM) also grew 0.6 percent. However, Tesla (NASDAQ:TSLA) provided Wall Street with some losses — the car company fell 5.5 percent when CEO Elon Musk dodged analyst questions about Model 3 car production.

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

Daily metals

Gold settled in the green on Thursday as it finished at US$1,312.70 per ounce. It struggled to stay afloat on Friday morning as it slipped to US$1,310.50. Silver shifted forward on Thursday when it ended the day at $16.45 per ounce. It took a small tumble on Friday morning as it hit US$16.42.

Copper ended Thursday with a successful simmer at US$3.08 per pound. It cooled off on Friday as it chilled to US$3.07.

Major miner news

• SSR Mining (TSX:SSRM,NASDAQ:SSRM): The company’s chief operating officer, Alan Pangbourne, will be retiring as of May 31. Taking his place on June 4 will be Kevin O’Kane, who previously worked for BHP Billiton (LSE:BLT,ASX:BHP,NYSE:BHP).

• Glencore (LSE:GLEN): Glencore has successfully acquired a 49-percent interest in the Hunter Valley Operations coal mine in New South Wales, Australia. The acquisition has established a joint venture with Yancoal, the company that owns the other 51 percent of Hunter Valley Operations.

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