Morning Market Breakdown, May 8: While Monday provided gains for many major indexes, Tuesday morning was a rough start across the board.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) picked up 2.32 points on Monday, capping the day at 774.56. It fell from its Monday gains on Tuesday morning as it lost 2.27 points to land at 772.29.
Rising oil prices pushed the energy sector forward on Monday, but tech was one of the TSX’s main leaders yesterday as BlackBerry (TSX:BB) grew 1.8 percent and Constellation Software (TSX:CSU) picked up 2.1 percent. Meanwhile, in healthcare, Aurora Cannabis (TSX:ACB) pushed forward 1 percent and Canopy Growth (TSX:WEED) gained 0.93 percent.
The Dow Jones Industrial Average (INDEXDJX:.DJI) pushed ahead 94.81 points to close Monday at 24,357.32. The index flopped on Tuesday morning however, as it dropped 57.86 points to hit 24,299.46.
The S&P 500 (INDEXSP:.INX) boosted 9.21 points on Monday to end the day at 2,672.63. It tumbled 6.99 points to hit 2,665.72 on Tuesday morning.
While seven of the S&P’s 11 major sectors rose yesterday, healthcare, telecoms, consumer staples and utilities dragged the index down. Technology made the most progress at 0.79 percent, with Broadcom Inc. (NASDAQ:AVGO) leading the sector forward with 2.36 percent in gains. Meanwhile, Goldman Sachs (NYSE:GS) was the Dow Industrial Average’s top performer yesterday with 0.96 percent growth.
Note: All numbers shown above were accurate as of 10:00 a.m. EST.
Gold capped Monday off at US$1,314.1 per ounce. It took a tumble on Tuesday morning as it fell to US$1,307.3. Silver dropped a few cents on Monday as it closed at US$16.49 per ounce. The precious metal fumbled on Tuesday as it shedded more weight to hit US$16.38.
Copper settled down on Monday when it closed at US$3.08 per pound. The commodity hit a snag on Tuesday as it dropped to US$3.04.
Major miner news
- IAMGOLD (TSX:IMG,NYSE:IAG): The company has announced its Q1 results for 2018, which include revenues of US$314.5 million, up 21 percent from Q1 2017, and gross profit of US$75.8 million, up 117 percent from Q1 2017. On the operations front, the company produced 229,000 ounces of gold.
- Sabina Gold & Silver (TSX:SBB): Sabina announced its interim financial results for Q1 2018, which included highlights of the company having $86 million in cash, cash equivalents and short-term investments. It also reported a net loss of $2.6 million for the quarter.
- Hecla Mining Company (NYSE:HL): The company provided exploration updates on its Casa Berardi, San Sebastian and Greens Creek operating mines. Highlights include Casa Berardi expanding the resources which could increase the potential size of other areas like the East Mine Crown Pillar.
- Antofagasta (LSE:ANTO): A blockage found in a pipeline operated by the company that transports concentrates from the Los Pelambres processing plant in Chile to the Los Vilos port has now been cleared. The impact on copper production from the blockage is estimated at 10,000 tonnes.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.