TSX Just Above Breakeven As War Suspense Tightens

(MENAFN- Baystreet)
Canada's main stock index inched higher on Thursday, even though falling mining and technology stocks limited gains, while renewed Middle East concerns as Iran?tightened its grip on the Strait of Hormuz also weighed on investor sentiment.
The TSX Composite Index gained 20.46 points to break for lunch Thursday at 33,975.57
The Canadian dollar backed off 0.05 cents at 73.10 cents U.S.
Iran on Thursday released a video of its commandos storming a huge cargo ship, demonstrating its tighter control of the critical waterway after the collapse of peace talks with the U.S., sending Brent crude prices back above $100 a barrel.
Oil prices extended gains on the renewed uncertainty, rising more than 1% as stalled peace talks showed no signs of restarting and traffic through the?critical strait remained restricted.
Teck Resources beat analysts' estimates for first-quarter profit, aided by?an increase in copper prices?and record sales. Teck shares surged $4.03, or 5%, to $85.08.
Technology stocks, including Shopify, Constellation Software and Open Text, also declined, as weak first quarter results from U.S. software firms weighed on sentiment.
Shopify slid $8.23, or 4.6%, to $172.38, while Constellation faltered $142.86, or 5.4%, to $2,608.64. Shares in Open Text reversed $1.56, or 4.9%, to $30.55.
Among individual movers,?Waste Connections rose $16.11, or 7.5%, to $229.82A after?the solid waste operator beat first-quarter revenue estimates.
Statistics Canada reported its industrial product price index increased 2.4% month over month in March and gained 7.8% year over year, while its raw materials price index increased by 12.0% month over month and rose 23.6% year over year.
ON BAYSTREET
The TSX Venture Exchange fell back 14.67 points, or 1.4%, to 1,036.19.
Seven of the 12 TSX subgroups were higher, as industrials advanced 2.3%, utilities surged 1.1%, and energy stocks were 0.8% more energetic.
The five laggards were weighed most by health-care, fumbling 4%, information technology, sliding 3.5%, and gold, dulling 1.4%.
ON WALLSTREET
Stocks were little changed Thursday, as traders digested gains in the previous session that sent the S&P 500 and NASDAQ to record levels, along with the latest earnings and developments out of the Middle East.
The Dow Jones Industrial Average remained in the red 47.66 points to 49,442,37.
The S&P 500 index recouped 5.24 points to 7,143.14.
The NASDAQ slid 28.18 points to 24,629.39.
Some of the biggest movers on Thursday included IBM and ServiceNow, which were respectively trading 8% and 16% lower after reporting their latest results.
Shares of Tesla shed 2% when CEO Elon Musk warned capital expenses would rise“substantially” as the electric vehicle maker moves into AI-powered self-driving cars and humanoid robots.
Texas Instruments, however, was bright spot. The stock soared more than 16% on better-than-expected earnings. United Rentals also surged 20% following an earnings beat, making it the top performer in the S&P 500.
Still, geopolitical relations in the region remain tense. A lack of commitment from Iran reportedly resulted in Vice President JD Vance pausing his trip to join peace talks.
Iran state media also reported that Tehran negotiators said they wouldn't be present, calling talks with the U.S. a“waste of time.” And on Wednesday, Iran's navy said that it had seized two container ships in the Strait of Hormuz.
Trump has also ordered the Navy to“shoot and kill any boat” laying mines along the strait.
Prices for the 10-year Treasury improved, lowering yields to 4.29% from Wednesday's 4.31%. Treasury prices and yields move in opposite directions.
Oil prices gained 82 cents to $93.78 U.S. a barrel.
Gold prices backed off $2.30 to $4,750.700 U.S. an ounce.

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