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S&P/TSX composite up slightly, U.S. markets dip despite earlier gains

The exterior of the TMX is seen in Toronto, Wednesday, Nov. 1, 2023. THE CANADIAN PRESS/Chris Young

TORONTO — Canada's main stock index managed a slight gain Thursday as sectors like industrials, tech and financials rose, while U.S. markets slipped into small losses despite earlier gains.

The S&P/TSX composite index closed up 15.07 points at 22,299.83.

In New York, the Dow Jones industrial average closed down 38.62 points at 39,869.38 after cresting 40,000 points for the first time earlier in the day. The S&P 500 index ended down 11.05 points at 5,297.10, while the Nasdaq composite was down 44.07 points at 16,698.32. 

The day was more subdued than Wednesday, which saw Wall St. reach a record high after U.S. inflation numbers came in slightly lower than expected.

"Overall, the markets were kind of flat today," said Mona Heidari, senior financial advisor at BlueShore Financial. 

"What caused the most activity this week was the CPI report that came out. Canada this week, we didn't have any major reports that were expected."

With little on the data front, it was mostly earnings reports and company news that drove big movements in stocks.

Lightspeed Commerce Inc. saw its shares gain 18.3 per cent after the payments tech provider said current interim CEO (and company founder) Dax Dasilva would stay on in the role on a permanent basis. The gains helped push the TSX's information technology index up 0.2 per cent. 

Cannabis stocks rose after U.S. President Joe Biden announced the country had taken a "major step" toward reclassifying pot as a less dangerous drug. Canopy Growth Corp. was up 11.2 per cent, while Tilray Brands was up 3.2 per cent.

Canada Goose Holdings Inc. was up 15.5 per cent after reporting earnings of $5 million for its fourth quarter.

The stock movements come as markets are still hovering near record highs, after recent data has been more encouraging on the inflation front. The indicators have helped reverse the slump seen in April. 

Heidari said the rebound in stocks has raised some concerns about elevated valuations.

"There are concerns whether the trend is going to continue, or if it's time to take profits off the table and dial back a little bit," she said.

"I think the outlook for the market is still positive. It makes sense to stay invested in companies that can support the earnings."

The Canadian dollar traded for 73.42 cents US compared with 73.45 cents US on Wednesday.

The July crude oil contract was up 60 cents at US$79.23 per barrel and the June natural gas contract was up eight cents at US$2.50 per 1,000 cubic feet.

The June gold contract was down US$9.40 at US$2,385.50 an ounce and the July copper contract was down four cents at US$4.88 a pound.

This report by The Canadian Press was first published May 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD) 

Ian Bickis, The Canadian Press

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