Canada's main stock index opened lower on Thursday, as investors paused after the benchmark hit a record high in the previous session and awaited fresh signals on interest rates.
The TSX faded 67.44 points to open the penultimate session at 30,760.1.
The Canadian dollar eked 0.05 cents to 71.43 cents U.S.
In corporate news, Pan American Silver Corp's revenue and profit beat estimates for the third quarter.
Pan American shares opened Thursday up $2.83, or 5.3%, to $56.57.
Manulife Financial reported a rise in third-quarter profit, helped by strong performance in the insurer's Asia unit. Shares in the insurance giant picked up $1.05, or 2.2%, to $49.29.
ON BAYSTREET
The TSX Venture Exchange dipped 0.23 points to 918.69.
Seven of the 12 TSX subgroups were negative in the first hour, as information technology skidded 2.7%, utilities fell 1%, and health-care slumped 0.6%.
The five gainers were led by energy, traveling higher 0.8%, while gold and materials each picked up 0.5%.
ON WALLSTREET
Stocks pulled back on Thursday after a continued market rotation powered the Dow Jones Industrial Average to fresh highs.
The 30-stock index erased 109.78 points from Wednesday’s all-time high to 48,145.09.
The S&P 500 gave back 48.15 points to open at 6,802.77.
The NASDAQ tumbled 271.96 points to 23,134.50.
Disney was one the key laggards during the session, as shares fell 8% on mixed results for the company’s fiscal fourth quarter.
Wednesday again saw a divergence between technology stocks and other pockets of the market as value-oriented sectors such as health care outperformed.
The rotation has been a relief for some investors looking for a broadening out of the market, but it could also signal growing caution away from risk-on assets.
The Dow on Wednesday closed above 48,000 for the first time, putting the 30-stock index on pace for its best weekly performance since late June.
The S&P 500 settled up slightly above the flatline to post four straight days of gains, meanwhile, and the tech-heavy NASDAQ closed the day in the red.
Prices for the 10-year Treasury lost strength, raising yields to 4.10% from Wednesday’s 4.07%. Treasury prices and yields move in opposite directions.
Oil prices rallied 60 cents to $59.09 U.S. a barrel.
Gold prices added two dollars to $4,215.60 U.S. an ounce.
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