Stocks in Toronto got to the precipice of breaking even to Thursday, but then fall back, with resource stocks weighing heavy on proceedings.
The TSX fell 29.76 points to conclude Thursday at 19,941.39.
The Canadian dollar docked 0.44 to 82.61 cents U.S.
Among utilities, Boralex gained 69 cents, or 1.8%, to $37.76, while Altagas took on 38 cents, or 1.6%, to $24.70.
In the financial area, Canaccord Financial Group zoomed 81 cents, or 6.1%, to $14.14, while Intact Financial jumped $5.59, or 3.4%, to $169.22.
In techs, Descartes Group popped $4.53, or 6.4%, to $75.00, while Alithya Group prospered 20 cents, or 6.6%, to $3.22.
Resource stocks did not do so well, however, with Alamos Gold dropping 45 cents, or 4%, to $10.72, while Equinox tumbled 53 cents, or 4.7%, to $10.67.
Elsewhere, Endeavour Silver lost 54 cents, or 6%, to $8.48, while New Gold dipped 19 cents, or 7.1%, to $2.48.
In consumer staples, Saputo stumbled $2.58, or 6.1%, to $39.47, while Village Farms International slid 39 cents, or 3.1%, to $12.37.
Finance Minister Chrystia Freeland said a multi-lateral agreement on the taxation of tech giants was “within reach” and it should go hand-in-hand with a deal on a global minimum corporate tax rate.
The TSX Venture Exchange stumbled 3.68 points to 969.86
Eight of the 12 TSX subgroups gained on the day, utilities, financials and information technology each acquiring 0.6%
The four laggards were weighed most by gold, fading 2.6%, while materials docked 2.1%, and real-estate retreated 0.3%.
Cyclical stocks lifted the Dow Jones Industrial Average off its low on Thursday to close the session near the flatline, while better-than-expected labor market data helped support sentiment.
The 30-stock index slipped 23.34 points at 34,577.04, after shedding 265 points at its session low.
The S&P 500 was in the minus category 15.27 points to 4,192.85
The much-broader index sits about 1.5% from its all-time high reached earlier last month, but it has been stuck around these levels for about the last two weeks. The S&P 500 is up 11% this year so far. Energy and financials were the biggest gainers among 11 S&P 500 sectors.
The NASDAQ dwindled 141.82 points, or 1% to 13,614.51.
Merck and Dow Inc. were the two best performers in the 30-stock benchmark, both rising more than 2%. Consumer staples and utilities were the biggest gainers among 11 S&P 500 sectors, while consumer discretionary and tech weighed on the broader market, falling 1.2% and 0.9%, respectively.
Shares of General Motors climbed nearly 6.4% after the company said it expects its results for the first half of 2021 to be “significantly better” than its prior guidance.
Investors continued to monitor the wild action in meme stocks, particularly theater chain AMC Entertainment. The stock tumbled as much as 30% after practically doubling in the prior session, but shares cut losses after movie theater chain said it completed a stock offering launched just hours ago, raising $587 million. The stock ended the day about 18% lower.
Other meme stocks also came under pressure Thursday. Bed Bath & Beyond fell more than 27%.
On the data front, private job growth for May accelerated at its fastest pace in nearly a year as companies hired nearly a million workers, according to a report Thursday from payroll processing firm ADP.
Total hires came to 978,000 for the month, a big jump from April’s 654,000 and the largest gain since June 2020. Economists surveyed by Dow Jones had been looking for 680,000.
The market may be on hold before the release of the jobs report Friday, which is likely to show an additional 671,000 non-farm payrolls in May, according to economists polled by Dow Jones. The economy added 266,000 jobs in April.
Prices for 10-Year Treasurys sank, lifting yields to 1.63% from Wednesday’s 1.59%. Treasury prices and yields move in opposite directions.
Oil prices inched higher five cents to $68.88 U.S. a barrel.
Gold prices dulled $36.70 to $1,870.60 U.S. an ounce.