North American markets close mixed after choppy session

Ian Vandaelle , BNN Bloomberg

BNN Bloomberg's closing bell update: June 17, 2020

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4:20 p.m. ET: North American markets close mixed after choppy session

North American equity markets closed out the session mixed after a choppy trading day for stocks. The S&P/TSX Composite Index fell 0.56 per cent, the S&P 500 dropped 0.36 per cent, the Dow Jones Industrial Average shed 0.65 per cent of its value and the Nasdaq Composite Index rose 0.15 per cent.

The TSX, S&P 500 and Dow all snapped three-session winning streaks, while the Nasdaq extended its rally to its fourth session.

In Toronto, eight of the 11 TSX subgroups closed the session in negative territory, with energy, health care and real estate posting the largest percentage declines. Only information technology, materials and industrials finished in positive territory.

153 of the composite’s 229 constituents closed lower, with HEXO Corp. the lead laggard in Toronto. Shares of the cannabis company closed 11.90 per cent lower after the firm announced it was going to market with a $34.5-million share offering.

The Canadian dollar shed two-tenths of a cent against its American counterpart to trade at 73.67 cents U.S.

1:00 p.m. ET: North American equity markets mixed in choppy trading session

North American markets were mixed through Wednesday midday trading during a choppy session for equities. The S&P/TSX Composite Index fell a quarter of a per cent, the S&P 500 gained a quarter of a per cent, the Dow Jones Industrial Average was flat to slightly lower and the Nasdaq Composite Index rose three quarters of a per cent.

Crude oil was mostly lower, with U.S. benchmark West Texas Intermediate down 1.1 per cent to US$38.00 per barrel and Alberta’s Western Canadian Select 1.95 per cent lower to US$29.17 per barrel. Crude had largely been rangebound Wednesday despite a report that showed U.S. oil stockpiles rising by 1.2 million barrels last week.

In Toronto, eight of the 11 TSX subgroups were in negative territory, with energy, real estate and communications leading the way lower. Only information technology, materials and industrials were holding in positive territory.

151 of the composite’s 229 members were in negative territory, with cannabis producer Hexo Corp. posting the largest percentage decline. Shares of the cannabis company fell nearly 12 per cent after it announced it would sell $34.5-million in stock in a new offering.

9:40 a.m. ET: North American markets tick higher for fourth day of gains

North American equity markets were modestly higher Wednesday, putting them on track for a fourth straight session of gains.

The S&P/TSX Composite Index and S&P 500 both rose a quarter of a per cent, the Dow Jones Industrial Average was up two-tenths of a per cent and the Nasdaq Composite Index gained just shy of half a per cent.

The moves come as hopes that the impact of gradual economic reopenings and further stimulus from the United States overshadow rising cases of COVID-19 in some states.

Oil prices retreated for the first time in three sessions ahead of U.S. inventory data due out mid-morning Wednesday, where expectations are for a modest 130,000 barrel build in stockpiles. U.S. benchmark West Texas Intermediate fell 1.3 per cent to US$37.85 per barrel, while Alberta’s Western Canadian Select slipped 0.44 per cent to US$29.62 per barrel.

The Canadian dollar was slightly higher but essentially unchanged against its American counterpart, up less than a tenth of a per cent to 73.90 cents U.S.