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S&P/TSX Composite Index

16,506.54 real time data change up
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Change: 12.31 (0.07%)

S&P/TSX Venture Composite Index

590.66 real time data change up
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Change: 2.63 (0.45%)
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11:08 AM EDT, July 11, 2019
Stocks Listless at Opening Bell

Canada's main stock index fell on Thursday, as shares of precious metal miners dropped after gold prices fell on a strong reading of inflation in the United States.

The S&P/TSX Composite Index dropped 11.21 points to start Thursday's session at 16,552.08

The Canadian dollar eked 0.01 cents to 76.50 cents U.S.

Cogeco Communications jumped $3.65, or 3.9%, to $97.50, followed by Whitecap Resources, up 10 cents, or 2.3%, to $4.49.

Danish cannabis firm StenoCare said it would quarantine more batches of cannabis oil from its partner CannTrust, which has sold products from what Canada's federal health regulator called unlicensed facilities.

CannTrust shares lost 23 cents, or 5.6%, to $3.89. Shares of Methanex were down $3.07, or 5.4%, to $53.46.

Elsewhere, CIBC raised the target price on Alimentation Couche Tard to $94.00 from $87.00. Couche-Tard shares lost $1.12, or 1.3%, to $84.69.

CIBC raised the target price on Superior Plus to $16.00 from $14.50. Superior Plus gained 23 cents, or 1.7%, to $13.66.

On matters macroeconomic, Statistics Canada's new housing price index was released for May, with the figure down 0.1%, after remaining unchanged for three consecutive months.

ON BAYSTREET

The TSX Venture Exchange slid 2.03 points to open Thursday at 583.82

Eight of the 12 Toronto subgroups were lower, as consumer staples, materials and health-care each fell 0.5%.

The four gainers were led by consumer discretionary stocks, up 0.2%, while energy inched ahead 0.1%, and communications edged up 0.01%.

ON WALLSTREET

The Dow Jones Industrial Average rallied to a record high on Thursday, led by UnitedHealth shares, after testimony by Federal Reserve Chair Jerome Powell that signaled easier monetary policy could be implemented later this month.

The 30-stock index leaped 101.05 points to 26,961.25, breaking above 27,000 for the first time in its history, before settling below that number.

The S&P 500 gained 3.1 points to 2,996.17

The NASDAQ Composite gathered 2.12 points to 8,204.65

UnitedHealth shares surged more than 4% after the White House dropped a proposal to eliminate drug rebates. CVS Health gained 7%, and Cigna also jumped on the news, picking up 14%.

Delta Air Lines rose 0.9% on better-than-expected earnings. Amazon traded 0.7% higher, bringing its market cap back above $1 trillion.

In testimony to the House Financial Services Committee on Wednesday, Powell said business investments across the U.S. have slowed "notably" recently as uncertainties over the economic outlook linger. As a result, expectations of an upcoming rate cut grew.

In economic news, the U.S. consumer price index — a widely followed measure of inflation — rose more than expected last month, with the core CPI posting its biggest gain in one-and-a-half years.

Prices for the benchmark 10-year U.S. Treasury faded, raising yields to 2.08% from Wednesday's 2.07%. Treasury prices and yields move in opposite directions.

Oil prices improved 13 cents to $60.56 U.S. a barrel.

Gold prices jumped $4.50 to $1,417 U.S. an ounce.



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