CANADA STOCKS-TSX set to snap winning streak as tech shares drag
By Avinash P and Pranav Kashyap
Nov 13 (Reuters) - Canada's main stock index was set to snap a four-day winning streak on Thursday, retreating from record highs as tech shares slid.
At 09:52 a.m. ET, Toronto's S&P/TSX composite index .GSPTSE slipped 0.41%, on track to break its longest winning streak in over a month, after Wednesday's record close powered by metal miners and upbeat Loblaw L.TO earnings.
The commodity-heavy index has repeatedly set records this year, supported by higher oil, gold and copper prices amid geopolitical tensions and economic uncertainty.
The tech sub-index .SPTTTK fell 3% on Thursday, leading losses.
But the energy index .SPTTEN rose 0.6% as oil prices ticked higher.
President Donald Trump on Wednesday signed legislation ending the longest government shutdown in U.S. history, hours after lawmakers voted to restore food assistance, pay federal workers and revive air traffic control operations.
Investors now await delayed U.S. economic data, particularly labor market indicators, for clues on the Fed's policy stance.
"We would not be surprised to see some market chop over the coming weeks as the government gears and economic data presses get turning again. The data blackout has made the Federal Reserve's job difficult, but we still expect them to cut interest rates again in December," said Carol Schleif, chief market strategist, BMO Private Wealth.
In corporate news, Pan American Silver Corp's PAAS.TO revenue and profit beat estimates for the third quarter. Shares of the miner were up 2.4%.
Shares of power company Northland Power NPI.TO fell 24% after reporting a net loss in the third quarter. The wider utility index .GSPTTUT was down 1.1%
Manulife Financial MFC.TO reported a rise in third-quarter profit, helped by strong performance in the insurer's Asia unit. Shares were up 2%.
At least six brokerages raised the target price on CCL Industries CCLb.TO following third-quarter results on Tuesday, sending its shares 1.3% higher.
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