TSX Down 60 Points at Midday With Commodities The Biggest Decliners

The TSX is down near 60 points on mixed sectors.

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Industrials and healthcare are the biggest gainers, up 0.48% and 0.47%, respectively.

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Energy (-1.74%) and miners (-1.3%) are the biggest decliners Not helping sentiment, oil prices fell for a second session early on Thursday as a slowing US economy raises demand worries. However, gold prices are higher as investors moved away from the dollar and bid up treasuries.

BMO Economics in its morning note, noted we were due to hear plenty of central bank talk on both sides of the border today, with Bank of Canada Governor Macklem and Senior Deputy Governor Rogers due back before parliament at 11:30 am, while the Fed tees up governors Waller (noon) and Bowman (3:00 pm), as well as four regional presidents. Tomorrow, we’ll hear from Governor Cook, in what could be the final words before the blackout period begins on Saturday. The market is pricing in above 80% odds on a May 3 rate hike after comments by New York’s Williams last night.

Scotiabank in its Daily Points note said if anything incrementally influences the market tone then it would be several earnings reports from US regional banks and a heavy line-up of Fed-speak. It noted regionals mostly disappointed expectations including Keycorp, Fifth Third, and Comerica with the latter beating on earnings and revenues but missing on deposit flows.

According to Scotia, BoC Governor Macklem’s reappearance “should be a dud” in the sense that nothing new is expected after the deluge of communications over the past week

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