(RTTNews.com) - The Canadian stock market has been fluctuating between small gains and losses since the open of trade Thursday. Energy stocks are struggling this morning, due to a pullback in crude oil prices. Meanwhile, gold stocks are turning in a strong performance after the planned summit between the leaders of the U.S. and North Korea was canceled.
Markets on Wall Street are losing ground in early trade Thursday. Investor sentiment took a hit after President Trump revealed in a letter that he has decided to call off the planned summit with North Korean leader Kim Jong Un.
Trump attributed the decision to the "tremendous anger and open hostility displayed in your most recent statement."
Markets in Europe were positive for much of Thursday's session, but have since slipped into negative territory.
The benchmark S&P/TSX Composite Index is down 10.59 points or 0.07 percent at 16,123.21.
On Wednesday, the index closed down 10.99 points or 0.07 percent, at 16,133.80. The index scaled an intraday high of 16,151.92 and a low of 16,072.40.
The Gold Index is increasing 1.50 percent. Gold prices are up sharply Thursday morning after U.S. President Trump called off a meeting with North Korean leader Kim Jong Un.
IAMGOLD (IMG.TO) is up 2.44 percent and Yamana Gold (YRI.TO) is adding 3.89 percent. Kinross Gold (K.TO) is climbing 2.28 percent and B2Gold (BTO.TO) is rising 3.22 percent. Goldcorp (G.TO) is increasing 2.61 percent and Barrick Gold (ABX.TO) is advancing 2.25 percent. Eldorado Gold (ELD.TO) is higher by 3.38 percent.
The Capped Materials Index is up 1 percent. Agnico Eagle Mines (AEM.TO) is rising 1.88 percent and Franco-Nevada (FNV.TO) is gaining 1.04 percent.
The Capped Information Technology Index is gaining 0.74 percent. Sierra Wireless (SW.TO) is gaining 0.31 percent and Constellation Software (CSU.TO) is advancing 1.45 percent.
The Energy Index is falling 0.62 percent. Crude oil prices have slipped back near $71 a barrel Thursday morning.
Imperial Oil (IMO.TO) is lower by 0.10 percent and Canadian Natural Resources (CNQ.TO) is falling 1.26 percent. Encana (ECA.TO) is weakening by 0.88 percent and Crescent Point Energy (CPG.TO) is losing 1.61 percent. Cenovus Energy (CVE.TO) is surrendering 0.93 percent.
The Capped Healthcare Index is lower by 0.75 percent. Extendicare (EXE.TO) is falling 0.39 percent and Concordia International (CXR.TO) is dropping 2.60 percent. ProMetic Life Sciences (PLI.TO) is weakening by 1.25 percent.
The heavyweight Financial Index is decreasing 0.38 percent. Bank of Nova Scotia (BNS.TO) is lower by 0.64 percent and Canadian Imperial Bank of Commerce (CM.TO) is down 0.55 percent. Bank of Montreal (BMO.TO) is weakening by 0.43 percent and National Bank of Canada (NA.TO) is surrendering 0.45 percent.
Royal Bank of Canada (RY.TO) is losing 1.70 percent. The company reported second-quarter net income of C$3.06 billion, up 9% from the prior year with double-digit EPS growth of 11% to C$2.06.
On the economic front, Germany's economic growth halved as estimated in the first quarter on weak trade and government spending, detailed data from Destatis showed Thursday.
Gross domestic product grew 0.3 percent sequentially, slower than the 0.6 percent expansion seen in the previous quarter. This was the weakest growth in more than a year and matched the provisional estimate published on May 15.
Germany's consumer confidence is set to weaken in June, survey data from market research group GfK showed Thursday. The forward-looking consumer sentiment index dropped by 0.1 points to 10.7 in June. The score was forecast to remain at 10.7.
France's manufacturing sentiment remained unchanged in May, survey data from the statistical office Insee showed Thursday. The manufacturing sentiment index held steady at 109 in May. The score was forecast to fall to 108.
UK retail sales grew at the fastest pace in one-and-a-half years in April, after heavy snow dampened spending at the start of the year.
Retail sales volume, including auto fuel, expanded 1.6 percent month-on-month, in contrast to a 1.1 percent fall in March, figures from the Office for National Statistics showed Thursday. Sales were forecast to climb moderately by 0.9 percent.
For the second consecutive week, the Labor Department released a report on Thursday showing a weekly increase in first-time claims for U.S. unemployment benefits. The Labor Department said initial jobless claims climbed to 234,000 in the week ended May 19th, an increase of 11,000 from the previous week's revised level of 223,000.
The increase came as a surprise to economists, who had expected jobless claims to edge down to 220,000 from the 222,000 originally reported for the previous week.
In commodities, crude oil futures for June delivery are down 0.72 or 1 percent at $71.12 a barrel.
Natural gas for June is down 0.002 or 0.07 percent at $2.912 per million btu.
Gold futures for June are up 15.80 or 1.23 percent at $1,305.40 an ounce.
Silver for July is up 0.26 or 1.58 percent at $16.665 an ounce.
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