TORONTO — Canada's main stock index erased its gains from the day before asindustrial and telecom stocks weighed on the market, while U.S. markets were mixed.In New York, the Dow Jones industrial average was down 42.77 points at 38,460.92.The S&P 500 index was up 1.08 points at 5,071.63, while the Nasdaq composite was up 16.11 points at 15,712.75.
Treasury yields rose ahead of two pivotal days for markets, with earnings from several of the biggest technology companies on the roster as well as U.S. GDP and the personal consumption expenditures index. Most of the U.S. companies that have reported earnings so far this season have beat expectations, which have themselves “vastly” improved over the past couple of quarters, said Gauthier.“How much of that is already priced in is now the big question.”
After several such surprises in a row, investors are forced to adjust their expectations, said Gauthier.
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