The TSX composite lost 9.42 points to 13,370.99 in early trading on Thursday. The Dow was up 24.08 to 15,770.96, while NASDAQ slipped 10.05 to 3,921.89.
Stocks were little changed as investors assessed data showing the economy expanded faster than estimated in the third quarter and the European Central Bank cut a key interest rate.
The economy in the U.S. expanded in the third quarter at a faster pace than forecast, led by the biggest increase in inventories in more than a year as household purchases and business investment slowed.
Gross domestic product rose at a 2.8% annualized rate after a 2.5% gain the prior three months, a Commerce Department report showed today in Washington.
Investors are watching U.S. data to gauge the health of the world’s largest economy after the Fed said last week it needs to see more evidence of sustained improvement before slowing its $85 billion monthly asset purchases.
Jobless claims decreased by 9,000 to 336,000 in the week ended Nov. 2 from 345,000 the prior period, the Labor Department reported today in Washington.
The ECB cut its benchmark interest rate to a record low after a drop in inflation to the slowest pace in four years threatened its mission to keep prices stable. ECB President Mario Draghi lowered the benchmark interest rate to 0.25% from 0.5%, using one of his remaining interest-rate cuts to bolster the economy.
The ECB now has just one more quarter-point cut left before reaching zero, increasing the likelihood of unconventional tools such as quantitative easing or a negative deposit rate if prices slow further or the economic recovery stalls. Euro-area inflation is less than half the ECB’s target and unemployment is at the highest level since the currency bloc was formed in 1999.
The price of gold fell US$10.63 to US$1,307.36 an ounce, while silver dipped US$0.22 to US$21.60 an ounce.