Toronto stocks slipped into the red on Thursday under pressure from tech and resources issues. At midday, the S&P/TSX composite index was down 16.37 points, or 0.17%, at 9,361.74.

Volume was 86 million shares as many investors sat on the sidelines ahead of Prime Minister Paul Martin’s planned television address Thursday evening.

Only two of the 10 TSX groups were higher.

Industrials were up 0.1, helped by advances among transportation companies.

Canadian National Railway was up 93¢, or 1.29%, at $73.15. On Wednesday, the company posted a 42% increase in first quarter earnings on a strong economy and acquisitions such as the purchase of BC Rail, which helped boosted freight revenue.

Westjet Airlines was up 46¢, or 3.01%, at $15.76.

Energy stocks hovered around the unchanged market, up 0.30%, as oil prices slipped below US$54 a barrel on ample supplies.

Technology shares reversed earlier gains to slip 0.76%.

Celestica shed 37¢, or 2.49%, to $14.48. Before markets opened, the electronics manufacturer posted a smaller first quarter net loss.

The materials group retreated from an early lift, pressured by easing metal prices. The group was down 0.56%, while the gold mining subgroup was off 0.80%.

Utility companies dipped 0.63%, and consumer staples lost 0.45%.

Cott was off 92¢, or 3.18%, at $28.00. The soft drinks maker reported a lower first-quarter profit before markets opened and reduced its profit outlook for the year.

The heavily weighed financial services group was off 0.22%.

The junior S&P/TSX Venture composite index was up 4.64 points, or 0.27%, at 1,740.08.

On Wall Street, U.S. stocks rallied on strong earnings and outlooks from such companies as Motorola and UPS.

In addition, the biggest drop in weekly U.S. unemployment insurance claims in more than three years signaled economic strength, while corporate deals in the financial services and cable industries added to the optimism.

At midday, the Dow Jones industrial average was up 112.24 points, or 1.12%%, at 10,124.60.

The S&P 500 Index was up 11.93 points, or 1.05%, at 1,149.43. The technology-heavy Nasdaq composite index was up 28.56 points, or 1.49%, at 1,942.32.