Markets are notably subdued today, as U.S. traders just put in a half day. The S&P/TSX index is down 21 points to 6,609.

Volume is surprisingly strong at 87.6 million shares, with the buying edging the selling six to five. Market breadth is pretty much dead even.

The TSX sectors are also split down the middle, with some modest buying coming in the diversifieds, golds and materials. Energy stocks, industrials and utilities are weaker.

Nortel Networks remains the leading trader, up just 0.3% on 15.1 million shares. Sierra Wireless is also up. But there is selling JDS Uniphase, 724 Solutions, Descartes Systems, CGI Group and Zarlink Semi.

Financial stocks are active again. TD Bank is down 0.7% in active trading. CIBC has dropped 1.7%. Royal Bank is down too. There is strength in Canada Life, and Fairfax Financial is up almost 5%.

There is also weakness in BCE, Onex, Bonavista Petroleum, Canam Manac, and Rothmans is plunging, down 17%.

Inco is leading the way higher, up 1% in active trading. Other gainers include Hudson’s Bay, Inex Pharma, Rogers Communications, Cameco, Neurochem, Dynatec and Forzani.

In earnings news, Pacrim International is reporting first quarter net income of $7.42 million. Net income has increased as a result of the inclusion of the gain realized on the sale of $9.4 million.

Cumberland Resources had a net loss of $7,085,559 for the nine months ended Sept. 30, 2002, as compared with a net loss of $1,426,954 in the same period in 2001. The major reason for the increase is the substantial increase in exploration activity which is now charged to income in the year the expenditures are incurred.

SouthernEra Resources incurred a net loss of $700,000, compared with a loss of $800,000 in the third quarter of 2001.

Finally, Domtar has decided to permanently close its wood products remanufacturing facility in Daveluyville, Que., as well as its only hardwood lumber operation in Sault Ste. Marie, Ont. In all, 200 employees will be affected by these closures, and a provision of $18 million has been established to cover costs related to these closures.

In New York, trading was very modest with markets closing early at 13:00 ET. In preliminary results, the Dow Jones industrial average slipped 37 points to 8,895. The S&P 500 dipped three points to 936, while the tech-heavy Nasdaq composite index fell nine points ticks to 1,479.

The S&P/TSX Venture index is hardly changed at midday, sitting at 951. Volume is average at 13.3 million shares. Mandorin Goldfields is the top trader, flat on 375,000 shares.