Stocks Take Breather from Monday’s Gains - InvestingChannel

Stocks Take Breather from Monday’s Gains

Equities in Canada’s largest market eased slightly from its record high midday Tuesday, pressured by losses in energy and financial stocks and continuing trade talks between the United States and China with no deal in place yet.

The TSX Composite Index remained in the red 46.75 points to greet noon at 16,986.11

The Canadian dollar regrouped 0.07 cents to 75.24 cents U.S.

In a bright spot, Teamsters Canada and Canadian National Railway said they reached a tentative deal to end a strike at the country’s largest railroad that had entered its eighth day, disrupting supply chains across the country.

CN shares rose $2.15, or 1.8%, to $123.06.

Arc Resources gave up early gains and entered noon hour unchanged from Monday’s close at $6.52, meanwhile, Baytex Energy, which added a penny to $1.47.

Hexo fell 13 cents, or 4.4%, to $2.80, while Detour Gold gave up 68 cents, or 3%, or $21.93.

ON BAYSTREET

The TSX Venture Exchange ducked back 1.4 points to 528.82

The 12 Toronto subgroups were evenly divided by lunch hour, with information technology and health-care issues each gathering 1.2%, and gold, up 0.7%.

The half-dozen laggards were weighed most by energy, down 1.2%, while financials and communications each lost 0.8%.

ON WALLSTREET

Stocks were little changed on Tuesday, but managed to post fresh records as retail shares outperformed.

The Dow Jones Industrials gained 37.79 points on top of Monday’s all-time record 28,104.26.

The S&P 500 added 5.51 points to 3,139.15 from Monday’s record.

The NASDAQ added 16.92 points to 8,649.41, improving on Monday’s all-time peak.

Retailers rose broadly after Best Buy posted quarterly earnings that beat analyst expectations, sending its stock up more than 6%. The electronics retailer also raised its fiscal 2020 earnings forecast. Dick’s Sporting Goods also rallied more than 15% on better-than-expected earnings.

On the data front, the S&P Case-Shiller index showed home price gains accelerated in September, gaining 3.2% annually. Consumer confidence dipped slightly in November, data from the Conference Board showed.

Prices for the 10-Year U.S. Treasury moved slightly upward, lowering yields to 1.74% from Monday’s 1.76%. Treasury prices and yields move in opposite directions.

Oil prices eked up 10 cents to $58.11 U.S. a barrel.

Gold prices recovered $2.30 to $1,459.20 U.S. an ounce.