Equities in Toronto fell on Tuesday, weighed by energy and material stocks, as data showed that foreign investment in Canadian securities was the lowest in six months in January.
The TSX remained below Monday’s close by 42.28 points by noon EDT Tuesday at 18,912.47
The Canadian dollar eked up 0.10 cents to 80.24 cents U.S.
Tourmaline Oil fell 87 cents, or 3.4%, the most on the TSX, to $24.51, and the second biggest decliner was Lundin Mining, down 57 cents, or 3.8%, to $14.57.
GFL Environmental went from a big gainer to 13 cents into the minus category, to $40.50, after the environmental services company announced it would acquire Terrapure Environmental Ltd.
Its gains were followed by semiconductor maker Celestica, rising nine cents to $11.01.
On the economic slate, Statistics Canada said foreign investment in Canadian securities totaled $1.3 billion in January, the lowest investment in six months.
Meanwhile, Canadian investors acquired $3.5 billion in foreign securities, down considerably from a $26.9-billion investment in December.
Elsewhere, the Canadian Real Estate Association said home sales recorded over Canadian MLS Systems climbed 6.6% between January and February to set another new all-time record.
ON BAYSTREET
The TSX Venture Exchange skidded 8.75 points to 987.58.
The 12 TSX subgroups were divided between winners and losers, information technology leading the former group, up 1.5%, while communications advanced 0.6%, and utilities jumped 0.5%.
The half-dozen laggards were weighed most by energy, sinking 3.1%, health-care, sliding 2.2%, and materials, off 1%.
ON WALLSTREET
Tech stocks powered the NASDAQ higher on Tuesday morning and steadied the broader market as Federal Reserve officials kicked off their March meeting.
The Dow Jones Industrials plummeted 131.22 points to 32,822.24
The S&P added to Monday’s record levels, picking up 4.15 points, to 3,973.09.
The NASDAQ Composite leaped 118.49 points to 13,578.20.
The market on Tuesday was supported by mega-cap tech stocks, with Apple and Google-parent Alphabet each adding 1.7% and Amazon adding 1%.
Apple and Amazon have underperformed in recent months as investors have shifted from growth stocks to value plays, but some of the more mature tech stocks now appear less expensive, according to some strategists.
On Tuesday Lennar and CrowdStrike are among the companies set to report earnings.
February retail sales fell by more than expected, down 3%, data released Tuesday showed, reflecting in part a month marked by severe weather across the United States. However, January’s retail sales figures were revised upward to a 7.6% jump from a 5.3% increase, so the markets largely ignored the number.
Despite the recent records for major averages, there’s growing concern among investors that interest rates may continue to climb, snuffing out the comeback for equities. Traders will get more guidance from the Federal Reserve on rates and inflation on Wednesday.
The central bank kicks off its two-day meeting on Tuesday, followed by a statement and briefing from Chairman Jerome Powell the following day.
Prices for 10-Year Treasurys were lower, raising yields to 1.61% from Monday’s 1.60%. Treasury prices and yields move in opposite directions.
Oil prices skidded 86 cents to $64.53 U.S. a barrel.
Gold prices weakened $1.40 to $1,727.80.