Equities in Canada’s largest market fell on Tuesday as oil stocks took a hit after crude prices dropped on worries about COVID-19 curbs in China, while looming rate hikes by major central banks stoked concerns of a global economic slowdown.
The S&P/TSX faced downward 58.26 points, to begin Tuesday at 18,758.54.
The Canadian dollar dropped 0.17 cents to 76.78 cents U.S.
The federal government on Monday ordered a probe and demanded telecoms companies agree within 60 days to develop communication protocols to keep people better informed, after Rogers Communications suffered an unprecedented national outage, stretching over several days.
Rogers, for its part, saw its stock claim $1.01, or 1.7%, to $59.71.
ON BAYSTREET
The TSX Venture Exchange settled 1.1 points to 605.28.
Eight of the 12 TSX subgroups began the day upward, with health-care haler 1.1%, consumer discretionary stocks better by 0.7%, and consumer staples improved 0.6%.
The four laggards were weighed most by energy, sagging 3%, materials, down 1.1%, and gold, duller in price 1%.
ON WALLSTREET
U.S. stocks seesawed on Tuesday as worries over global economic growth dented investor appetite for risk assets and Wall Street looked ahead to what could be a difficult earnings season.
The Dow Jones Industrials poked ahead 8.74 points to 31,182.58.
The S&P 500 slipped 11.8 points to 3,842.65.
The NASDAQ Composite slumped 69.91 points to 11,302.69.
Airline stocks jumped with shares of Delta, United, and Southwest up more than 4%. American Airlines rose 6.7%. Battered cruise stocks Norwegian and Carnival added 2% each. Boeing took flight 4.5%, Walgreens Boots Alliance increased 2.4%, and Home Depot rose 2.2%, pulling the Dow higher.
PepsiCo kicked off the corporate earnings season on Tuesday. The snacks and beverage company reported a better-than-expected quarterly profit and revenue and raised its revenue outlook for the year. Delta Air Lines and JPMorgan Chase are among the companies slated to report later this week.
Treasury prices gained, lowering yields to 2.90% from Monday’s 2.99%. Treasury prices and yields move in opposite directions.
Oil prices flopped $6.34 to $97.75 U.S. a barrel.
Gold prices doffed $5.80 to $1,725.90 U.S. an ounce.