Canada’s main stock index was little changed on Tuesday, as gains in energy stocks were offset by losses in the healthcare sector, while markets remained cautious ahead of U.S. inflation data.
The TSX moved diffidently up 11.12 points to move into noon hour Tuesday at 20,193.98.
The Canadian dollar strengthened 0.16 cents at 73.80 cents U.S.
In company news, energy concerns Precision Drilling gathered $3.93, or 4.2%, to $97.56, while Tamarack Valley Energy picked up 14 cents, or 3.7%, to $3.91.
Health-care let the side down, meanwhile, as Tilray was pummeled 45 cents, or 10.1%, to $4.02, while Sienna Senior Living gave back 15 cents, or 1.3%, to $11.14.
Meanwhile, the Globe and Mail a top lobbying group for the Canadian banking industry slammed the federal government’s proposals to levy huge taxes on the country’s financial sector and said the policy could hurt lending.
In company news,
ON BAYSTREET
The TSX Venture Exchange dipped 2.36 points to 578.51.
Seven of the 12 TSX subgroups were in negative territory Tuesday, with health-care tumbling 3%, information technology dropping 0.9%, and real-estate down 0.8%.
The five groups heading upward included energy, rumbling 1.8%, gold, up 0.5%, and materials, inching up 0.2%.
ON WALLSTREET
The S&P 500 fell Tuesday as oil prices topped their highest levels of 2023, raising concerns about a slowing global economy.
The Dow Jones Industrials recovered 56.34 points to break for lunch Tuesday at 34,720.06
The S&P 500 index let go of 13.6 points to 4,473.86.
The NASDAQ index fell 91.48 points to 13,826.41.
Oracle was the worst performer in the S&P 500, sliding 13% after posting revenue and revenue guidance that was weaker than expected. The software company reported $12.45 billion in revenue, lower than the $12.47 billion forecasted by analysts polled by LSEG. Other cloud competitors — including Amazon, Google-parent Alphabet and Microsoft — all slid.
Apple shares were lower ahead of the expected unveiling of a new iPhone model this afternoon. They were last down 1%.
Much attention is focused on key inflation data due later in the week, with the consumer price index expected Wednesday and the producer price index slated for Thursday.
Prices for the 10-year Treasury skidded, raising yields to 4.28% from Monday’s 4.26%. Treasury prices and yields move in opposite
directions.
Oil prices boomed higher $1.74 to $89.03 U.S. a barrel.
Gold prices stumbled $12.30 to $1,934.90 U.S. an ounce.