Canada’s main stock index slipped on Tuesday as a fall in prices of most commodities sparked a selloff in materials and energy stocks, while data showed Canada’s trade surplus doubled in September.
The TSX Composite came off its lows of the morning, but still trailed breakeven 104.87 points, to move into Tuesday afternoon at 19,639.07.
The Canadian dollar sank 0.33 cents at 72.67 cents U.S.
In corporate news, Endeavour Silver shares tumbled 17 cents, or 5.8%, to $2.76, after the silver miner reported a wider loss in the third quarter.
Shares of Stella-Jones jumped $4.53, or 6%, to $79.86, leading gains after the wood products maker reported higher revenue and profit in the third quarter.
Crescent Point Energy agreed to acquire Hammerhead Energy in a cash-and-stock deal valued at $2.55 billion. Crescent Point shares collapsed 94 cents, or 8.6%, to $10.00.
On the economic docket, Statistics Canada reports in September, Canada’s merchandise exports increased 2.7%, while imports rose 1.0%. As a result, Canada’s merchandise trade surplus widened from $949 million in August to $2.0 billion in September.
ON BAYSTREET
The TSX Venture Exchange lost 1.14 points to 517.93.
Eight of the 12 TSX subgroups remained negative by noon Tuesday, with energy down 3%, gold failing 2.3%, and materials slumping 2%.
The four gainers were led by information technology, ahead 1.7%, consumer discretionary stocks, up 0.2%, and consumer staples, inching ahead 0.1%. .
ON WALLSTREET
The S&P 500 rose Tuesday, putting the broad-based index on pace for its longest winning streak in roughly two years as Wall Street looked to build on November’s rally.
The Dow Jones Industrials gained 47.82 points to break for lunch Tuesday at 34,143.68.
The much-broader index picked up 9.58 points to 4,375.80, rising for a seventh consecutive day for the first time since its eight-day win streak reached in November 2021.
The NASDAQ added 103.89 points to 13,622.66.
Some notable gainers included Microsoft, Apple and Amazon, last up at least 1% each. Semiconductor stocks Advanced Micro Devices, Broadcom and Intel rose around 2% ahead of the rollout of the Chips Act.
In other news, Datadog popped 30% for one of its best days on record after topping quarterly results and offering a strong outlook. Uber rose 3% even after third-quarter earnings fell short of expectations.
Elsewhere, Wall Street awaits more commentary from central bank speakers, including Federal Reserve Chair Jerome Powell. Quarterly results from Disney, Wynn Resorts and Occidental Petroleum are due out this week.
Although November is just getting started, all the major averages are on pace for monthly gains. The Dow is up 3.1%, while the S&P marched ahead 4.1% and NASDAQ has jumped 5.7%.
Prices for the 10-year Treasury gained ground, lowering yields to 4.59% from Monday’s 4.65%. Treasury prices and yields move in opposite directions.
Oil prices dipped $2.83 to $77.99 U.S. a barrel.
Gold prices faltered $17.10 to $1,971.50.