Canada’s main stock index opened lower on Tuesday, dragged by losses in energy and materials shares as oil and copper prices fell, while investors await the Bank of Canada’s interest rate decision on Wednesday
The S&P/TSX Composite Index hurtled lower 164.29 points to begin Tuesday at 21.952.40.
The Canadian dollar let go of 0.27 cents at 73.11 cents U.S.
In company news, Fairfax India Holdings on Monday said Prem Watsa, popularly known as “Canada’s Warren Buffett”, will step down as the investment firm’s chairman. Fairfax India shares docked 40 cents, or 2.8%, to $13.86.
ON BAYSTREET
The TSX Venture Exchange swooned 9.83 points, or 1.6%, to 596.09.
The 12 subgroups were evenly split between gainers and losers, with gold diving 3.7%, materials down 3.5%, and energy fading 2.8%.
The half-dozen gainers were led by communications, up 0.6%, consumer staples, ahead 0.5%, and industrials chugging along 0.4%.
ON WALLSTREET
The S&P 500 fell slightly Tuesday as Wall Street looked to find its footing after an uneven start to the month.
The Dow Jones Industrials ticked higher 76.52 points to commence Tuesday trading at 38,647.55.
The much-broader index slid 8.68 points to 5,274.72.
The NASDAQ dropped 46.35 points to 16,782.32.
Chevron, Dow and Caterpillar fell 1.4% and 1%, keeping gains for the Dow in check. Bath & Body Works was the worst-performing stock in the S&P 500, losing 10% on the back of disappointing guidance.
Investors also parsed a fresh reading on job openings. employment data from the Labor Department showed 8.059 million vacancies in April, the lowest level in over three years. An estimate from Dow Jones called for 8.4 million openings.
Investors want a labour market that’s weak enough to allow the central bank to cut interest rates, but not so weak that it causes worry over a potential recession rise.
Prices for the 10-year Treasury gained ground, lowering yields to 4.36% from Monday’s 4.40%. Treasury prices and yields move in opposite directions.
Oil prices shed $1.36 to $72.86 U.S. a barrel.
Gold prices sank $24.50 to $2,344.80.