Equities in Toronto fell to a one-month low on Tuesday on losses in materials and energy shares as copper and oil prices fell, while investors awaited the Bank of Canada’s interest rate decision on Wednesday.
The S&P/TSX Composite Index hurtled lower 218.66 points, or 1%, to move into Tuesday afternoon at 21,898.03.
The Canadian dollar let go of 0.28 cents at 73.09 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 47 cents, or 3.3%, to $13.79.
In company news, GFL Environmental rose $2.89, or 6.1%, to touch a three-month high of $50.27, after clocking healthy gains in the previous session.
ON BAYSTREET
The TSX Venture Exchange swooned 11.24 points, or 1.9%, to 594.68.
All but three of the 12 subgroups lost ground, with materials blundering 3.8%, gold was down 3.7%, and energy fell 2.3%.
The three gainers were consumer staples, up 0.4%, while consumer discretionary and communications each took on 0.2%.
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 54.82 points to break for lunch Tuesday at 38,516.21.
The much-broader index slid 20.38 points to 5,263.02.
The NASDAQ dropped 60.43 points to 16,768.24.
3M, Dow and Caterpillar fell more than 1%, keeping gains for the Dow in check. Bath & Body Works was the worst-performing stock in the S&P 500, losing 14% 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 4.34% from Monday’s 4.40%. Treasury prices and yields move in opposite directions.
Oil prices shed $1.25 to $72.97 U.S. a barrel.
Gold prices sank $23.60 to $2,344.80.