Canada’s main stock index hit a record high on Tuesday, supported by the technology sector as Shopify’s shares jumped more than 20% after the company posted strong quarterly results.
The TSX ballooned 191.22 points to open Tuesday at 24,980.50.
The Canadian dollar slid 0.09 cents to 71.82 cents U.S.
Canada’s materials sector remained in focus as gold and copper prices fell over 1% to a two-month low on a stronger dollar.
The energy sector also drew attention as oil prices edged higher, with investors awaiting OPEC’s monthly report for further price direction. However, disappointment over China’s latest stimulus plan and oversupply concerns limited gains.
In corporate news, Warehouse landlord Segro would buy six Tritax EuroBox properties in Germany and the Netherlands for 470 million euros ($499.1 million U.S.) as part of a deal with Brookfield Asset Management Ltd.
On the economic plate, building permits increased by $1.3 billion (+11.5%) to $13.0 billion in September.
ON BAYSTREET
The TSX Venture Exchange lost 1.51 points to 599.88.
Seven of the 12 subgroups were lower at the start Tuesday, weighed most by gold, down 1.2%, communications, down 1%, and materials, off 0.9%.
The four gainers were led by information technology, up 6.4%, health-care, nicking ahead 0.3%, and real-estate, up 0.1%. Energy stocks were unchanged mid-morning Tuesday.
ON WALLSTREET
Stocks were little changed Tuesday as Wall Street took a breather from a postelection rally that brought the major U.S. benchmarks to all-time highs.
The Dow Jones Industrial index gave way 64.05 points to 44,229.08.
The S&P 500 index dipped 4.64 points to 5,996.71.
The NASDAQ slid 2.44 points to 19,296.32.
Tuesday’s action comes a day after the Dow closed above 44,000 for the first time. The S&P 500 also had its first close above 6,000.
Nvidia and Meta Platforms were about 1% higher. Tesla, a post-election winner, gave back some of its recent gains, down 3.5%.
Investors will watch Tuesday for economic data on small businesses due in the morning. They’ll also monitor commentary from Federal Reserve officials including Fed Governor Christopher Waller later in the day.
The bond market reopened after Veterans Day, prices fell, driving yields up 4.37% from Friday’s 4.31%. Treasury prices and yields move in opposite directions.
Oil prices regained 73 cents to $68.77 U.S. a barrel.
Prices for gold dipped $2.10 an ounce to $2,615.90 U.S.