Canada’s main index fell on Tuesday due to losses in utility and financial shares, as it took cues from declines in Wall Street indexes driven by rising U.S. treasury yields.
The TSX remained lower 80.84 points by midday Tuesday at 24,642.49.
The Canadian dollar regained 0.03 cents to 72.33 cents U.S.
TFI International reported its third-quarter results where it missed revenue and profit estimates. TFI shares lost 30 cents to $186.23.
Financials slipped, hurt by a fall of $12.42, or 6.8% in goeasy, after brokerage BMO downgraded the consumer lender to “market perform” from “outperform”. Shares in goeasy reached noon hour EDT at $170.06.
On the economic calendar, Statistics industrial product price index fell 0.6% month over month in September and decreased 0.9% year over year, while its raw materials price index declined 3.1% month over month in September and fell 8.8% year over year.
ON BAYSTREET
The TSX Venture Exchange eked higher 2.19 points to 625.20.
Eight of the 12 TSX subgroups were lower, with utilities down 0.9%, consumer staples and consumer discretionary stocks each falling 0.8%.
The four gainers were led by gold, brighter 1.2%, while materials and health-care stocks each ahead 0.8%.
ON WALLSTREET
Stocks fell for a second session Tuesday as an uptick in interest rates overshadowed a solid start to the earnings reporting season.
The Dow Jones Industrials fell 85.98 points to 42,845.62, off their lows of the morning.
The S&P 500 index dipped 18.08 points to 5,835.90.
The NASDAQ tanked 38.51 points to 18,501.49.
On Tuesday, General Motors shares jumped nearly 7.5% after topping Wall Street’s third-quarter expectations and raising its full-year guidance.
Shares Philip Morris also soared roughly 8.1% after the Marlboro maker raised its annual profit forecast, while Verizon shed 4% after its total revenue just missed analysts’ forecast.
Homebuilding stocks dropped on persistent higher-for-longer rate concerns, with Lennar and D.R. Horton each losing more than 3%.
Traders are also viewing a fresh slate of earnings reports that are set to come out this week, including Tesla and Coca-Cola on Wednesday and Honeywell on Thursday.
So far, about 19% of companies in the broad index have reported results, with more than seven out of 10 topping earnings estimates
Prices for the 10-year Treasury slumped, raising yields to 4.21% from Monday’s 4.19%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.86 to $72.42 U.S. a barrel.
Prices for gold advanced $13.60 an ounce to $2.752.50 U.S.
Yields Weigh on Markets, Stocks Down Again
